- 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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- 27 Oct 2023 05:27 PM
- New
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
- New
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 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 05:51 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 05:57 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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- 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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- 24 Oct 2023 05:41 PM
Will the Indian consumer justify our sales optimism this season?
Come October, it is time for optimism as we enter India’s festive-cum-harvest season. The former actually begins in September and lasts till December and this is the time when spending peaks in the country, as it also coincides with a marriage season. It is not surprising that all consumer-facing companies are gearing up for big sales and the media is flooded with advertisements of products and services expected to log high offtake as part of a spending surge. But how realistic is this scenario?
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- 24 Oct 2023 05:47 PM
Siemens files writ petition at Bombay HC challenging GST show cause notice
Siemens Ltd has filed a writ petition before the Bombay high court challenging show cause notice (SCN) issued by the GST authority, the company said in a regulatory filing on Monday.
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- 24 Oct 2023 05:50 PM
Delta Corp Tax Notices: Bombay High Court Bench forbids final orders by tax authorities without permission
The Bombay High Court's Goa Bench has directed tax authorities to “not pass final orders without permission" in relation to show cause notices sent to Delta Corporation and its subsidiaries, the company informed the exchanges on October 24.
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