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Gst Reveunes

SC to hear online gaming firms' urgent plea for interim relief on GST

In July 2023, during its 50th meeting, the GST Council categorized online games-both skill-based and chance-based-under the 28 per cent GST slab

SC to hear online gaming firms' urgent plea for interim relief on GST
Updated On : 08 Jan 2025 | 11:38 PM IST

Indian gaming industry to grow to $8.92 billion in next 5 years: Report

India's gaming sector is currently valued at around $3.1 billion, according to industry estimates

Indian gaming industry to grow to $8.92 billion in next 5 years: Report
Updated On : 09 Jul 2024 | 11:35 PM IST

Centre sacrificed large sum of GST revenue to compensate states: Former CEA

The Centre has sacrificed a large portion of revenue from Goods and Services Tax (GST), up to 1 per cent of GDP, every year since the rollout of the new indirect tax regime to fund a 14 per cent compensation guarantee provided to states, former Chief Economic Advisor Arvind Subramanian said on Thursday. Subramanian, who was actively involved in the implementation of the GST regime, also said that it would not be advisable at this point in time to bring petrol and alcohol under the GST. GST was rolled out on July 1, 2017, subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby, simplifying the tax regime. Addressing an event organised by the Centre for Social and Economic Progress(CSEP), Subramanian further said that the GST is a remarkable reflection of cooperative federalism and a counterexample to the narrative of fiscal centralisation by the Centre in the last decade. Subramanian, currently a senior fellow at Peterson Institute for International Economics, said that the

Centre sacrificed large sum of GST revenue to compensate states: Former CEA
Updated On : 04 Jul 2024 | 10:37 PM IST

Revenues of top 18 states to grow 8 to 10% this financial year: CRISIL

Revenues of top 18 states, which account for 90 per cent of India's gross state domestic product, are likely to grow at a pace of eight to 10 per cent during the current financial year at Rs 38 lakh crore, according to a CRISIL Ratings report. Last fiscal, the revenues of the 18 states grew by seven per cent, it said. The growth will be primarily driven by robust GST collections and devolution of finances from the Centre, which comprise around 50 per cent of the aggregate state revenues, according to the report. It said while revenue on liquor sales, which is ten per cent of the states' revenues, is expected to remain stable, collections of sales tax imposed on petroleum products and grants recommended by the 15th Finance Commission will be modest. Senior director of CRISIL Ratings Anuj Sethi said that the biggest impetus to revenue growth will continue to come from aggregate state GST collections and also from improved tax compliance and greater formalisation of the economy. Cent

Revenues of top 18 states to grow 8 to 10% this financial year: CRISIL
Updated On : 03 Jul 2024 | 4:27 PM IST

GST collection at Rs 1.74 trillion in June, but growth slows to 7.7%

GST, which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said

GST collection at Rs 1.74 trillion in June, but growth slows to 7.7%
Updated On : 02 Jul 2024 | 12:25 AM IST

7 years of GST: Balancing tech & transformation

The time has come to usher in GST 2.0

7 years of GST: Balancing tech & transformation
Updated On : 20 Jun 2024 | 12:39 AM IST

Arrest under GST Act should not be based on mere suspicion, says SC

The Supreme Court told the Centre on Thursday that any arrest under the Goods and Services Tax (GST) Act should not be on mere suspicion but has to be based on cogent material and adherence to proper procedure. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the material upon which an arrest is made should be verifiable by a magistrate. "An arrest under the Act cannot be on mere suspicion but after proper inquiry and adherence to the procedure laid down under the law. It should be based on material that should be verifiable by the magistrate and certified by the commissioner," the bench told Additional Solicitor General (ASG) S V Raju, who appeared in the court on behalf of the Centre. The ASG replied, "Yes, any arrest made is based on proper material. We do not arrest anybody in the air." The court is hearing a batch of 281 petitions that have challenged various provisions of the Customs Act, the GST Act and the Prevention of Money Laundering Act amid ...

