Page 44 - Gst

India continues to be fastest-growing economy, thanks to Modinomics: BJP

Various growth parameters indicate that India continues to be the fastest-growing economy in the world and the country's GDP data for the first quarter of the current fiscal should come at around 8 per cent, thanks to "Modinomics", the BJP said on Thursday. The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide "very good indications" for the future, Bharatiya Janata Party's (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here. "With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further," he said, giving credit to "Modinomics" -- Prime Minister Narendra Modi's economic vision. "The GDP data for the first quarter is going to come today. I don't know what the figure will be, but the speed of growth indicates that it will be ..

McDonald's, Domino's and 200 others now face a Rs 30,000 cr tax demand

Seeking about Rs 30,000 crore in taxes for the FY11-FY15 period, these notices were sent by the tax authorities in the last six months

GST on online games remains vexed issue despite Council blunting its impact

The gaming industry opposes 28 per cent tax on fresh bets even prospectively as it will increase the burden by 400 per cent, which is neither fair nor sustainable

Sugar body ISMA seeks 5% GST on flex-fuel vehicles in line with EVs

Sugar industry body ISMA on Monday sought GST rate of 5 per cent for vehicles using flex fuels, same as that on electric vehicles, in order to accelerate adoption of blending of ethanol with petrol as fuel for automobiles. Flex fuel vehicles (FFVs) use a mix of petrol and ethanol at various degrees. India has achieved E10 (10 per cent ethanol in petrol) and is targeting E20 by 2025. In a statement, Indian Sugar Mills Association (ISMA) said that presently, FFVs are levied with a GST rate of 28 per cent while the GST is 5 per cent on electric vehicles (EVs). This move will directly contribute to reducing India's fuel bill while simultaneously curbing carbon emissions from the transportation sector, it said. ISMA has made a representation to Ministry of Road Transport and Highways for a relaxation in Goods and Services Tax (GST) on FFVs. "Presently, FFVs are levied with a GST rate of 28 per cent, a notable contrast to the 5% GST rate applicable to electric vehicles. We request pari

Creating industrial hubs, implementing single GST crucial for MSMEs: Rahul

Creating industrial hubs and implementing a single GST rate are imperative measures to shield MSMEs which collectively possess the power to drive India's growth engine, Congress leader Rahul Gandhi said on Sunday as he shared a video of his recent visit to a chocolate-making factory in Ooty. Gandhi had visited "one of Ooty's most celebrated brands" Moddys Chocolates earlier this month while on his way to his parliamentary constituency Wayanad after his Lok Sabha membership was restored. Nestled amidst the picturesque Nilgiris lies a globally renowned Indian industry -- the chocolate-makers of Ooty, a statement issued by the Congress said. "On my way to Wayanad, recently, I had the delightful experience of visiting one of Ooty's most celebrated brands: Moddys Chocolates. The entrepreneurial spirit of the couple behind this small business, Muralidhar Rao and Swati, is inspiring," Gandhi was quoted as saying in the statement. Equally remarkable is the all-women team which works ...

Implementing single GST rate imperative for shielding MSMEs: Rahul Gandhi

Creating industrial hubs and implementing a single GST rate are imperative measures to shield MSMEs which collectively possess the power to drive India's growth engine, Congress leader Rahul Gandhi said on Sunday as he shared a video of his recent visit to a chocolate-making factory in Ooty. Gandhi had visited "one of Ooty's most celebrated brands" Moddys Chocolates earlier this month while on his way to his parliamentary constituency Wayanad after his Lok Sabha membership was restored. Nestled amidst the picturesque Nilgiris lies a globally renowned Indian industry -- the chocolate-makers of Ooty, a statement issued by the Congress said. "On my way to Wayanad, recently, I had the delightful experience of visiting one of Ooty's most celebrated brands: Moddys Chocolates. The entrepreneurial spirit of the couple behind this small business, Muralidhar Rao and Swati, is inspiring," Gandhi was quoted as saying in the statement. Equally remarkable is the all-women team which works ...

