Page 3 - Latest Updates on Goods and Services Tax
What are the differences between a game of skill and a game of chance?
The winnings from games of skill attract 18 per cent of Goods and Services Tax (GST), while winnings from games of chance mandate paying 28 per cent GST
 "What are the differences between a game of skill and a game of chance?")
HC asks GST dept to drop notices against firm facing audit proceedings
Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department
 "HC asks GST dept to drop notices against firm facing audit proceedings")
Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000
Business Standard brings you the top headlines this hour
 "Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000")
Top Bollywood celebrities under CBIC scanner over alleged GST evasion
Face charge of incorrect declaration to dodge tax
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
Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens
Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore
 "Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens")
Fiscal correction: Focus should be on reducing the fiscal deficit
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
 "Fiscal correction: Focus should be on reducing the fiscal deficit")
Define game of chance, game of skill to decide on taxation: GST law panel
The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations
 "Define game of chance, game of skill to decide on taxation: GST law panel")
GST collection over Rs 1.51 trillion in October, second highest ever
Revenue for October is second highest monthly collection, next only to April 2022
 "GST collection over Rs 1.51 trillion in October, second highest ever")
Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23
Duty cuts on edible oil, petro products to blame; may not hit overall collection
 "Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23")
CBIC seeks details on digital assets from India's top crypto bourses
Crypto exchanges have been asked to furnish details this month itself
 "CBIC seeks details on digital assets from India's top crypto bourses")
RBI steps up fund infusion as system liquidity 'almost neutral'
Rates on CPs, CDs surge; pressure mounts on banks to raise deposits
 "RBI steps up fund infusion as system liquidity 'almost neutral'")
RBI's liquidity infusion largest since April 2019 as surplus cash dries up
Lack of repo suggests RBI tolerance of higher money mkt rates: Analysts
 "RBI's liquidity infusion largest since April 2019 as surplus cash dries up")
Odisha AAR says separate registration must for construction work in state
The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification
 "Odisha AAR says separate registration must for construction work in state")
Chatroom: 'Drawback of IGST also available on re-export of imported goods'
This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed
 "Chatroom: 'Drawback of IGST also available on re-export of imported goods'")
Centre to soon waive compensation cess on coal gasification: Report
After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes
 "Centre to soon waive compensation cess on coal gasification: Report")
Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr
So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision
 "Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr")
Don't let exposure to mid and small-cap funds exceed 30%: Experts
They will outperform if GDP, earnings growth sustain, but global risks pose threat
 "Don't let exposure to mid and small-cap funds exceed 30%: Experts")
Firms to not pay GST on part recovery of canteen payment from staff: AAR
Gujarat authority gives ruling in a matter involving Zydus Lifesciences; experts say greater clarity needed
 "Firms to not pay GST on part recovery of canteen payment from staff: AAR")
Delhi HC directs L'Oreal to pay profiteered amount of Rs 186 crore
The court, which clubbed the petitions, had posted the matter for next hearing on October 19
 "Delhi HC directs L'Oreal to pay profiteered amount of Rs 186 crore")
