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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Registered persons will be required to furnish details of their bank account (in the name and PAN of the registered person) within 30 days of grant of registration or before filing the statement of outward supply in Form GSTR-1/IFF under Section 37 of the CGST Act, whichever is earlier. The Council has now notified to declare bank details even before filing of Form GSTR-1. This change will help Government to safeguard its revenue.
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GST evasion of Rs 14,302 crore detected in April-May; 28 persons arrested
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2 GST tribunals to be functional from October
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GST Council to discuss and decide on levying 28% GST on online gaming, casinos, and horse racing. Gamers and gaming companies have requested a revocation of the decision as it may hinder the growth of startups.
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Clarifications regarding applicability of GST on certain services
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Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023–
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GSTN introduces New Tabs in ‘State Specific Information’ to Collect ‘CA Number/Electricity Consumer Number’
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INR 1,48,995 crore gross GST revenue collected in the month of July 2022
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Important Update: GSTN introduced a new tab, Rule-86B, which restricts the use of the amount available in the Electronic Credit Ledger
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1 lakh notices sent for not filing income tax returns: Nirmala Sitharaman
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Income Tax dept sends 100,000 notices over under-reported income
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GSTN issued Important advisory on e-Invoice exemption declaration functionality now available
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