The parent company’s corporate guarantee to its subsidiary for a bank loan will attract 18 per cent GST, recommended the GST Council on Saturday. However, there will be no GST if a director provides a personal guarantee for a loan from a bank or any financial institution to his/her own company.”
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As of now 18 states have passed legislative changes to implement the 28% Goods and Services Tax (GST) on online gaming, horse racing and casinos and all the remaining states have agreed to make the necessary changes which will have effect from 1 October, Revenue Secretary Sanjay Malhotra said at a briefing.
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The GST Council at its meeting held on Saturday recommended an increase in the retirement age of the president and members of the GST Appellate Tribunal.
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The Central government has clarified to the states that the goods and services tax (GST) on online gaming companies is not being levied retrospectively since some online games involved in betting were already being charged a 28 per cent GST under the law earlier.
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Reliance General Insurance Company (RGIC), a subsidiary of the Anil Ambani-led Reliance Capital, has received multiple show-cause notices worth Rs 922.58 crore from the Directorate General of GST Intelligence (DGGI).
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The Central Bureau of Investigation (CBI) on Friday arrested two superintendents, an inspector and a tax assistant of GST & Central Excise Division, GST Bhawan, Aligarh (Uttar Pradesh) for demanding and accepting bribe of Rs 25,000 from a man for settling wrong notices sent to him about a firm registered in his name in GST, said CBI officials on Friday.
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As per recent tweet by CNBC-TV18, stating that the 52nd GST Council approves to exempt Extra Neutral Alcohol (both Grain-based and molasses-based) used to manufacture alcoholic liquors from GST.
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The 52nd meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, is going to be held on October 7, 2023, (Saturday) at Vigyan Bhawan, New Delhi. The Council is likely to tweak GST rates on various products, including vehicles bought by visually impaired persons and millet powder. It is also likely to consider a proposal to bring all services provided by Indian railways under the forward charge mechanism shifting from the reverse charge mechanism.
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The 52nd GST Council is likely to clarify taxation woes for co-location services or data center services. According to sources, the council is likely to get in a breather for this sector as it is considering to allow co-location or data center facilities to discharge GST at 18% only if the center is providing a physical space to the overseas client and not giving data storage and maintenance services.
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The issue of goods and services tax (GST) on services related to redevelopment projects by cooperative societies is on the agenda of the GST Council meeting on October 7.
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The Goods and Services Tax (GST) Council is expected to review progress in antiprofiteering matters in its upcoming meeting on Saturday.
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The Delhi Customs is committed to the Swachhata Special Campaign 3.0 of the Department of Administrative Reforms and Public Grievances (DARPG) to augment cleanliness and elevate the workplace experiences in the Government offices. As part of the campaign, Air Cargo (Import) Commissionerate, Delhi Customs Zone, weeded out old papers/ documents weighing approx. 20 tonnes from the Air Cargo Import shed, freeing up over 1,200 square feet of space.
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The GSTN has issued Advisory No. 606 dated October 06, 2023 in respect of the introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-3B
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The GST fitment committee felt that the change is not required as the bidi industry is a small scale industry and so it was kept free from cess.
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There will be no reduction in the goods and services tax (GST) rate on electric vehicles (EV) batteries as the GST Council’s fitment committee has rejected the industry’s proposal, sources told CNBC-TV18.
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As online gaming companies are devising ingenious ways to compensate their customers for goods and service tax (GST) deductions on their deposits, industry executives on Wednesday said the move will force smaller firms to shut down and increase barriers for new entrants in the sector – leading to a significant consolidation in the online gaming space.
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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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