Page 7 - Gst

State GST team raids several places of UP, Noida amid loss of revenue

The state GST department has taken action in various places in Uttar Pradesh including Noida on the complaint of loss of revenue by tax evasion

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

TMS Ep313: GST share of states, China plus one, Markets, FPO

Why do states want a bigger share of GST? Does China plus one strategy mean advantage India? Will the rally in the broader markets continue? What is a follow-on public offer? All answers here

Why do states want a bigger share of GST?

Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Naveen Patnaik urges Sitharaman to withdraw 18% GST on Kendu leaf

Odisha Chief Minister Naveen Patnaik on Saturday urged the Centre to withdraw GST being imposed on kendu leaf trade in the interest of livelihoods of about eight lakh poor people. Patnaik dashed a letter to Union Finance Minister Nirmala Sitharaman, barely three days after announcing a special package for the welfare of kendu leaf pluckers. "Imposition of GST (18%) on kendu leaves is adversely affecting the trade. As a result, it affects the livelihoods of Kendu leaf pluckers, binders, and seasonal workers and the implementation of social security and welfare schemes for them," Patnaik said in the letter. The CM said kendu leaf, a minor forest produce (MFP), is the financial backbone of about eight lakh leaf pluckers, binders, and seasonal workers of Odisha and they mostly belong to the tribal community and poorest of the poor of the society. He said tribals collect the leaves as part of their right defined under the Scheduled Tribals and Other Traditional Forest Dwellers (Recognit

Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more

Business Standard brings you the top headlines at this hour

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

Telangana HC slams 'mechanical way' of issuing GST show cause notice

Court says notice for cancelling registration should not be sent out in cavalier manner

GoM on GST levy on casinos, online gaming to submit report next week

The state finance ministers' panel for GST levy on casinos, online gaming and horse racing will submit its report to the GST Council next week, Meghalaya Chief Minister Conrad Sangma said on Friday. Sangma-headed Group of Ministers (GoM) held its final meeting on the issue earlier this week and is understood to have recommended a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance. However, in the 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 the suggestions to the GST Council for a final decision. Asked when the GoM would send the report to the council, Sangam said: "We will submit the report next week". 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. The GoM in its earlier re

CCI to look into anti-profiteering steps under GST, replace NAA from Dec

The decision comes at a time when 50-odd cases against the constitutional validity of NAA have been clubbed and are being heard in the Delhi High Court

Tax collections to cross budget estimates in current fiscal, says govt

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance

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