The Enforcement Wing, south zone Bengaluru of Commercial Taxes Department, Government of Karnataka busted a fake GST bill operators’ racket under which a syndicate was run to help companies in the service sector of manpower and labour supplies to avail fake Input Tax Credit (ITC) and inflate the turnover artificially.
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There has been a lot of discussion surrounding the recent changes to the CGST Act, which will only come into effect once all State GST laws have also been amended. One area of particular concern is the potential retrospective application of these changes to online gaming in India.
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The Goods and Services Tax Network (“GSTN”) has issued an Advisory on Reporting of ITC Reversal Opening Balance.
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State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
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The tax department is probing an alleged tax evasion by founder of three Indian unicorns — FirstCry.com, Globalbees Brands Ltd and Xpressbees — , according to people familiar with the matter.
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As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must.
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The Goods and Services Tax (GST) Council was expected to resolve the vexed issue of taxation on e-money gaming companies. After months of deliberations by the group of ministers (GoM), the Council impose 28 per cent GST on bets placed by participants on e-games, but provided relief to companies by restricting it to entry levels.
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The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns.
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The Income Tax Department on August 28, 2023 released the latest Frequently Asked Questions (“FAQs”) for Form 27C.
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The Income Tax Department on August 28, 2023 released an update that enables the Functionality for Revision of Form 27C on the e-Filing portal.
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The Indian Sugar Mills Association (ISMA) called for a change in the Goods and Services Tax (GST) rate applied on vehicles using flex fuels. The sugar industry body urged for flex fuel powered vehicles to be charged at the same GST rate as electric vehicles.
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The GSTN has issued an Advisory dated August 28, 2023 for applicants where GST Registration application marked for Biometric-based Aadhaar Authentication.
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The Supreme Court on August 25 issued notice in two similar writ petitions filed under Article 32 of the Constitution of India, challenging the constitutional validity of several provisions of the Central Goods and Services Tax Act, 2017 (CGST Act) including Section 69 (i.e., power to arrest), 70(1) (i.e., power to summon persons to give evidence and produce documents).
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To promote the practice of customers requesting invoices or bills for all purchases, the Government of India is introducing the "Invoice Incentive Scheme" known as "Mera Bill Mera Adhikaar" in collaboration with State Governments. The Scheme will be launched on September 1, 2023.
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The CBIC vides Notification No. 41/2023-Central Tax, Notification No. 42/2023-Central Tax, Notification No. 43/2023-Central Tax, and Notification No. 44/2023-Central Tax, all dated August 25, 2023, has extended the due dates for filing GSTR-1, GSTR-3B, and GSTR-7 for the period of April, May, June and July 2023 for taxpayers whose principal place of business is in the State of Manipur, till August 25, 2023.
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With just a few days left, taxpayers should take advantage of the extended deadline for the GST Amnesty scheme, designed to provide relief to those who have acquired assessment orders under Section 62 of the CGST Act. The original form submission deadline of June 30, 2023, was pushed to August 31, 2023
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The government’s decision of imposing 28% GST on online real money games has already started impacting companies in the gaming industry. Weeks after the GST council refused to reconsider their decision, three Indian startups in the space have laid off staff while three other startups have shut down altogether.
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Education, the cornerstone of progress, plays an indispensable role in shaping nations. Cultivating a scientific mindset among citizens is pivotal for national development. By lowering the GST rate from 18% to 5% for education and training services that impart scientific knowledge, India can encourage individuals to invest in their intellectual growth without the burden of excessive taxation.
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The GSTN released an Advisory dated August 24, 2023, announcing the launch of a Mobile App and Web Portal for the ‘Mera Bill Mera Adhikaar’ Scheme, available on iOS, Android, and Web platforms.
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The Government of India, in association with State Governments, is launching an ‘Invoice incentive Scheme’ by the name ‘Mera Bill Mera Adhikaar’ to encourage the culture of customers asking for invoices/bills for all purchases.
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Gurugram-based real money gaming platform Fantok has suspended operations citing the impact from the Goods and Services Tax (GST) Council’s decision last month to impose a 28% levy on the full face value of gaming transactions.
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