The introduction of the Goods and Services Tax (GST) in 2017 marked a pivotal moment in the nation’s economic history, fundamentally reshaping the indirect tax system by unifying multiple taxes into a single, streamlined framework. It replaced a complex structure of indirect taxes like Service Tax, Central Excise Duty, and Value Added Tax (VAT) with … Read more
The Goods and Services Tax (GST) investigative arm, Directorate General of Goods and Services Tax Intelligence (DGGI), has given partial relief to IT services major Infosys by closing the tax proceedings for financial year 2017-18 (FY18), the company informed exchanges on Saturday evening. The GST amount during this period was Rs 3,898 crore. The move … Read more
The Directorate General of GST Intelligence (DGGI) has issued new summons to several online gaming companies, including Delta Corp, which runs Adda52, seeking details about cashback offered to players since October 2023, according to sources familiar with the matter. The DGGI’s Gurgaon office is investigating the practice of reimbursing taxed money to players as cashback … Read more
`Government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In October-December 4,153 bogus firms that involved suspected ITC evasion of around … Read more
Goods and services tax (GST) collections rose 10.3% to Rs 1,64,882 crore during December, driven by domestic sources, while the rise in mop-up from imported goods lagged. Latest data released by the finance ministry pegged collections from domestic sources to have increased 13% in December (for transactions in November). While Central and State GST rose … Read more
Finance minister Nirmala Sitharaman on Wednesday said the request from Parliamentarians to raise the sales threshold for Goods and Services Tax (GST) registration can be looked into by the GST Council; however, she added that most small businesses ideally should be part of the GST chain. While replying to a discussion on the Central Goods … Read more
The E-Gaming Federation (EGF), a self-regulatory body for the online gaming industry, is confident that issues around the recent GST changes which increased companies’ tax burden will be resolved soon. The federation’s CEO, Anuraag Saxena, said he was optimistic about ongoing discussions between the federation and government stakeholders looking to address these concerns. Saxena said … Read more
Goods and services tax (GST) collections rose 10.2% to Rs 1,62,712 crore in September, driven by a 14% growth in domestic transactions. The finance ministry as well as tax experts expect the collections to get a boost during October and November as the festival season kicks in. Besides, tighter regulation and the inclusion of online … Read more
The finance ministry on Wednesday notified the way deposits made to online gaming platforms and casinos will be treated for tax purposes, clarifying that refunds made to the player will not get any relief on tax. The changes are introduced by amending CGST rules 2017, by way of CGST (Third Amendment) Rules, 2023, which are … Read more