Page 6 - Latest Updates on Goods and Services Tax
GST council to clarify on corporate guarantees, some exemptions likely
Likely to recommend 18% GST on 1% of amount guaranteed
 "GST council to clarify on corporate guarantees, some exemptions likely")
Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence
The notice claims that the general insurer has not paid GST on reinsurance premium, despite receiving commissions from co-insurance companies
 "Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence")
Gross GST collection rises 10.2% to over Rs 1.62 trillion in September
GST collection in the first half of this financial year reported 11 per cent growth to touch Rs 9.92 trillion compared to the same period a year ago
Google, Facebook, X, Edtech Cos likely to pay up to 18% IGST from October 1
OIDAR service provider companies such as Google, X, and Facebook may have to pay integrated GST up to 18 per cent on services provided to the government and individuals in India
 "Google, Facebook, X, Edtech Cos likely to pay up to 18% IGST from October 1")
Tax troubles: 80 online gaming companies likely to face GST evasion notice
Evasion by companies may be to the tune of up to Rs 12,000 crore
 "Tax troubles: 80 online gaming companies likely to face GST evasion notice")
Rising GST mop-up an outcome of improved compliance: CBIC chairman
'When drawing up Revised Estimates in January, we are confident of exceeding projections based on overall collections'
 "Rising GST mop-up an outcome of improved compliance: CBIC chairman")
Banks receive GST notices for use of brand name by branches, subsidiaries
Tax authorities believe that the brand name is a free service given to related parties and thus subject to GST
 "Banks receive GST notices for use of brand name by branches, subsidiaries")
28% GST on deposit refunds issued by online gaming portals, casinos
Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point
 "28% GST on deposit refunds issued by online gaming portals, casinos")
Biz can claim ITC on goods procured for distribution to dealers: GST AAR
The Karnataka-bench of the AAR ruled that ITC can be availed on taxes paid for procurement of white goods or gold coins for the purpose of incentive to dealer as it is a supply
 "Biz can claim ITC on goods procured for distribution to dealers: GST AAR")
India's GST collection increases 11% to Rs 1.59 trn on better compliance
Mop-up for Centre, states and revenue from IGST moderated compared to previous month
 "India's GST collection increases 11% to Rs 1.59 trn on better compliance")
FADA delegation meets Gadkari, seeks 18% GST on entry-level 2-wheelers
Automobile dealers' body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18 per cent from 28 per cent currently
 "FADA delegation meets Gadkari, seeks 18% GST on entry-level 2-wheelers")
28% GST on online gaming: How will new tax work for players and companies
GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase
 "28% GST on online gaming: How will new tax work for players and companies")
GST Council meet: 28% tax on online gaming from October 1, says Sitharaman
The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months
 "GST Council meet: 28% tax on online gaming from October 1, says Sitharaman")
July goods and services tax receipts rise 11% YoY to Rs 1.65 trn
India's goods and services tax (GST) collections rose 11% from a year earlier to 1.65 trillion rupees ($20.05 billion) in July, a government statement showed on Tuesday
July GST collection comes at Rs 1.65 trillion, rises 11% YoY
The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST
 "July GST collection comes at Rs 1.65 trillion, rises 11% YoY")
Rent on PG accommodation, hostel services to attract GST: Karnataka AAR
Rent for residential dwellings would qualify for GST exemption, says authority
Global gaming firms running 'no GST' ads to lure Indians to their platforms
The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets
Construction of jetty at Fort Kochi to attract concessional 12% GST: AAR
AAR did not rule on whether contractors engaged for the project are eligible for 12% GST
28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary
The exchequer last year (FY2022-23) collected only Rs 1,700 crore GST which could have been Rs 15,000-20,000 crore had the tax been levied on the full value
 "28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary")
Want to buy popcorn with movie tickets? Here's how you can pay lower GST
If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official
 "Want to buy popcorn with movie tickets? Here's how you can pay lower GST")
