Page 44 - Gst

28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary

The exchequer would get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming, said Revenue Secretary Sanjay Malhotra on Thursday. The GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc, he said adding that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He said the online gaming industry is currently paying only 2-3 per cent GST which is even less than 5 per cent tax applicable on food items consumed by a common man. "One of the members, in fact, in the GST Council pointed out that the way the online gaming companies are paying the taxes on online games at 18 per cent of GGR, which works out to only about 2-3 per cent, even lower than the tax rate of 5 per cent levied on many of the food products consumed by the very common people," Malhotra told PTI in an interview. The

Want to buy popcorn with movie tickets? Here's how you can pay lower GST

If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official

Explained: Will 28% GST kill real-money online gaming industry in India?

Up until now, only online gambling and betting have attracted such a steep tax

No need to rethink after online gaming tax backlash: Revenue secretary

The government's decision, announced late on Tuesday, was met with dismay in the $1.5 billion industry, and shares of casino operator Delta Corp and other online gaming companies plunged

No review or roll-back; GST move unanimous: Revenue Secy Sanjay Malhotra

"I don't think that the demand for these vehicles is so 'elastic' that a small tax change could impact the market drastically"

28% GST on online gaming big blow to $1 trn digital economy target: IAMAI

GST Council's decision to levy a 28 per cent tax on online gaming is a huge blow to India's goal to become a USD 1 trillion digital economy by 2025, industry body IAMAI said on Wednesday. The Internet and Mobile Association of India (IAMAI), which represents internet based companies, said that the net effect of 28 per cent GST (Goods and Services Tax) levy will result into around 1,000 per cent increase in tax on the industry, cause irreversible damage to the USD 2.5 billion investments in the Indian online gaming startup ecosystem, and lead to a complete halt on any prospective foreign direct investment (FDI). "It shall also serve as a huge blow to India's ambitious target to achieve a USD 1 trillion digital economy by 2025," IAMAI said. GST Council decision to impose a 28 per cent tax has been unanimously opposed by the online gaming industry. Online gaming companies have repeatedly asked the government to levy less than 18 per cent GST on skill-based gaming. Industry players ha

IAMAI urges GST Council to tax gaming platform fee, not full face value

The Internet and Mobile Association of India claimed that the new GST rules are not aligned with best global practices and may place Indian gaming companies at a disadvantage

Space startups welcome GST exemption for satellite launch services

The Indian private sector on Wednesday welcomed the government's decision to exempt satellite launch services by private organisations from GST, saying the move will help them offer competitive rates to put satellites in orbit. The GST Council, at a meeting on Tuesday, decided that GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organisations in the private sector also to encourage start-ups. The Indian Space Association-EY report had said that the space launch segment was expected to grow rapidly by 2025 at the rate of 13 percent per annum. "This step will give financial relief to the players and will incentivise growth of this nascent sector. We believe it will help enable the growth of indigenous launch capabilities and ensure a level playing field for all," Lt Gen A K Bhatt (retd.) Director General, Indian Space Association (ISpA) said. He said the satellite

Holding shares in firms' subsidiaries exempted, clarifies GST Council

The clarification came amid GST officers sending notices to both Indian and foreign companies, demanding tax on share capital held in their subsidiaries at 18%

28% GST an opportunity for gaming companies to compete: Gamezop co-founder

Gaurav Agarwal, co-founder of Gamezop, said those firms that are able to adapt faster will 'emerge victorious'

Shares of Indian gaming, casino firms drop after 28% GST imposition

These companies will now have to pay a 28% tax on the entire amount collected from players, instead of the small tax on the fee they charged for real-money games until now

Industry welcomes GST exemption for startups into satellite launch services

ISpA says step will give financial relief to the players, incentivise segment's growth and help spawn indigenous launch capabilities, creating a level playing field for all

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GST Council okays 28% tax on online gaming, casinos and horse racing

To be levied on full face value; effective roll-out after amendments to GST law

Tweaked definition of SUV will provide clarity on tax structure: Industry

The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday. The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more). Automobiles are taxed at 28 per cent GST, with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 per cent along with a compensation cess at 22 per cent. Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava said, "From the various media reports, it appears that the peak cess of 22 per cent over the 28 per cent GST slab is now .

GST Council decides to levy uniform taxation for utility vehicles

India's Goods and Services Tax (GST) Council said that uniform taxation would be levied on multi-utility vehicles and sports utility vehicles, according to a statement

Centre allays concerns of opposition-ruled states over ED-GSTN info sharing

Revenue Secretary Sanjay Malhotra on Tuesday allayed concerns of several opposition ruled states on the changes made in the money laundering law stating that the amendments were required to meet the obligations of the Financial Action Task Force (FATF). The FATF is an inter-governmental body which sets standards and develops and promotes policies to combat money laundering and terrorist financing. India became its member in 2010. Responding to the concerns raised by opposition ruled states like Delhi and Punjab at the GST Council meeting, Malhotra said it was clarified that the changes will empower tax authorities with more information and "I think all of them (state ministers) were quite satisfied with the explanation". The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities

GST Council meeting: Firms say 28% tax on online gaming a killer blow

Industry stakeholders, including gaming companies and industry bodies, expressed discontentment

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GST Council: Oppn-ruled states raise concern over ED sharing info with GSTN

Several opposition ruled states expressed concern over Centre's decision to allow enforcement directorate (ED) to share information with GST Network, with finance minister of AAP-ruled Punjab Harpal Singh Cheema on Tuesday saying it amounts to 'tax terrorism' and scaring small business. The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities with which ED will share information. At the 50th GST Council meeting on Tuesday, Aam-Aadmi Party ruled Delhi and Punjab voiced concerns over the notification and demanded a discussion. "A lot of finance ministers raised the issue... Delhi, Punjab, West Bengal, Tamil Nadu, Himachal Pradesh, Karnataka, Chhattisgarh, Telangana, and Rajasthan have voiced their concern and said that it should be discussed in GST Council," Delhi finance ministe