RPSG group’s Guiltfree faces Rs 39cr GST demand notice
Guiltfree Industries Limited, a food-focused FMCG firm under Sanjiv Goenka’s RPSG Group received a Rs 39.14 crore GST demand notice, the company said on Sunday.
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Guiltfree Industries Limited, a food-focused FMCG firm under Sanjiv Goenka’s RPSG Group received a Rs 39.14 crore GST demand notice, the company said on Sunday.
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The Punjab Pradesh Beopar Mandal (PPBM) has demanded from the GST Council to increase the exemption limit to Rs 1.5 crore from present Rs 40 lakh for ease of doing business. The demand was made by traders mobilised during a conference of dealers held here last night.
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A committee of tax professionals and traders on Goods and Services Tax on Tuesday urged state government to constitute GST Appellate Tribunal in Indore.
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Corporate guarantees given in favour of related parties will be liable for 18 per cent goods and services tax (GST) on 1 per cent of the amount guaranteed or on the actual consideration, whichever is higher. However, personal guarantees offered by the promoter or director of the company might not attract tax.
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The Directorate General of GST Intelligence (DGGI), which has issued over a dozen show cause notices to real-money gaming platforms, has calculated the dues on the actual bets placed on portals since 2017, sources in the know told ET.
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The GST Council is likely to discuss lowering of Goods and Services Tax (GST) rate from the current 28 percent on motor vehicles purchased by the visually impaired, in its October 7 meeting, a person aware of the development has said. The issue will be discussed in the Council after a Madras High Court decision which stated that the visually impaired petitioner is eligible for the concessional GST rate on the purchase of motor vehicles, the person told Moneycontrol.
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The GST Council on October 7 is likely to take up the contentious issue of levying GST on the personal guarantees provided by the Directors of the company to the banks in return for obtaining financial assistance. In addition, the tax implication of corporate guarantee in favour of a subsidiary company will also be discussed in the meeting, as per sources.
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The Goods and Services Tax Council, the joint forum of the Centre and states, is likely to exempt millet flour food preparations from GST by slashing the current 18 percent levy to nil, sources have told Moneycontrol.
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The fitment committee of the Goods and Services Tax (GST) Council has recommended the exemption of goods and services GST on powdered millet sold in loose form where 70% millet is used. It has recommended 12% GST for millets sold in prepacked and branded form. The committee refused to give any incentive for prepared produce made out of millet.
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Bajaj Allianz gets GST demand notice for Rs 1,010 crore on Tuesday. It received the show cause cum demand notice from the Directorate of GST Intelligence for the non-payment of GST on co-insurance and re-insurance premiums, said Bajaj Finserv in its stock exchange filing on Tuesday.
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E-commerce marketplace Meesho on Tuesday announced that it is set to welcome non-GST registered sellers to its platform. This will benefit a vast network of small e-commerce businesses across the country.
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A spate of GST demand notices have been served on Indian companies in recent weeks in cases where overseas staff have been deputed to India.
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The wait for clarity on how much and on which crypto transactions the goods and services (GST) would be levied seems longer as the states panel nominated by the GST Council in 2022 has expressed its inability to submit a paper on taxation of crypto assets, sources told CNBC-TV18.
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The CBIC issued Circular No. 24 /2023-Customs dated September 30, 2023 regarding the implementation of Section 16(4) of the IGST Act related to the restriction on the export of certain goods on payment of IGST and coverage under the refund mechanism.
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The gross GST revenue collected in the month of September, 2023 is Rs 1,62,712 crore out of which CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods).
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The Goods and Services Tax Network (“GSTN”) has enabled Form DRC-01C to deal with Input Tax Credit (“ITC”) mismatches between GSTR 2B and GSTR 3B, in accordance with the newly inserted rule 88D of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) vide Notification No. 38/2023-Central Tax dated August 4, 2023.
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The government has fallen short of its half-yearly revenue target — by Rs 11,726 crore —for the fiscal, but officials are confident that they will make up for it in the second half of the year.
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The GSTN issued Advisory No. 605 dated October 03, 2023 regarding the e-Invoice JSON download functionality Live on the GST e-Invoice Portal.
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The Delhi High Court has ruled in favour of the Delhi Metro Rail Corporation (DMRC), allowing them to claim a refund of Rs. 2,90,520, which it had mistakenly deposited as GST for services related to the preparation of a Detailed Project Report for the Surat Metro Rail Project.
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The Directorate General of Goods and Services Tax Intelligence (DGGI) Mumbai Zone has issued a notice to popular online gaming company Dream11, claiming a sum of Rs 28,000 crore, sources told CNBC-TV18. Additionally, DGGI Mumbai has sent a notice to Play Games 24X7 claiming Rs 21,000 crore.
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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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