Page 49 - Gst

Not akin to residential units, hostel accommodation to attract 12% GST: AAR

Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases. The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units and hence are not exempt from Goods and Services Tax (GST). In an advance Ruling sought by Srisai Luxurious Stay LLP, the AAR said GST exemption was applicable on the accommodation services, of charges up to Rs 1,000/- per day, provided by hotels, clubs, campsites etc. till July 17, 2022. "PG/Hostel Rent paid by inhabitants do not qualify for GST exemption as the services provided by applicant are not akin to renting of residential dwelling for use as residence," the Bengaluru bench said. GST on reverse charge will be applicable on the rental to be paid to the landowners by the applicant as the services of the applicant are leviable to GST and thus the applicant has to obtain GST ...

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Rent on PG accommodation, hostel services to attract GST: Karnataka AAR

Rent for residential dwellings would qualify for GST exemption, says authority

GST officers arrest 3 for fraudulent ITC claims of Rs 557 cr, fake firms

GST officers have unearthed two fake billing rackets involving 246 shell/fake entities involved in fraudulently passing input tax credit (ITC) of Rs 557 crore and arrested three key operatives. Forensic examination of seized laptops and mobile phones of the two masterminds led to the retrieval of ledgers, invoices, e-way bills, etc. Apart from this, WhatsApp chats/ voice messages evidencing the transactions of fake GST bills and illegal cash flow have also been retrieved. An initial probe by GST officers has also indicated the involvement of bank officials in opening bank accounts in the name of fake firms, the finance ministry said. "The Meerut Zonal Unit of Directorate General of GST Intelligence (DGGI) unearthed two major fake billing rackets involving 246 shell/fake entities, which have passed on fraudulent ITC of Rs 557 crore," a finance ministry statement said. One of the rackets had close nexus with fake firms unearthed by Noida Police in June 2023, it added. The finance ..

Game developers ask Centre for clear distinction from real money games

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

GST Council to finalise taxing rules on online gaming on August 2

Legislative amendment expected in ongoing monsoon session of Parliament

Tax council to meet on Aug 2 to finalise online gaming tax: Report

Since the first announced its plan for the tax on Jul 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers

Insurers gave fake invoices when quizzed on tax credit claims: Officials

GST E-way bill is a document used to trace goods in transit to verify the authenticity of input credit claims

Monsoon session: I-T raids up 8% in FY23, Rs 1.15 trillion GST fraud & more

GST authorities - both at Centre and states - have detected cases of fraudulent availment of Input Tax Credit on fake GST invoices involving amount of Rs 1.15 trillion

The math: Save on GST by not buying that popcorn and movie combo together

While the rate for food and beverages sold in theatres has been decreased to 5%, movie tickets are still charged to tax at 18%.

Tax officials unearth Rs 19,492 crore GST evasion via special drive

The department learnt to have detained 7-10 alleged beneficiaries of fake tax claims

28% GST to lead to write-off of $2.5 bn investment in e-gaming: Investors

The GST Council's decision to levy a 28 per cent tax on real money online gaming industry will lead to an impairment of USD 2.5 billion of investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to Prime Minister Narendra Modi. In a letter dated July 21, leading Investors Including Peak XV Capital, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, Lumikai etc have sought the Prime Minister's intervention in the decision of GST Council which is expected to hit prospective investment to the tune of USD 4 billion in the next 3-4 years. "The current GST proposal will set up the most onerous tax regime for the gaming sector globally, which will lead to a potential write-off of the USD 2.5 billion capital invested in this sector," the letter said. Investors said the GST Council's decision has caused shock and dismay and will substantially and meaningfully erode investor confidence in the backing of ..

Tiger Global, other investors ask India to reconsider online gaming tax

Over 100 gaming firms wrote a letter to the finance ministry last week, with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in sector at risk

GST collection, devolution a success story in NE states: FM Sitharaman

The North Eastern states have scripted a success story in the collection and devolution of the Goods and Services Tax (GST), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. According to the 2023 RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, she said. Sitharaman was speaking at the Investiture Ceremony for conferring the Presidential Award for Specially Distinguished Record of Service' to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). Assam was the first state to ratify the GST Act, four days after it was passed and since then there has been a 12 times increase in the collection of taxes, the minister said. Assam's sales tax collection prior to the implementation of the GST was Rs 558.26 crore but this has increased manifold to Rs 7,097 crore. Sikkim and Meghalaya too have registered a significant achievement with the former's collection increas

As repetitive taxation fears arise, gaming firms wait for clarity

Industry executives said that repetitive taxation could lead to a 50-60 per cent indirect tax burden on gamers

18% GST to be charged on battery charging for EVs: Karnataka AAR

Company setting up charging stations would get input tax credit, it rules

GST officials visit Ronnie Screwvala-led upGrad's offices in Mumbai

The edtech stated that it was a routine survey, and that it was fully compliant

Filing ITR? Don't forget to declare your income from other sources

Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.

May go back to GST council on online gaming regulatory framework: MoS IT

Amid the online gaming industry raising concerns over the levy of 28 per cent GST, Union minister Rajeev Chandrasekhar on Monday said the government may request the GST Council to consider the facts of new regulatory framework for the industry. The minister also mentioned that it took three years for the Council to reach a decision on online gaming. Online gaming players have expressed disappointment with the decision of the Goods and Services Tax Council to levy a 28 per cent tax on online games involving real money. The Minister of State for Electronics and IT during a CNN-News 18 Townhall programme said that the GST Council is not the government of India but it is truly a federal organisation representing state governments and the centre. "We have to also recognize that the process of creating a regulatory framework for online gaming only started in January 2023. We are only in the early stages of creating a predictable, sustainable permissible online gaming framework. So, we wi

India on a roll owing to landmark reforms under PM Modi: Bernstein report

India has risen from being the 10th largest economy in the world in 2014 to the fifth largest now on the back of "landmark" reforms like GST and an unprecedented infrastructure push, Bernstein said in a report on the Modi government's tenure. The brokerage in a 31-page report titled 'The decade under PM Modi - a deep-dive', hailed landmark reforms, inflation control and financial inclusion and digitisation despite inheriting "a weak economy with several institutions in distress". "Fortune strikes overnight - for some, it is by luck, and for most, it is led by years of effort. The Indian story is similar, becoming more believable even as the building blocks took over a decade to strengthen," it said. Under Modi, India has seen tremendous progress in several areas, including digitisation, formalisation of the economy, a better policy environment to attract investments for manufacturing initiatives and a step-up in infra spending. "The building blocks have been put in place, and altho