News

Auto stocks fall as Nitin Gadkari says ‘additional 10% GST pollution tax for diesel vehicles’

12 Sep 2023

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Auto stocks fall as Nitin Gadkari says ‘additional 10% GST pollution tax for diesel vehicles’

India’s Road Transport Minister Nitin Gadkari on Tuesday pushed for green fuels, requesting people to shift away from polluting fuels like petrol, diesel. He further added in case, there continues to be excessive usage of diesel-run vehicles and generators, then he might consider proposing an additional 10% tax on them as ‘pollution tax’. Immediately after the announcement, auto stocks took a sharp plunge, including Maruti and Tata Motors.

SC ruling on Gameskraft GST case could decide fate of India’s real-money gaming industry

12 Sep 2023

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SC ruling on Gameskraft GST case could decide fate of India’s real-money gaming industry

The Supreme Court’s final decision in the GST department’s alleged Rs 21,000 crore goods and services tax (GST) evasion case against skill gaming firm, Gameskraft, will determine the fate of the retrospective GST liabilities for all real-money gaming companies, according to legal experts.

Businesses over turnover over Rs 100 cr cannot report e-invoices older than 30 days from 01.11.2023

12 Sep 2023

#gstnews #gst #news #einvoice

Businesses over turnover over Rs 100 cr cannot report e-invoices older than 30 days from 01.11.2023

Businesses with Aggregate Annual Turnover (AATO) over Rs 100 crore will not be allowed to report e-invoices older than 30 days on the date of reporting under the goods and services tax (GST) from November 01, 2023.

30 days for reporting invoices on e-invoice portals for taxpayers with 100 cr from 01.11.23

11 Sep 2023

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30 days for reporting invoices on e-invoice portals for taxpayers with 100 cr from 01.11.23

The GST e-invoice system issued an Update on September 11, 2023, indicating that, as per the directives of the GST Authority, a 30-day time limit for reporting invoices from the date of their issuance is now mandatory for e-invoice portals.

2-Factor Authentication for all taxpayers with AATO above Rs 20 Cr is mandatory from 01.11.23

11 Sep 2023

#gstnews #gst #news #einvoice #2factorauthentication

2-Factor Authentication for all taxpayers with AATO above Rs 20 Cr is mandatory from 01.11.23

The GST e-invoice system issued an Update on September 11, 2023, mandating 2-Factor Authentication for all taxpayers with Aggregate Annual Turnover (“AATO”) exceeding Rs 20 Cr, effective from November 1, 2023.

Real estate leasing companies in a fix over blocked credit eligibility

11 Sep 2023

#gstnews #gst #news #realestate #lease #company #blockedcredit

Real estate leasing companies in a fix over blocked credit eligibility

Commercial real estate developers leasing their properties are receiving notices about blocked credit eligibility under sections 17 (5) C and 17 (5) D even as the case is being argued at the Supreme Court, say real estate industry stakeholders.

In first 5 months, Goa’s GST collections see 23% YoY rise

11 Sep 2023

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In first 5 months, Goa’s GST collections see 23% YoY rise

Goa saw a robust 23% increase in GST collections over the first five months of the financial year thanks to a resilient tourism sector, as well as stronger enforcement and strict compliance by the state tax department.

GST dept imposes Rs 2.64 lakh fine on Pidilite on input tax credit issue

10 Sep 2023

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GST dept imposes Rs 2.64 lakh fine on Pidilite on input tax credit issue

Pidilite Industries, a leading adhesive, waterproofing solutions and construction chemicals maker on Saturday said a fine of Rs 2.64 lakh has been imposed on the company by the GST department.

Chandigarh businessman booked for Rs12-crore tax fraud

10 Sep 2023

#gstnews #gst #news #fake #registration

Chandigarh businessman booked for Rs12-crore tax fraud

Police have booked a businessman for cheating the UT excise department of Rs 12.36 crore through fake input tax credit claims.

Soon, GST to be applicable to online gaming

09 Sep 2023

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Soon, GST to be applicable to online gaming

Games, schemes, competitions or activities, irrespective of whether the outcome is based on skill, chance or both is now part of the ordinance and includes betting, casinos, gambling, horse racing, lottery or online money gaming.