Arrest under GST Act should not be based on mere suspicion, says SC
Updated On : 09 May 2024 | 11:47 PM IST

GST helped states earn 24% more than the old regime: FM Sitharaman

She praised the new tax system for being pro-poor and beneficial to 4.4 million small taxpayers and micro, small and medium enterprises (MSMEs)

GST helped states earn 24% more than the old regime: FM Sitharaman
Updated On : 06 May 2024 | 11:06 PM IST

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%
Updated On : 01 May 2024 | 12:26 PM IST

GST collections hit Rs 1.78 trillion in March, the second highest ever

Net GST collections rise 18.4% in March, 13.4% in FY24

GST collections hit Rs 1.78 trillion in March, the second highest ever
Updated On : 02 Apr 2024 | 12:10 AM IST

GST dept issues demands, penalties totaling over Rs 19 cr to Ceat Tyres

Tyre maker CEAT Ltd on Wednesday said it has received GST demand and penalties totalling over Rs 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner, CGST & Central Excise, Vadodara has issued an order for an interest of Rs 3.27 crore along with a penalty of Rs 13.68 crore following a show cause notice (SCN) that was initially issued towards the delay in reflection of input tax credit to the credit ledger, caused due to technical issue of TRAN-1 return, CEAT Ltd said in a regulatory filing. In another case, Deputy Commissioner of State Tax, Maharashtra has issued an order demanding Rs 22 lakh and interest of Rs 26 lakh, together with penalty of Rs 2 lakh on following an SCN initially issued for reversal of input tax credit on non-payment of tax by suppliers. "Interest of Rs 1.59 crore is also levied towards the delay in reflection of Input Tax Credit to the credit ledger, caused due to technical issue of TRAN-1 return," it added. Currently, the ..

GST dept issues demands, penalties totaling over Rs 19 cr to Ceat Tyres
Updated On : 03 Jan 2024 | 11:37 PM IST

Rolling dice on tax changes: Investor interest in real-money gaming sours

Look to take measured bets in casual and mid-core games

Rolling dice on tax changes: Investor interest in real-money gaming sours
Updated On : 05 Dec 2023 | 10:54 PM IST

FinMin launches amnesty scheme for filing appeals against GST demand orders

The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on or before March 31, 2023, according to the Central Board of Indirect Taxes and Customs (CBIC). The CBIC issued a notification with respect to the scheme on Thursday. So far, the GST law allowed an assessee to file an appeal against an assessment order seeking taxes within three months of the tax officer passing such a demand order. This can be extended by one more month. In its last meeting on October 7, the GST Council had approved this amnesty scheme for filing appeals. The entities willing to avail of the scheme will have to pre-deposit 12.5 per cent of the tax demand, against 10 per cent currently. The move will facilitate a large number of taxpayers, who could not file an appeal in t

FinMin launches amnesty scheme for filing appeals against GST demand orders
Updated On : 03 Nov 2023 | 10:24 PM IST

Showcause to egaming companies in line with legal provisions: CBIC

E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on Thursday, adding that the tax demanded is based on analysis of data. He also said that the government is fully prepared to implement from October 1 the amended provisions for levying a 28 per cent tax on online gaming, casinos and horse racing along with mandatory registration of offshore online gaming platforms. In its meetings in July and August, the GST Council had approved amendments in law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent Goods and Services Tax (GST) on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's decision. Since then, online gaming companies like Dream11 and casino operator Delta Corp have ...

Showcause to egaming companies in line with legal provisions: CBIC
Updated On : 28 Sep 2023 | 9:56 PM IST

Higher compliance has boosted monthly GST collections: CBIC chief

CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth

Higher compliance has boosted monthly GST collections: CBIC chief
Updated On : 28 Sep 2023 | 4:09 PM IST

Govt stands firm on its decision to levy 28% GST on e-gaming, casinos

The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance

Govt stands firm on its decision to levy 28% GST on e-gaming, casinos
Updated On : 01 Aug 2023 | 2:32 PM IST

GST collection hits an all-time high of Rs 1.87 trillion in April

April 2023 also saw the highest ever tax collection on a single day. "On April 20, Rs 68,228 crore was paid through 9.8 lakh transactions," the ministry said in a release

GST collection hits an all-time high of Rs 1.87 trillion in April
Updated On : 01 May 2023 | 9:37 PM IST

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

No consensus in GoM report on GST framework for online gaming
Updated On : 15 Dec 2022 | 9:56 PM IST

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

'Proving identity of re-imported goods essential for claiming exemption'
Updated On : 12 Dec 2022 | 11:18 PM IST

GST collection up 11% more than Rs 1.45 trn in Nov, gains from imports

GST revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period, the Finance Ministry said on Thursday. This is the ninth straight month when collections from Goods and Services Tax (GST) has remained above Rs 1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during t

GST collection up 11% more than Rs 1.45 trn in Nov, gains from imports
Updated On : 01 Dec 2022 | 11:12 PM IST