Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

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Top Bollywood celebrities under CBIC scanner over alleged GST evasion

At least three Bollywood celebrities have come under the tax authorities’ scanner allegedly for dressing up their brand endorsement as “sponsorship” to avoid paying goods and services tax (GST), resulting in significant evasion.

The rate for brand endorsement is 18 per cent and endorsers are supposed to charge the brand/company concerned and pay the tax authorities if the amount they receive is above the GST threshold, which is Rs 20 lakh annually. Read more

Govt to exit Axis Bank with 1.55% stake sale, expects to garner Rs 4,000 cr