Goods & Services Tax (GST) Updates

[Sushubh]

India notifies 28% GST and key changes for overseas online gaming platforms, effective October 1

Finance Ministry notifies norms for registration by global online gaming platforms, sets Oct 1 for 28% uniform duty on online money gaming and casinos. Norms for valuation also prescribed. #GST #OnlineGaming #Casinos #MoneyGaming #HorseRacing #FinanceMinistry Finance Ministry issues...

www.thehindubusinessline.com

 

[Sushubh]

GST on Gangajal: Here's what experts have to say on complex GST classification structure

Gangajal is treated as packaged water by many sellers where they are charging 18% GST as it doesn’t feature under the 10 items mentioned and notified by the central board of indirect taxes and customs (CBIC) as agreed upon in the GST council. However, in some cases, a few taxpayers just deemed...

www.cnbctv18.com

 

[Sushubh]

Gaming, gambling firms sent notices for ₹1 trillion GST dues

Notices worth ₹1 lakh crore served to Indian online gaming firms by tax authorities

www.livemint.com

 

[Sushubh]

Offshore gaming apps lure users with ‘No GST’ carrot

Most of these apps are now trying to win over customers, advertising that bets placed on their platforms would not face any GST, people in the know told ET.

economictimes.indiatimes.com

 

[Sushubh]

Government think tank proposes end of GST exemption due to unequal benefits

A study by the National Institute of Public Finance and Policy (NIPFP) argues for bringing all goods and services under the tax regime as the rich are getting more benefits contrary to the belief that tax exemptions benefit the lower strata of consumers

www.telegraphindia.com

 

[Sushubh]

Zomato, Swiggy Slapped with Rs500 Crore GST Notice Each: Report

Online food delivery platforms Zomato and Swiggy have received GST notices worth Rs 500 crore each on delivery charges, media reports said on Wednesday.

www.moneylife.in

 

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[Sushubh]

29,273 bogus firms evaded ₹44,015 cr tax since May: Govt

Haryana tops the list of fake firms per lakh among entities registered with the Goods and Services Tax authorities

www.hindustantimes.com

Kyc aadhaar is only to keep us busy.

 

[Sushubh]

Fake credit claims worth Rs 19,690 crore in FY24 till January; Haryana, Delhi lead

The amount involved in fake ITC claims in FY24 (till January) is 49 per cent higher than Rs 13,175 crore detected in 1,940 cases in FY23.

indianexpress.com

 

[Sushubh]

Now, GST probe into big corporates, major MNCs needs a ‘written approval’

Central GST officials to seek a prior written nod of zonal Chief Commissioners before initiating any investigation into big industrial houses and major MNCs, as well as “sensitive matters or matters with national implications”

www.thehindu.com

 

[Sushubh]

Next government must urgently fix ‘unnecessarily complex’, counter-productive GST: 13th Finance Commission chair

Vijay Kelkar says urgent reforms needed in India's complex GST regime, advocating for a single 12% tax rate and revenue sharing.

www.thehindu.com

 

[Sushubh]

DGGI detects 99% Surge in GST evasion, unearths ₹2.01 lakh crore worth of tax fraud in FY24

The online gaming and casino industry, evaded ₹83,588 crore followed by the co-insurance or re-insurance sector, with ₹16,305 crore and secondment (import of Manpower Services) with ₹1,064 crore of evasion.

www.cnbctv18.com