GST collection jumps 13% YoY to ₹1.72 lakh crore in October
  • 01 Nov 2023 05:31 PM
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GST collection jumps 13% YoY to ₹1.72 lakh crore in October

Source: https://www.livemint.com/economy/gst-revenue-collections-jumps-13-yoy-to-1-72-lakh-crore-in-october-11698830070107.html

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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Tax authorities probing Raymond's consumer care business sale to Godrej: GST in focus
  • 30 Oct 2023 05:45 PM
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Tax authorities probing Raymond's consumer care business sale to Godrej: GST in focus

Source: https://www.livemint.com/companies/news/tax-authorities-probing-raymonds-consumer-care-business-sale-to-godrej-gst-in-focus-11698646136351.html

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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Centre notifies 18% GST on corporate guarantees
  • 28 Oct 2023 06:18 PM
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Centre notifies 18% GST on corporate guarantees

Source: https://www.livemint.com/news/india/centre-notifies-18-gst-on-corporate-guarantees-11698418949041.html

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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GSTN issued advisory related to changes in GSTR-5A
  • 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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Online gaming taxation: Look for a practical way out
  • 27 Oct 2023 05:27 PM

Online gaming taxation: Look for a practical way out

Source: https://www.livemint.com/opinion/online-views/online-gaming-taxation-look-for-a-practical-way-out-11698320337089.html

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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GSTN enables New Registration functionality for IRPs
  • 26 Oct 2023 05:37 PM

GSTN enables New Registration functionality for IRPs

Source: https://taxguru.in/goods-and-service-tax/gstn-enables-registration-functionality-insolvency-resolution-professionals.html

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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CGST Mumbai Busts Rs. 263 Crore Fake GST Invoice Racket
  • 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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Delta Corp soars over 8% as Bombay HC restrains GST tax notice for firm
  • 25 Oct 2023 05:51 PM

Delta Corp soars over 8% as Bombay HC restrains GST tax notice for firm

Source: https://www.livemint.com/market/delta-corp-soars-over-8-as-bombay-hc-restrains-gst-tax-notice-for-firm-11698207660154.html

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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GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues, multiple notices sent
  • 25 Oct 2023 05:54 PM

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues, multiple notices sent

Source: https://www.livemint.com/economy/gst-evasion-government-expecting-rs-50-000-crore-mop-up-on-recovery-of-dues-multiple-notices-sent-11698206138038.html

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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GST officials serve tax notices worth ₹1 lakh crore to online gaming companies
  • 25 Oct 2023 05:57 PM