- 14 Jul 2023 05:52 PM
- New
Big traders exit gaming stock Delta Corp as GST rates rise
Six out of seven clients closed their large derivatives positions in Delta Corp. after the Indian GST Council raised GST rates on gaming and casinos.
Read More
- 14 Jul 2023 05:50 PM
- New
Data recap: Poverty report, gaming tax, inflation
Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. North India has been battered by rains this week. The revised indirect tax rules on online gaming are likely to choke the industry. Retail inflation rose more than expected in June. A new global poverty report indicated some cheer for India.
Read More
- 14 Jul 2023 05:44 PM
- New
Compensation cess: How it affects your utility vehicle buying plans
Source: https://www.livemint.com/auto-news/compensation-cess-and-your-uv-buying-plans-11689271331662.html
If you are planning to buy an SUV (sport utility vehicle) or MUV (multi-utility vehicle) the GST Council’s decision to change the definition of UVs that attract a compensation cess of 22% may have implications. Mint explains the changes and the impact on buyers.
Read More
- 13 Jul 2023 04:45 PM
Excess tax credit use to spur automatic notices
Source: https://www.livemint.com/economy/excess-tax-credit-use-to-spur-automatic-notices-11689188314929.html
The move has the potential to boost tax collections as businesses and traders may have to use cash payments where tax credits cannot be used.
Read More
- 13 Jul 2023 04:35 PM
Our GST regime needs a return to factory setting
The complexity of decisions taken by the GST Council is enough to explain why we need a reset of this regime. Let’s get it back in harmony with its promise of ‘one country, one tax’
The Goods and Services Tax (GST) Council’s latest decisions highlight just how complex this tax regime has become. Multi-utility vehicles (MUVs) with a minimum length of 4,000mm, or engine size of at least 1,500cc, or ground clearance exceeding 170mm will now be treated like sport-utility vehicles (SUVs), thus attracting a cess of 22% instead of 20%.
- 13 Jul 2023 04:41 PM
GST clarity a breather for PVR Inox; content performance is key
Multiplex operator PVR Inox Ltd got some respite after goods and services tax (GST) council said food items and beverages (F&B) consumed at cinema halls will be taxed at 5%. Pre-booked snacks will also be taxed at the same rate. This provides tax rate certainty.
Read More
- 13 Jul 2023 05:20 PM
Utility vehicles may see price hikes but demand to be in top gear
Higher-end passenger vehicles (PVs) will likely see price hikes following changes in taxation rules by the GST Council, which has modified the definition of vehicles that will attract a compensation cess of 22%, additional to the 28% tax rate.
Read More
- 13 Jul 2023 05:17 PM
Steep tax will shrink prize pool, dissuade players, say gaming firms
The online real-money gaming (RMG) industry in India is reeling after the decision by the Goods and Services Tax (GST) Council to impose a 28% tax on the entire entry fee rather than just the platform fee. Industry associations and companies argue that this move will not only restrict cash flow, but also diminish players’ motivation to participate on legitimate sites, driving them towards illegal offshore betting companies.
Read More
- 13 Jul 2023 05:27 PM
Perverse incentives explain why GST is a confusing mess
The Goods and Services Tax (GST) Council recently decided to treat multi-utility vehicles (MUVs) with a minimum length of four metres, an engine size of at least 1,500cc, or a ground clearance exceeding 170 mm as sport-utility vehicles (SUVs). These vehicles used to attract 20% GST but will now attract 22% GST. MUVs that don’t match the prescribed criteria will continue to attract 20% GST.
Read More
- 12 Jul 2023 06:08 PM
Online gaming industry hit by 28% tax; industry experts flag red, ask to rethink
‘It was good fun being part of the fantasy gaming industry - which stands murdered now. $10 Bn down the drain in this monsoon’, said Ashneer Grover
Read More