Ludhiana: 25 new traders register at GST camp

08 Sep 2023

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Ludhiana: 25 new traders register at GST camp

The camp registered more than 25 new traders on the spot and their Temporary Reference Numbers (TRNs) were generated under the GST Act. It was organised after the directions of Arshdeep Singh Thind, Taxation Commissioner, and Darvir Raj, Deputy Commissioner, State Taxes.

3 Shemaroo officials held for Rs 70 crore GST fraud, get bail

08 Sep 2023

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3 Shemaroo officials held for Rs 70 crore GST fraud, get bail

Three officials of Shemaroo Entertainment – CEO Hiran Gada, joint managing director Atul Maru and chief financial officer Amit Haria were arrested on Thursday by the Central Goods and Services Tax (CGST) department for fraudulently claiming Input Tax Credit (ITC) of Rs 70.25 crore.

Income-Tax Department sends 22,000 intimation notices for mismatch of ITRs

08 Sep 2023

#incometaxnews #incometax #news #notice #mismatch #upi

Income-Tax Department sends 22,000 intimation notices for mismatch of ITRs

The Income-Tax Department has sent out intimation notices to 22,000 taxpayers, including salaried and high networth individuals and trusts whose deductions do not match the information furnished in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department.

Karnataka cabinet defers draft ordinance on 28% GST on real-money gaming

08 Sep 2023

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Karnataka cabinet defers draft ordinance on 28% GST on real-money gaming

The Karnataka cabinet on September 7 deferred the approval of a draft ordinance to impose a 28 percent GST on online money gaming, casinos, and racecourses.

Issuing Fake Invoices Is Economic Offence Which Needs To Be Viewed Seriously - Delhi HC

07 Sep 2023

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Issuing Fake Invoices Is Economic Offence Which Needs To Be Viewed Seriously - Delhi HC

The Delhi High Court has observed that issuing fake invoices and e-way bills for GST evasion is an economic offence involving loss to the public exchequer which needs to be viewed seriously. Justice Amit Bansal made the observation while denying anticipatory bail to a chartered accountant accused of forgery and GST evasion by creating false invoices issued by non-existent entities.

CBIC Issues Instructions for Streamlining Customs Post Clearance Audit (PCA) Work

07 Sep 2023

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CBIC Issues Instructions for Streamlining Customs Post Clearance Audit (PCA) Work

The CBIC has issued Instruction No. 27/2023-Customs, dated September 6, 2023, regarding the Streamlining of Customs Post Clearance Audit (PCA) Work.

Kerala GST Department Issues Instructions on the Maintenance of Call Book for Adjudication Process

07 Sep 2023

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Kerala GST Department Issues Instructions on the Maintenance of Call Book for Adjudication Process

The Kerala GST Department has issued Instructions through Circular No. 13/2023, dated June 22, 2023, regarding the maintenance of a Call Book for the adjudication process.

Karnataka cabinet to consider draft ordinance on 28% GST on real-money gaming on September 7

07 Sep 2023

#gstnews #gst #news #karnataka #realmoney #onlinegaming

Karnataka cabinet to consider draft ordinance on 28% GST on real-money gaming on September 7

Karnataka plans to implement 28 percent GST on the real-money gaming sector through a draft ordinance, making it one of the first states to bring in the new tax rates for the burgeoning sector.

CBIC notified Rules 31B and 31C for Online Gaming and Actionable Claims in the Case of Casinos

06 Sep 2023

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CBIC notified Rules 31B and 31C for Online Gaming and Actionable Claims in the Case of Casinos

The CBIC vide Notification No. 45/2023 – Central Tax dated September 06, 2023 has introduced the Central Goods and Services Tax (Third Amendment) Rules, 2023. These rules will take effect on a date specified by the Central Government through an Official Gazette notification.

Arunachal Pradesh assembly passes amended GST Bill

06 Sep 2023

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Arunachal Pradesh assembly passes amended GST Bill

“It is mandatory on our part to amend the Arunachal Pradesh Goods & Services Tax Act, 2017 as done by the central government and other state governments by enacting the Arunachal Pradesh Goods & Services Tax (Amendment) Bill, 2023,” he said.

State GST Tax Inspector trapped in Anti-Corruption Bureau net

06 Sep 2023

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State GST Tax Inspector trapped in Anti-Corruption Bureau net

The Anti-Corruption Bureau (ACB) on Tuesday arrested a tax inspector while allegedly accepting a bribe of Rs 10,000 from a complainant at State Goods & Services Tax (GST) Commissioner’s office here.