Delhi petrol pump owners protest; demand removal of VAT, margins revision

Petrol pump owners in the national capital held a protest at Jantar Mantar on Wednesday, demanding the removal of value added tax (VAT) on petrol and diesel and revising their margins on sales. Representatives of various dealer welfare associations of petrol pump owners from other states also participated in the protest. The protesters demanded the removal of VAT, terming it "disruptive", and include petroleum products in the goods and services tax (GST) regime. The last revisions took place in 2017. The prices of petrol and diesel have gone up while the margins have remained constant, said Ranjit Kumar, president of Uttar Pradesh Petroleum Traders Association. It is becoming difficult for us to sustain ourselves with the current static margins and the oil marketing companies have remained unresponsive to our legitimate demands, said Paramjit Singh Doaba, the president of the Punjab Petrol Pump Dealers Association. The associations also flagged the issue of adulterated diesel. Due

Top headlines: All eyes on Chandrayaan-3 landing, 28% GST move, and more

Business Standard brings you the top headlines at this hour

28% GST move: E-gaming companies fear tax liability may rise to 400%

The law will come into force on October 1 this year and will be reviewed after six months, according to a decision by the GST Council

Banking system's liquidity slips into deficit for the first time in FY24

RBI governor had emphasised that the I-CRR move was temporary and that the central bank will ensure adequate liquidity in the system to fund the credit needs of the economy

Meesho aims to grow merchant base 10 times by 2027 as GST rules relax

With the government relaxing GST rules for online sellers, Softbank-backed Meesho aims to add 1 crore merchants on its platform by 2027, a top official of the company said on Tuesday. Meesho is the first e-commerce company in India to turn profitable at the group level (consolidated profit) and expects the momentum to continue, Meesho CEO Vidit Aatrey claimed. "We have 1.3 million (13 lakh) sellers on our platform. The recent change in policy to allow more sellers without GST is a big boost. We are now planning to add 1 crore more sellers across the country by 2027," Aatrey told PTI. He said that e-commerce is still at a very nascent stage and there are only 1.5-2 million merchants that sell online. "Internet penetration, network reliability, and online payments are increasing and people are buying online in a big way. We will continue with our outreach and do whatever is required to onboard sellers. These are the factors that will drive growth in the merchant base," Meesho ...

Govt losing revenue due to GST, should be neutral with single rate: Debroy

Economic Advisory Council to the Prime Minister Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce here, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral. According to calculations by the finance ministry when GST was first introduced, the average rate should be at least 17 per cent. But, the existing rate is 11.4 per cent. Because of GST, the government is losing revenue," the eminent economist said. Debroy said the public as well as members of the GST Council want the 28 per cent tax rate to come down, but "no one wants the 0 and 3 per cent tax rates to go up". "That way, we will never have a simplified GST," he said at the 'Special Session on Resilient and Self-Sufficient India'. A "lot of abuse" of GST provisions was taking plac

Govt to launch 'Mera Bill Mera Adhikar' GST reward scheme in 6 states

The government will launch the 'Mera Bill Mera Adhikar' invoice incentive scheme, which offers cash prize from Rs 10,000 to Rs 1 crore, from September 1, starting with six states and Union Territories. The scheme, which is aimed at motivating customers to ask for a bill every time they make purchases, will be launched in the states of Assam, Gujarat and Haryana; and the UTs of Puducherry, Daman & Diu and Dadra & Nagar Haveli, Central Board of Indirect Taxes and Customs (CBIC) said. Invoice incentive scheme allows to earn cash prizes on upload of GST invoices, CBIC tweeted. All invoices issued by Goods and Services Tax (GST) registered suppliers to consumers will be eligible for the 'Mera Bill Mera Adhikar' scheme, under which monthly and quarterly draw of lots will be made and winners will be eligible for cash reward prize beginning from Rs 10,000 to up to Rs 1 crore. The minimum purchase value for the invoice to be considered for lucky draw is Rs 200 and individuals can ...

