Page 10 - Gst

Why India needs a central regulatory framework for online gaming?

In September, the I-T department issued show cause notices to seven online gaming firms and about three dozen high-value players for a possible evasion of Rs 28,000 crore

Classification of goods: CBIC comes to the aid of auto component industry

The industry had been worried after the Supreme Court dismissed a review petition filed by the finance ministry over the issue.

House panels recommends rationalising GST on inputs of man-made textiles

The problem of inverted duty structure arises when the finished product is at a lower tax bracket compared to the input raw materials

Both CGST and excise duty can be imposed on tobacco products: Karnataka HC

The Karnataka High Court has ruled that the Union government is entitled to levy Central GST (CGST) as well as excise duty on tobacco and tobacco-derived products. It dismissed a bunch of petitions by tobacco manufacturers who had challenged the same. "The levy of excise duty on tobacco and tobacco products is a matter of public policy and this court in exercise of writ jurisdiction would not interfere with the same. The CGST itself contemplates levy of excise duty upon tobacco and tobacco products apart from they being taxed under the provisions of CGST," Justice M I Arun said in the recent judgment. The Dharwad bench of the HC heard petitions by Ghodawat Packers LLP, H I Tamboli and Sons, Rajnandini Foods Pvt Ltd, Balajee Pouches, Ghodawat Foods International Limited and Ghodawat Industries India Private Limited, against the Ministry of Finance, Union of India and Joint Commissioner of CGST and Central Excise. The Joint Commissioner on March 25, 2021 issued an order imposing exci

Taxes absorb 58% telco revenues in nation with lowest tariff: Voda-Idea CEO

Says operational cash generation can be released for investments if govt eases tax burden

Delhi's GST collection in second quarter of FY23 dips by more than 6%

Delhi's Goods and Services Tax (GST) collection in the second quarter of 2022-23 dipped by more than 6 per cent as compared to the first quarter of the fiscal, according to official figures. However, the combined GST collection of the first two quarters of 2022-23 was 28 per cent higher than the corresponding period of financial year 2021-22, showing that the economic situation is recovering from the effects of the COVID-19 pandemic, officials said. The GST collection in the third quarter (October-December) is expected to be higher with a spur in trade and business during the festive season, they added. The GST collection of Rs 14,297 crore in the first quarter (April-June) was Rs 880 crore more than the Rs 13,417 crore collected in July-September. According to the officials, the Delhi government collected Rs 5,871 crore from GST in April, Rs 4,113 crore in May, Rs 4,313 in June, Rs 4,327 crore in July, Rs 4,349 crore in August and Rs 4,741 crore in September. The GST collection o

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

GST mop-up in Sept at Rs 1.47 trn; festival season to push up revenues

GST collections remained above Rs 1.40 lakh crore for the seventh month in a row at Rs 1.47 lakh crore in September, a 26 per cent increase over last year, reflecting buoyancy in tax collection and stability of the GST portal, the finance ministry said on Saturday. With the ongoing festive season, the collections are expected to go up in the coming months, experts said. "The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods)," it said. The GST collections had touched a record Rs 1.67 lakh crore in April, while in August it was over Rs 1.43 lakh crore. The revenues for the month of September 2022 were 26 per cent higher than those recorded in the same month last year. During the month, revenues from import of good

GST collections rise by 26% to over Rs 1.47 trn in September 2022

GST collections in September rose 26 per cent to over Rs 1.47 lakh crore, the finance ministry said on Saturday. Goods and Services Tax (GST) mop-up has been over Rs 1.40 lakh crore for seven months in a row. The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods), the ministry said in a statement.

Govt to decriminalise some offences under GST, lower compounding charges

The government is working on decriminalisation of certain offences under GST by raising the threshold limit for launching prosecution and also lowering charges for compounding of offence, an official said on Wednesday. Currently, the law provides for launching prosecution against offenders in cases where the amount of Goods and Services Tax (GST) evasion or misuse of input tax credit is more than Rs 5 crore. "We are working on making the provision under GST Act for prosecution more simpler and friendly for taxpayers. We have Section 132 under CGST Act which criminalises illegal credit for GST evasion. The threshold level (for launching prosecution) are being reconsidered," finance ministry additional secretary (revenue) Vivek Aggarwal said at an Assocham event here. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. The compounding charges for offences under GST would also be lowered so that taxpayers are encouraged to compund their ...

India's $2-billion online gaming industry jolted by taxing times

The $2 billion online gaming industry in India, while grappling with these issues, the online gaming industry should be treated as entertainment and not gambling, as it comes under the games of skill

Govt working on GST on crypto transactions, defining legal framework

The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer

Largest states lead as e-way bill generation climbs, shows data

A government statement on September 1 noted higher GST collections for August, though it did not mention statewise numbers on e-way bill generation

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Businesses will be able to claim pre-GST tax credits from October 1: Report

When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches

Manufacturing in dire straits: Output up just 1.1% compared with 2019-20

Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively

The case for greater centre-state coordination to meet long-term goals

Many public policy experts and policymakers have stated that more mechanisms are needed for regular centre-state coordination and interaction on various issues

GST wing of CBIC conducts tax inspections against insurance companies

A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to.

Transport services to civic bodies not exempt from GST in each & every case

Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)