Infosys in a regulatory filing today said that it has received a demand order for collection of GST along with interest and penalty. The total demand including penalty comes to Rs 37.75 lakh.
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The CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council’s decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel.
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Nazara Technologies Ltd. has informed on 27 September that it has received a show cause notice from the Director General of GST Intelligence, Mumbai. The mobile gaming company and sports media platform said that the notice is for a tax demand of Rs 2.83 crore, along with interest and penalty.
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E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on September 28, adding that the tax demanded is based on analysis of data.
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Online gaming companies, including the likes of Dream 11, Games 24×7 and Head Digital Works, which are facing cumulative demands for goods and services tax (GST) demands of over Rs 55,000 crore, have sought or are planning to seek redressal from the courts after they were served pre-show cause notices in the last week, multiple people aware of the matter told ET.
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Effective October 1, foreign companies providing online services such as advertising, cloud services, music and information to non-GST-registered individuals in the country will have to pay goods and services tax. Consequently, the compliance burden for these service providers is also likely to increase significantly as they would have to register for GST purposes, remit taxes and file returns.
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The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it is fully prepared to implement the clarificatory laws related to uniform GST of 28 per cent on online money gaming, casinos and horse racing from October 1, 2023.
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Employers can claim input tax credit (ITC) on the goods and services tax (GST) paid on leasing vehicles that ferry women employees at night and early morning in Tamil Nadu, the authority for advance rulings (AAR) has said.
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The e-invoicing system under GST was implemented in October 2020 for taxpayers with an aggregate turnover exceeding Rs 500 crore. Later, this was extended to businesses with turnover exceeding Rs 100 crore from January 2021. Earlier this year when companies with B2B transactions of Rs 5 crore were also mandated to produce an electronic invoice.
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The Goods and Services Tax Council may review implementation-related issues pertaining to levying 28% GST on the face value of online gaming and casinos by the first quarter of next financial year, two officials said.
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The CBIC vide Notification No. 69/2023-Customs (N.T.) dated September 27, 2023, has extended the exemption from deposits into the Electronic Cash Ledger (ECL) under Section 51A(4) of the Customs Act, 1962, till November 30, 2023.
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The CBIC vide Notification No. 70/2023-Customs (N.T.) dated September 27, 2023, extended the exemption from deposits for specified goods under Section 51A(4) of the Customs Act, 1962 (52 of 1962), until December 1, 2023.
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The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1, 2023.
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ICICI Lombard has received a show cause notice from the Directorate General of GST Intelligence (DGGI) over a tax demand of Rs 17,28,86,10,803 (over Rs 1,728 crore). The show cause notice was received on September 27.
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The upcoming GST Council meeting on October 7 can bring some cheer for senior citizens as tax on health insurance premiums could be brought down. It is learnt that the 52nd GST Council is likely to take up the proposal on lowering the GST rate on health insurance to 12 per cent from the current rate of 18 per cent for senior citizens.
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A meeting of the GST Council is scheduled to be held on October 7. The Council is likely to review the progress with regard to implementation of amendments in the SGST law by different states.
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The GST Council, chaired by the Union finance minister and comprising state ministers, will meet on October 7. It is likely to consider reducing the tax on millet-based health drinks from 18 per cent and discuss the implementation of GST on online gaming among others.
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The federal indirect tax body, the Goods and Services Tax (GST) Council, will meet on 7 October to iron out certain issues relating to setting up of GST appellate tribunal and its benches across the country.
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The Goods and Services Tax Network (“GSTN”) issued Advisory No. 604 dated September 27, 2023 on Temporary /Short Period Pause in e-Invoice Auto Population into GSTR-1. GSTN wishes to inform you that the auto population of e-Invoice in GSTR-1 is temporarily halted due to essential system upgrades, which will involve the implementation of e-Invoice JSON download functionality.
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The online gaming industry is under fire once again, this time with multiple demand notices and show-cause notices being issued against companies for what the taxman claims are unpaid Goods and Services Tax (GST).
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The DGFT vide Notification No. 33/2023 dated September 26, 2023, has extended the RoDTEP scheme for exports made from October 01, 2023 and shall be applicable till June 30, 2024.
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