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.
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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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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.
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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.
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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.
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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.
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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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The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it is fully prepared to implement the clarificatory laws related to uniform GST of 28 per cent on online money gaming, casinos and horse racing from October 1, 2023.
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Employers can claim input tax credit (ITC) on the goods and services tax (GST) paid on leasing vehicles that ferry women employees at night and early morning in Tamil Nadu, the authority for advance rulings (AAR) has said.
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The e-invoicing system under GST was implemented in October 2020 for taxpayers with an aggregate turnover exceeding Rs 500 crore. Later, this was extended to businesses with turnover exceeding Rs 100 crore from January 2021. Earlier this year when companies with B2B transactions of Rs 5 crore were also mandated to produce an electronic invoice.
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The Goods and Services Tax Council may review implementation-related issues pertaining to levying 28% GST on the face value of online gaming and casinos by the first quarter of next financial year, two officials said.
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The CBIC vide Notification No. 69/2023-Customs (N.T.) dated September 27, 2023, has extended the exemption from deposits into the Electronic Cash Ledger (ECL) under Section 51A(4) of the Customs Act, 1962, till November 30, 2023.
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The CBIC vide Notification No. 70/2023-Customs (N.T.) dated September 27, 2023, extended the exemption from deposits for specified goods under Section 51A(4) of the Customs Act, 1962 (52 of 1962), until December 1, 2023.
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The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1, 2023.
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ICICI Lombard has received a show cause notice from the Directorate General of GST Intelligence (DGGI) over a tax demand of Rs 17,28,86,10,803 (over Rs 1,728 crore). The show cause notice was received on September 27.
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The upcoming GST Council meeting on October 7 can bring some cheer for senior citizens as tax on health insurance premiums could be brought down. It is learnt that the 52nd GST Council is likely to take up the proposal on lowering the GST rate on health insurance to 12 per cent from the current rate of 18 per cent for senior citizens.
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A meeting of the GST Council is scheduled to be held on October 7. The Council is likely to review the progress with regard to implementation of amendments in the SGST law by different states.
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The GST Council, chaired by the Union finance minister and comprising state ministers, will meet on October 7. It is likely to consider reducing the tax on millet-based health drinks from 18 per cent and discuss the implementation of GST on online gaming among others.
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