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CBIC not to file review petition in SC for restoring IGST on ocean freight

Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India

COAI seeks cut in licence fee; waiver in customs duty for 5G network gear

Mobile operators' association COAI has urged the government for a cut in licence fee to 1 per cent, and sought waiver of customs duty on network equipment for 5G rollout. In its Budget wishlist submitted to the finance ministry, the Cellular Operators' Association of India (COAI) has also pushed for abolition of the Universal Service Obligation Fund or USOF. The apex telecom association has urged the government for rationalisation of GST, reduction of licence fee to 1 per cent from 3 per cent and waiver of customs duty on 5G network equipment. During the pre-Budget discussions held on Monday, COAI also sought removal of GST on licence fee, spectrum usage charges and payment of spectrum acquired in auctions. Other demands include refund of accumulated input tax credit of GST (Rs 32,000 crore) and clarification regarding availability of input tax credit on critical equipment installed on telecom towers. COAI counts telecom operators like Reliance Jio, Bharti Airtel and Vodafone Idea

28% GST on online gaming likely; Council to take a final call on valuation

The state finance ministers' panel is likely to recommend a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance, and may leave the final decision on the vexed issue of valuation to the GST Council, sources said. The Group of Ministers, chaired by Meghalaya Chief Minister Conrad Sangma, had a virtual meeting on Tuesday to finalise their long pending report on taxation of online gaming, casinos and horse racing. According to the sources, a majority of the state ministers in the GoM were of the view that the Goods and Services Tax (GST) on online gaming should be raised to 28 per cent. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM has decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming

Panel may recommend 28% GST on online gaming, tweak in calculation method

Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals

Removing IPC offences from GST Act will be welcome move: Experts

Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say

Works under SBM to attract GST if not done for govts, authorities: AAR

Work done for State Urban Development Agency under the Swachh Bharat Mission (SBM) and Mission Nirmal Bangla would not be exempt from GST, according to the state Authority for Advance Rulings (AAR)

Supreme Court dismisses review petition on pre-GST state tax on lotteries

Court's verdict earlier led to legislation brought out by Karnataka and Kerala being declared invalid

Fantasy sports offered by Dream11 are games of skill, not chance: SC

Two-judge bench dismisses review petition seeking to reopen and review an earlier SC order relating to a 2017 Punjab and Haryana HC decision ruling fantasy sports to be a game of skill

Leading insurance companies under GST scanner for alleged fake invoicing

Notices have also been issued to vendors of these companies

Centre ready to bring petrol and diesel under GST: Hardeep Singh Puri

The Centre is ready for bringing petrol and diesel under the GST regime but it is unlikely that the states will agree to such a move, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday. For bringing the petrol and diesel under the GST, the states have to agree. If the states make the move, we are ready. We have been ready all along. That's my understanding. It is another issue how to implement it. That question should be addressed to the finance minister, Puri told reporters here. The minister, however, pointed out that it is unlikely that the states will agree to such a move as liquor and energy are revenue generating items for them. It is not difficult to understand, they (states) get revenue out of this. One who is getting revenue, why would he leave it? Liquor and energy are two things that generate revenue. It is only the Central government which is worried about inflation and other things, he added. The Union minister said the Kerala High Court had suggested

FM should clear the air on 'pre-import' matter

The Customs have started sending show-cause notices (SCN) to several exporters alleging violation of 'pre-import' condition in case of imports without payment of IGST under advance authorisations

E-commerce firm not liable to pay GST on cab service by third parties: AAR

Experts say Karnataka authority's ruling would not apply to Uber, Ola and other cab aggregators

GST evasion of Rs 55,575 cr detected in last 2 years, 719 persons arrested

GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST). "In the two years of the special drive, GST/ITC fraud worth Rs 55,575 crore has been detected. 719 persons have been arrested, which include 20 CA/CS professionals," the official told PTI. Voluntary deposits of Goods and Services Tax (GST) worth Rs 3,050 crore have been made during the period. The official did not disclose the recovery amount in these cases, but said it would be a "sizeable amount". "Credible intelligence, coordina

Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

Business Standard brings you the top headlines this hour

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

Zoho Corp revenue hit $1 billion in 2021, India business grew 77%

Company plans to double investments in blockchain and AI

Live: PM Modi unveils the logo, theme and website of India's G20 Presidency

Catch all the latest updates from across the globe here

Fadnavis directs GST officials to work with cyber dept to curb frauds

Maharashtra deputy chief minister Devendra Fadnavis on Monday asked state GST (Goods and Services Tax) department officials to work closely with the cyber security department of the home ministry to curb increasing cases of financial frauds and cyber crimes. Fadnavis, who also holds home and finance portfolios, issued the instruction after holding a meeting with GST officials as well as those of the state finance department. The review meeting was regarding the current functioning of the GST department, its achievements, growth in collection and intelligence network, among other issues. The deputy CM also held a meeting with officials of the Asian Development Bank (ADB) in Mumbai and sought support of the Philippines-based multilateral agency in various sectors. After the meeting, he said, We need more support from the ADB not only in funding but also in sharing best financial practices across the globe. The state is working to shift its entire public transport system on green ...

HC issues notice to Maharashtra GST dept for arrest over circular trading

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

GST law panel working with experts to define games of skill, chance

Centre and state GST officers are working with online gaming sector experts to define 'games of skill' and 'games of chance' with a view to design different taxation structures for them, sources said. The vexed issue of levying Goods and Services Tax (GST) on online games has been hanging fire for over a year now with many states pitching for a lower tax rate on those online games which require skill. They are of the opinion that games of skill should not be treated at par with games of chance. The absence of a clear definition often leads to tax notices being sent to online game portals and subsequent litigations. According to sources, the GST Council's Law Committee, which met in Bengaluru on Saturday, discussed the issues concerning definition for 'games of skill' and 'games of chance' with technical domain experts. As all states are not part of the law committee, the draft report on definition would be shared with all states for their views. Sources further said the GoM (Group