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GST Council to discuss lower rate on motor vehicles purchased by visually impaired

04 Oct 2023

#gstnews #gst #news #gstcouncil #lowergstrate #motorvehicles

GST Council to discuss lower rate on motor vehicles purchased by visually impaired

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.

04 Oct 2023

#gstnews #gst #news #gstcouncilagenda

Corporate guarantee on GST panel agenda

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.

No GST likely on millet flour preparations

04 Oct 2023

#gstnews #gst #news #flour #nogst

No GST likely on millet flour preparations

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.

GST Council’s fitment committee rejects rate cut on over dozen items

04 Oct 2023

#gstnews #gst #news #gstcouncil #proposal

GST Council’s fitment committee rejects rate cut on over dozen items

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.

Bajaj Allianz faces Rs 1,010 crore GST demand notice; Know details

04 Oct 2023

#gstnews #gst #news #bajajallianz #notice

Bajaj Allianz faces Rs 1,010 crore GST demand notice; Know details

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.

Meesho welcomes non-GST sellers on its platform, to benefit small businesses

04 Oct 2023

#gstnews #gst #news #meesho #smallbusiness

Meesho welcomes non-GST sellers on its platform, to benefit small businesses

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.

Indian cos with overseas staff on deputation get GST notices

04 Oct 2023

#gstnews #gst #news #overseasstaff #notices

Indian cos with overseas staff on deputation get GST notices

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.

GST fitment committee likely to recommend Tax Research Unit to study taxability of crypto assets

04 Oct 2023

#gstnews #gst #news #fitmentcommittee #crypto

GST fitment committee likely to recommend Tax Research Unit to study taxability of crypto assets

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.

CBIC implements the Section 16(4) of IGST Act related to restriction on export

30 Sep 2023

#gstnews #gst #news #igstact #export

CBIC implements the Section 16(4) of IGST Act related to restriction on export

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.

Rs 1,62,712 crore gross GST revenue collected during September 2023; records 10% YoY growth

01 Oct 2023

#gstnews #gst #news #gstcollection #revenuecollection

Rs 1,62,712 crore gross GST revenue collected during September 2023; records 10% YoY growth

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).

GSTN enabled Form DRC-01C to deal with ITC Mismatches Between GSTR-2B & GSTR-3B

02 Oct 2023

#gstnews #gst#news #gstportal

GSTN enabled Form DRC-01C to deal with ITC Mismatches Between GSTR-2B & GSTR-3B

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.

Revenue up but government misses half-yearly

03 Oct 2023

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Revenue up but government misses half-yearly

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.

GSTN; E-Invoice JSON download functionality is now live on the GST Portal

03 Oct 2023

#gstnews #gst #news #einvoice

GSTN; E-Invoice JSON download functionality is now live on the GST Portal

The GSTN issued Advisory No. 605 dated October 03, 2023 regarding the e-Invoice JSON download functionality Live on the GST e-Invoice Portal.

GST Deposited On Erroneous Belief For Services Were Chargeable To Tax Cannot Be Retained By Dept:

03 Oct 2023

#gstnews #gst #news #delhihighcourt

GST Deposited On Erroneous Belief For Services Were Chargeable To Tax Cannot Be Retained By Dept:

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.

DGGI Mumbai Zone sends GST notices to Dream 11 and Play Game 24/7

03 Oct 2023

#gstnews #gst #news #onlinegaming

DGGI Mumbai Zone sends GST notices to Dream 11 and Play Game 24/7

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.

Infosys receives Rs 26.5 lakh IGST demand

29 Sep 2023

#gstnews #gst #news #demand

Infosys receives Rs 26.5 lakh IGST demand

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.

Increased monthly GST collections mainly on account of higher compliance: CBIC chief

29 Sep 2023

#gstnews #gst #news #gstcollections #compliance

Increased monthly GST collections mainly on account of higher compliance: CBIC chief

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.

Nazara Technologies Gets Rs 3 Crore Tax Notice From DGGI

29 Sep 2023

#gstnews #gst #news #taxnotice

Nazara Technologies Gets Rs 3 Crore Tax Notice From DGGI

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.

Show cause notices to e-gaming cos as per legal provisions, GST demand based on data analysis:

29 Sep 2023

#gstnews #gst #news #showcausenotice #onlinegaming

Show cause notices to e-gaming cos as per legal provisions, GST demand based on data analysis:

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.

Online gaming companies plan to move court; term GST demand “retrospective”

29 Sep 2023

#gstnews #gst #news #onlinegaming

Online gaming companies plan to move court; term GST demand “retrospective”

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.

OIDAR firms providing services to unregistered persons, pay GST in India from 01.10.2023

29 Sep 2023

#gstnews #gst #news #oidar #foreignfirms

OIDAR firms providing services to unregistered persons, pay GST in India from 01.10.2023

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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Latest News

GST Council to discuss lower rate on motor vehicles purchased by visually impaired

Corporate guarantee on GST panel agenda

No GST likely on millet flour preparations

GST Council’s fitment committee rejects rate cut on over dozen items

Bajaj Allianz faces Rs 1,010 crore GST demand notice; Know details

Meesho welcomes non-GST sellers on its platform, to benefit small businesses

Indian cos with overseas staff on deputation get GST notices

GST fitment committee likely to recommend Tax Research Unit to study taxability of crypto assets

CBIC implements the Section 16(4) of IGST Act related to restriction on export

Rs 1,62,712 crore gross GST revenue collected during September 2023; records 10% YoY growth

GSTN enabled Form DRC-01C to deal with ITC Mismatches Between GSTR-2B & GSTR-3B

Revenue up but government misses half-yearly

GSTN; E-Invoice JSON download functionality is now live on the GST Portal

GST Deposited On Erroneous Belief For Services Were Chargeable To Tax Cannot Be Retained By Dept:

DGGI Mumbai Zone sends GST notices to Dream 11 and Play Game 24/7

Infosys receives Rs 26.5 lakh IGST demand

Increased monthly GST collections mainly on account of higher compliance: CBIC chief

Nazara Technologies Gets Rs 3 Crore Tax Notice From DGGI

Show cause notices to e-gaming cos as per legal provisions, GST demand based on data analysis:

Online gaming companies plan to move court; term GST demand “retrospective”

OIDAR firms providing services to unregistered persons, pay GST in India from 01.10.2023

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