Page 21 - Tax

GST Council meet on Wednesday to finalise modalities for taxing gaming

The GST Council in its meeting on Wednesday is likely to finalise the modalities for determination of supply value in online gaming and casinos for levying 28 per cent tax. The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, in its last meeting on July 11 approved levying 28 per cent tax on full face value of bets in online gaming, casinos and horse racing. Subsequently, the Law Committee, comprising Centre and state tax officers, have prepared draft rules for consideration of the GST Council with regard to computation of supply value for tax purposes. The committee has suggested insertion of a new rule under which value of supply of online gaming would be the total amount deposited with the online gaming platforms by way of money or virtual digital assets on behalf of the player. With respect to casinos, the committee has proposed that the supply value would be the amount paid by a player for purchase of tokens, chips, coins or ...

Automated IGST refunds on pan masala, tobacco to be restricted from Oct 1

Automated refund of Integrated GST (IGST) on export of pan masala, tobacco, and similar other items will be restricted from October 1, the finance ministry has said. Exporters of such items will have to approach jurisdictional Tax officers with their refund claims and get them cleared, as per a notification dated July 31. The changes in the notification will come into effect from October 1. Tax experts said the move is aimed at checking tax evasion in the sector, as there might be over-valuation of goods which are being exported, thus leading to higher IGST refund outgo. Manual checking of refunds will ensure that valuation is optimally done and taxes are paid at all stages. The items on which automated IGST refund restriction has been imposed include pan masala, unmanufactured tobacco, hookah, gutkha, smoking mixtures for pipes and cigarettes and other items, including mentha oil. Such items attract 28 per cent IGST, plus a cess. AMRG & Associates Senior Partner Rajat Mohan said

Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday

Top headline: Govt hikes windfall tax on petroleum crude, Nuh violence

Business Standard brings you the top headlines at this hour

Top headlines: India ripe for semiconductor boom, banks' loans, and more

Business Standard brings you the top headlines at this hour

Equitas Small Finance Bank Q1 PAT soars by 97.1% to Rs 191 crores

Private sector Equitas Small Finance Bank Ltd has reported a 97.1 per cent jump in its profit after tax for the April-June 2023 quarter at Rs 191.20 crore, the bank said on Friday. The bank registered a net profit at Rs 97 crore during the corresponding quarter of the previous year. For the year ending March 31, 2023, the net profit stood at Rs 573.59 crore. The total income during the quarter under review grew to Rs 1,425.32 crore from Rs 1,073.61 crore registered in the same period of last year. For the year ending March 31, 2023, the total income was Rs 4,831.46 crore. According to a bank statement, credit growth continues to remain strong with 'advances' growing at 36 per cent year-on-year and 6 percent quarter-on-quarter to Rs 29,601 crore. During the quarter under review, the bank said it registered strong disbursements growth of 47 per cent year-on-year to Rs 4,757 crore. Deposits grew by 36 per cent year-on-year and 9 per cent quarter-on-quarter to reach Rs 27,709 ...

Top headlines: Demerger of ITC's hotels biz, share transactions, and more

Business Standard brings you the top headlines at this hour

Changing face of direct taxes: Transformation over a decade

A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers

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

Pop star Shakira in trouble as Spain's tax office initiates second probe

Pop star Shakira is facing more trouble from Spain's tax office after a court near Barcelona said Thursday that it had agreed to open an investigation into a second case of alleged tax fraud by the Colombian singer. Shakira is already set to face trial at a date to be determined for allegedly failing to pay 14.5 million euros (USD 13.9 million) in taxes on income earned between 2012 and 2014. The entertainer has denied any wrongdoing. Now, a Spanish judge has agreed with state prosecutors to probe two possible cases of tax fraud by Shakira from 2018. The court said it had no information on how much money was in question. Both cases are being handled by a court in the town of Esplugues de Llobregat, near Barcelona. The first case that is set to go to trial hinges on where Shakira lived during 2012-14. Prosecutors in Barcelona have alleged the Grammy winner spent more than half of that period in Spain and should have paid taxes in the country, even though her official residence was i

G20 FMs discuss ways to improve tax transparency, anti-evasion measures

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle income countries reeling under huge debt burden. The meeting being chaired by Finance Minister Nirmala Sitharaman invited views on the way forward in international taxation with regard to implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including re-allocation of multinational companies' additional share of profit to the market jurisdictions where they ..

India to push G20 to raise share of taxes on cos which earn excess profit

More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals

Top headlines: Govt raises windfall tax, Chandrayaan-3 lift-off, and more

Business Standard brings you the top headlines at this hour

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

IRS says it collected $38 mn from over 175 high-income tax delinquents

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income individuals attempted to get favourable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation. It just shows you how much money is out there in delinquent taxes, and there are so many more cases for us to tackle," said new IRS Commissioner Daniel Werfel, just four months into the job. There's just a significant opportunity there. The agency did not provide figures for how those high-dollar tax collections compared with previous years. Werf

No GST on replacement of parts during warranty period, says council

Clarification provides certainty on the tax treatment of warranty repairs, say experts

India to reject call for anti-subsidy tax on some Chinese steel products

As per World Trade Organisation rules, a member country is allowed to impose an anti-subsidy duty if a product is subsidised by the government of its trading partner

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

GST Council was unanimous in its decision, says revenue secretary

The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp & other online gaming firms plunging in Wednesday trade

Countries agree to extend digital services tax freeze through 2024: OECD

The first part of the two-pillar deal aims to reallocate taxing rights on about $200 billion in profits from the biggest and most profitable multinationals to the countries where their sales occur