Punjab CM launches 'mera bill' app to reward GST payment on invoice

Punjab Chief Minister Bhagwant Mann on Monday launched a 'mera bill' app under the 'bill liao inaam pao' (bring a bill, get reward) scheme. The scheme is aimed at enhancing the compliance under the goods and services tax (GST) and thereby the revenue, according to an official release. The scheme is targeted at motivating consumers to get bills from dealers for their purchases made within the state and thereby forcing the dealers to issue the bills for their sales. Mann said the consumers will be encouraged to upload bills of their purchases on the 'mera bill' app to become eligible to participate in a lucky draw, which shall be held at 7th of each month. There will be a maximum 10 prizes per taxation district (29 taxation districts in the state), taking the tally to 290 rewards each month. The reward will be equivalent to five times the taxable value of goods or services declared in the bill with maximum capping of Rs 10,000 for each reward. He said the list of winners will be ..

GST Council's fitment committee clarity on SUV ground clearance soon

A ground clearance (also known as ride height) of above 170 millimetre (mm) is one of the three key parameters for categorising a UV and attracting a 22 per cent compensation cess

Online money egaming firms face tax outgo of Rs 45,000 crore

On July 11, the GST council stated that no distinction would be made between games of chance and games of skill and that 28 per cent would be imposed on the full face value of bets

Ad revenue income sharing by X liable to GST, if exceeds threshold: Experts

Remuneration received by individuals from X (formerly Twitter), as part of its advertisement revenue sharing plan, will be treated as supply under the GST law and will be subject to 18 per cent tax, experts said. The tax will kick in if the total income from various services, including rental income, interest on bank fixed deposit, and other professional services, rendered by an individual exceeds Rs 20 lakh in a year. In recent times, X (formerly Twitter) has started advertisement revenue sharing for its X Premium subscribers or verified organisations. The account needs to have 15 million organic impressions on the posts in the last three months and have at least 500 followers to be able to be part of this revenue sharing programme. Content creators on X are able to set up Ad Revenue Sharing and Creator Subscriptions independently. Many social media users have in the recent past posted tweets about receiving revenue share from X. Experts said it is not only the revenue share earn

GST registration to be mandatory for gaming operators based overseas

Parliament passes two money Bills to levy 28% tax on online money gaming, casinos, horse racing

Overseas gamers too will have to pay 28% GST on domestic e-gaming platforms

Domestic online gaming companies will be required to deduct 28 per cent GST on bets placed from overseas locations, including by foreign players, as such bets will also be treated as actionable claims. The amendment to this effect has been approved by Parliament in the Integrated GST (IGST) Act on Friday. The GST Council had last week cleared changes in Central GST (IGST) and IGST laws to levy 28 per cent tax on full face value of bets in online gaming, casinos, and horse race clubs. The amendment in IGST Act gives powers to the Government to notify such goods, so that in case of import of such goods IGST can be levied and collected as regular inter-State supply under provisions of IGST Act. Tax experts said this amendment is aimed at plugging the loophole with regard to the collection of IGST from bets coming from overseas locations. Currently, in case of import of intangible goods such as actionable claims involved in or by way of online money gaming, which do not physically cro

LS passes amendments to GST bills to levy 28% tax on bets in online gaming

Lok Sabha on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. Finance Minister Nirmala Sitharaman introduced bills in the House on Friday, the last day of monsoon session of Parliament, amid opposition protests over suspension of Congress leader Adhir Ranjan Chowdhury. The Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023, were passed by the Lok Sabha by a voice vote, without a debate. States will now get the amendments passed in the state GST laws in their respective assemblies. The amendments pertain to insertion of a provision in the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming. The amendment in IGST Act relates to inserting a provision to impose GST liability on online money gaming provided by offshore entitie