Page 5 - Goods And Services Tax

Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr

The Centre may also tweak the rules of issuing summonses to the violators

Over 100,000 small and mid-sized firms flout GST e-invoicing rules

The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

GST to be paid on gold coins, white goods given as incentives, rules AAR

Input tax credit can be claimed as such items are not gifts, says Telangana authority

India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances

Tax demands for 18% GST range from Rs 1 crore to Rs 150 crore

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

GST council to clarify on corporate guarantees, some exemptions likely

Likely to recommend 18% GST on 1% of amount guaranteed

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

Gross GST collection rises 10.2% to over Rs 1.62 trillion in September

September collection at Rs 1.62 trillion, takes the average monthly mop-up to Rs 1.65 trillion in FY24

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

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'

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

Biz can claim ITC on goods procured for distribution to dealers: GST AAR

Businesses can claim input tax credit on items, like gold coins and white goods, procured for distribution to dealers upon achieving pre-specified sales targets as part of promotional schemes, a GST advance ruling authority has ruled. The Karnataka-bench of the AAR (Authority for Advance Ruling) 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. Orient Cement Ltd had approached the AAR seeking ruling in whether ITC can be claimed on distribution of gold coins and white goods to its dealers upon achieving a specified target fixed under the scheme. The company also offers various promotional schemes "Monthly/ Quarterly Quantity Discount Scheme", etc. The said sales promotion scheme helps the company in achieving their sales and collection targets. The AAR noted that the applicant is issuing these gold coins and white goods so procured as incentives as per the agreement reached between himse

India's GST collection increases 11% to Rs 1.59 trn on better compliance

The government expects average monthly GST collection to be Rs 1.6-1.65 trillion this financial year

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. A delegation of the Federation of Automobile Dealers Associations (FADA) submitted a letter to Minister of Road Transport and Highways (MoRTH) Nitin Gadkari in this regard. FADA has requested for GST rate cut on entry-level two-wheelers, predominantly within the 100-125 cc segment. "With two-wheelers accounting for over 75 per cent of the volume and over 70 per cent of this stemming from the entry-level category, it's imperative to address the over 20 per cent decline we've observed since pre-Covid times," FADA President Manish Raj Singhania said. To propel India towards becoming a USD 47 trillion economy by 2047, every segment of the domestic automobile industry must function at its zenith, he added. "Reducing the GST from 28 per cent to 18 per cent for entry-level two-wheelers is more than just an economic strategy; it's about empowering the comm

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

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

Rent on PG accommodation, hostel services to attract GST: Karnataka AAR

Rent for residential dwellings would qualify for GST exemption, says authority

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