The Prime Minister, Shri Narendra Modi, speaking from the ramparts of the Red Fort on the occasion of 77th Independence Day on August 15, 2023, said that India’s exports is rising rapidly and the world is saying that India will not stop now.
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The Central Board of Indirect Taxes and Customs (CBIC) has determined that online money gaming companies are subject to an additional tax liability of approximately Rs 45,000 crore. However, the differential taxation treatment between games of skill and chance has now been abolished. The CBIC estimates that the gaming industry alone has evaded Rs 45,000 crore in taxes.
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The Indian government on Monday increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15, according to the notification of Finance Ministry. Along with crude petroleum, Special Additional Excise Duty (SAED) on diesel will also see a rise. It will be hiked to Rs 5.50 per litre from Re 1 per litre at present, said the notification.
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Goods & services tax (GST) as a share of gross domestic products (GDP) has maintained parity with personal income tax, a report by Finance Ministry shows. Economists attribute this to consumption demand, compliance, and some impact of inflation. However, another view is that this trend is not leading to an overall regressive taxation regime.
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A businessman was arrested by the Central GST in Chhattisgarh’s Bilasput district for allegedly availing and utilising input tax credit (ITC) worth Rs 10.14 crore by issuing bogus invoices, an official said on Saturday. Officials of the Central GST on Friday arrested Sanjay Shende under relevant provisions of the Central Goods and Services Tax (CGST) Act, the official said.
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India’s overall exports (Merchandise and Services combined) in July 2023* is estimated to be USD 59.43 Billion, exhibiting a negative growth of (-) 5.06 per cent over July 2022. Overall imports in July 2023* is estimated to be USD 67.77 Billion, exhibiting a negative growth of (-) 12.92 per cent over July 2022
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The Income Tax (I-T) department has completed it’s investigation of insurance companies and found out tax evasion of more than Rs 15,000 crore. The investigation was being conducted to inspect alleged malpractices committed by the insurance companies regarding commission payments.
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Raipur Police on Saturday, August 12, have successfully hunted down multiple groups linked to Mahadev Book and Reddy Anna betting apps. Notably, a chartered accountant (CA), who was also the mastermind of the case, was arrested along with 8 individuals. Moreover, police were also successful in seizure of Rs 14.5 lakh in cash, 21 mobiles, several bank passbooks and cheque books, laptops, computers and books containing transactions record books.
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Genuine enterprises suffer even as taxmen bust networks of fake entities and bogus input tax credit (ITC) claims running into hundreds of crores of rupees. GST data mismatch between the filings of the buyer and the seller debar the former from claiming ITC.
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Finance Ministry takes decision on GST rates on online gaming, casino & horse racing to come into effect from October 01, 2023
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The CBDT vide Notification No. 58/2023 dated August 09, 2023 has extended the applicability of Rule 10TD (1) and Rule 10(2A) of the Income-tax Rules, 1962 (“the IT Rules”), until the Assessment Year 2023-24. Rule 10TD of the IT Rules pertains to the list of eligible international transactions in which the transfer price declared by the assessee is required to be accepted by the Income-tax Authorities.
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Finance minister Nirmala Sitharaman is likely to introduce amendments to the Central GST law on Friday and seek its passage during the monsoon session of Parliament as the government races against time to arm itself with powers to levy tax on online games, casinos and horse racing.
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“The Committee failed to understand this anomaly. The Department has clarified that the raw material of fertilisers like Sulphur has multiple uses and is also used in the production of detergents, paints, dyes etc. Similarly, ammonia too has multiple uses and is also used as refrigerator gas, manufacturing of plastics, explosives, textiles etc,” the report said.
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Automobile dealers’ body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18 per cent from 28 per cent currently. “With two-wheelers accounting for over 75 per cent of the volume and over 70 per cent of this stemming from the entry-level category, it’s imperative to address the over 20 per cent decline we’ve observed since pre-Covid times,” FADA President Manish Raj Singhania said.
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The GST, e-Invoice System issued Update dated August 09, 2023 states that, now sub-users can access e-Invoices generated by the main user and perform View/Cancel/Generate EWB. The main user can select the Update Sub-user option as shown in the below screen. Select the sub-user from the list.
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India’s popular online gaming and fantasy sports startup Mobile Premier League (MPL) is laying off 350 employees, representing about 50 per cent of its India workforce, reported Money control. This comes weeks after New Delhi implemented a 28 per cent tax on online real-money games.
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Five people, including a head constable of the Delhi Police and a staffer of the Income Tax (IT) department, were arrested for allegedly conducting a fake raid at a businessman’s home in west Delhi’s Janakpuri area, the police said on August 06, 2023.
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Tamil Nadu and Karnataka have outpaced the all-India average in GST collections in July, keeping up with their impressive performance in the first four months of this fiscal year. Telangana, on the other hand, has slipped into single digit year-on-year growth rate in July after clocking a double-digit growth in April, May and June.
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The income-tax department has sent notices to many professionals who have earned income outside their regular salary but did not declare in their tax returns. Most of the notices issued were for financial years 2019-2020 and 2020-2021, people familiar with the matter told ET.
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Finance Minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry.
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Punjab finance and excise and taxation minister Harpal Singh Cheema on Monday said that the state has registered an increase of 16.5% and 20.87% in revenue from goods and services tax (GST) and excise, respectively, during the first four months of the financial year 2023-24. So far, a total of Rs12,322.71 crore has been received from the above said resources, which is 11.65% more as compared to the revenue collected from these during the same period in 2022-23”
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