- 01 Nov 2023 05:31 PM
- New
GST collection jumps 13% YoY to ₹1.72 lakh crore in October
GST revenue collection jumped by 13% YoY in October to ₹1.72 lakh crore. Notably, this is the highest-ever collection next to April 2023
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- 30 Oct 2023 05:45 PM
- New
Tax authorities probing Raymond's consumer care business sale to Godrej: GST in focus
The Directorate General of GST Intelligence (DGGI) is investigating the sale of Raymond's consumer goods business to a Godrej unit, The Economic Times reported quoting sources.
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- 28 Oct 2023 06:18 PM
- New
Centre notifies 18% GST on corporate guarantees
The rule takes effect from 26 October and applies to corporate guarantees between parent and subsidiaries and other related parties, the Central Board of Indirect Taxes and Customs said
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- 28 Oct 2023 06:23 PM
GSTN issued advisory related to changes in GSTR-5A
Source: https://taxguru.in/goods-and-service-tax/gstn-issued-advisory-related-gstr-5a.html
The Goods and Services Tax Network (GSTN) has recently issued a significant advisory through Notification 51/2023 dated 29.09.2023. This advisory introduces a new table, Table 5B, within the GSTR 5A return, effective from 1st October 2023. The focus of this advisory is to report supplies made to Registered GSTINs, commonly known as B2B supplies. This article delves into the details of these changes and their implications for taxpayers, particularly those involved in Online Information Database Access and Retrieval (OIDAR) services.
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- 27 Oct 2023 05:27 PM
Online gaming taxation: Look for a practical way out
India is one of the world’s largest markets for online gaming, with thousands of jobs and millions of users. It got a boost during pandemic, attracted huge investments from venture capitalists and private equity firms, and has grown enormously. It has several startups and significant exports. However, these are challenging times for the sector. Its taxation slab as well as liability valuation mechanism were changed, and it faces a looming spectre of retrospective taxation—or call it tax arrears—that has seen it go from being a ‘sunrise sector’ to one whose survival is under a cloud. Many gaming companies are now in jeopardy, as they get notices of eye-popping GST demands, which some estimates place at up to ₹1.5 trillion, including penalties for late payment. In fact, the demand made of a single company is more than the total market size!
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- 26 Oct 2023 05:37 PM
GSTN enables New Registration functionality for IRPs
New Delhi, 29th May 2020 – In a significant development, the Goods and Services Tax Network (GSTN) has introduced a new registration functionality on the GST portal specifically tailored for erstwhile registered entities that have transitioned into corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. This innovative facility is aimed at assisting companies currently navigating the complex corporate insolvency resolution process, managed by Interim Resolution Professionals (IRP) or Resolution Professionals (RP).
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- 25 Oct 2023 06:01 PM
CGST Mumbai Busts Rs. 263 Crore Fake GST Invoice Racket
Source: https://taxguru.in/goods-and-service-tax/cgst-mumbai-fake-gst-invoice-racket.html
Introduction: The Ministry of Finance, through the CGST Mumbai South Commissionerate, made a significant breakthrough by uncovering a massive fake GST invoice racket involving a staggering invoice value of Rs. 263 Crores. This fraudulent scheme was associated with fake GST Input Tax Credit (ITC) worth Rs. 7.66 Crores. In this operation, the authorities arrested the proprietor of M/s Shree Balaji Gold, who played a central role in this tax evasion scheme.
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- 25 Oct 2023 05:51 PM
Delta Corp soars over 8% as Bombay HC restrains GST tax notice for firm
Shares of Delta Corp surged over 8 percent on Wednesday after the Bombay High Court restrained tax authorities from passing any final order on the ₹16,195-crore GST notice issued to the Casino operator.
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- 25 Oct 2023 05:54 PM
GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues, multiple notices sent
The Indian government is expected to recover ₹50,000 crore in evaded Goods and Services Tax (GST) in FY24, Business Standard reported. This amount is over double that of what was recovered in FY23 and is likely to potentially be the highest annual tax collection, it added.
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- 25 Oct 2023 05:57 PM
GST officials serve tax notices worth ₹1 lakh crore to online gaming companies
India's GST officials have served notices worth ₹1 lakh crore to online gaming companies, according to a report by Reuters.
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