Page 6 - Latest Updates on Goods and Services Tax
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")
28% GST an opportunity for gaming companies to compete: Gamezop co-founder
Gaurav Agarwal, co-founder of Gamezop, said those firms that are able to adapt faster will 'emerge victorious'
 "28% GST an opportunity for gaming companies to compete: Gamezop co-founder")
Shares of Indian gaming, casino firms drop after 28% GST imposition
These companies will now have to pay a 28% tax on the entire amount collected from players, instead of the small tax on the fee they charged for real-money games until now
 "Shares of Indian gaming, casino firms drop after 28% GST imposition")
Cinema industry welcomes cutting GST rates on food served in movie theatres
Multiplex operators welcomed GST Council's decision to lower tax rates on food and beverages sold in cinema halls, saying it will help in revival of theatre business post-Covid and avoid litigations
 "Cinema industry welcomes cutting GST rates on food served in movie theatres")
GST Council decides to impose 28% tax on turnover of online gaming firms
Sitharaman said the tax will be levied on the entire value
 "GST Council decides to impose 28% tax on turnover of online gaming firms")
50th GST Council meet underway, taxation on online gaming on agenda
A clarity on taxation of MUV for levy of a 22 per cent compensation cess over and above the 28 per cent GST rate is also expected
