DIRECTOR GENERAL OF GOODS AND SERVICES TAX
FMCG Q1 check: Some hot, some not
Scorching summer heat and elections created a mixed quarter for consumer goods, with sales of cooling products like beverages, ice creams, talcum powder, and sunscreens rising up to 15 per cent amidst the heatwave. However, impulse snacks and single-serve beverages saw a decline due to reduced out-of-home consumption. Election restrictions impacted alcohol sales, while delayed monsoon affected insecticide sales. Last-mile servicing challenges were reported, particularly in rural areas due to the heat.
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
Retro tax waiver set to ease gaming companies Rs 1 lakh core tax pain
The Goods and Services Tax (GST) council's recommendation to allow the government to overrule retrospective tax demands could resolve pending indirect tax cases worth ₹1 lakh crore against companies in India's cash-rich real money gaming (RMG) sector.
Reinsurance and coinsurance not under tax ambit
The GST Council also recommended clarifications on taxability of reimbursements of securities or shares as employee stock option plans given by a company to its workers. Officials said exemptions would be conditional and notified later. Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities. Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
Maharashtra, Karnataka, Delhi top UK's investment flows from India: Report
Maharashtra, Karnataka, and Delhi led in bringing foreign direct investment (FDI) to the UK, per a CII and Indian High Commission joint report. The report highlighted the contributions of Indian companies in various sectors, showcasing their positive impact on the UK economy, job creation, and cultural diversity. Additionally, it notes the significant economic ties between India and the UK, with India being the UK's second-largest source market.
GST to be paid by telcos along with instalments towards spectrum charges
The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction.
- Go To Page 1
FPIs take out Rs 22,000 crore from equities in May amid poll jitters, Chinese mkt outperformance
Foreign investors have pulled out a massive Rs 22,000 crore from Indian equities so far this month, due to uncertainty surrounding the outcome of the Lok Sabha elections and outperformance of Chinese markets.
GST relief for foreign airlines in the offing
India may exempt GST on services between foreign airline operators' head offices and local entities. The fitment committee is reviewing for a final tax exemption decision, considering maintenance services, rental costs, and hotel accommodation.
Clarification likely on GST on NBFC co-lending
The government, led by Vivek Joshi, addresses concerns around GST levy on co-lending arrangements with NBFCs, raising issues of distortion and increased lending costs. Banks, tax authorities, FIDC, MFIN, CRISIL, partner banks discuss the growth of co-lending model, NBFCs' loan book reaching ₹1 lakh crore.
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
GST authorities are developing a mechanism to address taxation and registration issues for shared warehouses used by e-commerce companies, where multiple suppliers store goods for last-mile delivery. This issue arises because suppliers have geo-tagged these warehouses as their 'additional place of business' under GST rules, raising concerns of potential fraudulent registrations and the risk of holding warehouses accountable for individual supplier defaults.
Not necessary to make arrest in all GST cases, says SC
The Supreme Court emphasized on Wednesday that arrests in Goods and Services Tax (GST) cases should be based on credible evidence and tangible material, not mere suspicion. The bench, while reserving its verdict on challenges to GST and Customs Act provisions, highlighted that the power of arrest should not be used indiscriminately. It noted that arrests should occur only if there are reasons to believe a serious offense has been committed. The court aims to interpret the law to protect citizens' liberty and prevent harassment.
FPIs withdraw Rs 17,000 crore from equities in May so far on political uncertainty
This was way higher than a net withdrawal of Rs 8,700 crore in the entire April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields
Cholamandalam Financial Q4 Results: Cons PAT jumps 27% YoY to Rs 1,143 crore
Cholamandalam Financial Holdings Ltd on Friday reported a 26.9 per cent growth in its consolidated profit after tax at Rs 1,143.75 crore for the March 2024 quarter, the company said. The city-based company, part of the diversified conglomerate Murugappa Group, had registered net profits of Rs 900.77 crore during the corresponding period of last year.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
Mahadev scam: Accused firm had share purchase pact with Delta Corp
The Mahadev illegal betting app scam involves Ability Games' deal with Delta Corp for the Nepal casino business. Delta Corp faces GST notices. ED probes crime proceeds from Skyexchange and Lotus365.com, freezing ₹1,100 crore shares.
Supreme Court asks Centre to furnish data on notices, arrests done under GST Act
The Supreme Court has asked the Centre to provide information on notices and arrests made under the Goods and Services Tax, expressing concern over potential harassment. Justices are reviewing petitions challenging GST Act provisions, seeking clarity on arrest powers to prevent citizen mistreatment. Data on arrests and notices for defaults of Rs 1-5 crore in the last three years is required. The Court aims to protect citizens from undue hardship and may amend ambiguous provisions.
DGGI launches probe into 'tax evasion' worth Rs 18k cr by agricultural brokerage houses
During a sector-wise analysis of GST data, the DGGI detected evasion by 58 brokerages, engaged in procurement of crops from farmers for businesses and government agencies, and in processing and packaging for exports, said officials. Some of these brokerages were not even registered under GST, despite huge turnover, and action could be initiated against more such entities, they said.
Save on GST up to 13% of wedding cost by planning wisely: Here's how
GST on wedding expenses: Indians are famous for their grand, lavish weddings. Expenses made on wedding such as decor, hiring a venue, catering etc. are all impacted by Goods and Services Tax. However, knowing the tax rules can help you save GST on wedding expenses accordingly. Read on to know the rules and save money on your wedding.
Gold gets more lustre, nudges Rs 73,000 with 10.75% price rise in a month
Gold prices on Friday climbed to Rs 72,967 per 10 gm, rising by 1.6 per cent compared to Thursday. This daily surge in prices has never been witnessed in the last 50 years, bullion dealers from Zaveri Bazaar said. In a month, gold prices have shot up by 10.75 per cent, making the yellow metal costlier for those who have weddings in the family.
CBIC issues SOP for officials to prevent taxpayer harassment
The Central Board of Indirect Tax and Customs (CBIC) has approved a detailed standard operating procedure (SOP) for officials of the Directorate General of GST Intelligence (DGGI) to improve the ease of doing business and prevent harassment of taxpayers during tax investigations, summons, and searches.
Real estate cos approach FinMin over GST notices
Authorities had also sent out notices for non-payment of tax on corporate guarantees provided by flagship companies to their subsidiaries, which attracts 18% GST.
PMI, GST mopup point to India's resilient economy in Q4
NCAER noted that high frequency indicator like Purchasing Managers' Index and Goods and Services Tax collection indicated a resilient economy with services accelerating and manufacturing gaining momentum.
GST Council may soon clarify tax exemption to RERA
The GST Council is expected to clarify that Real Estate Regulatory Authority (RERA) will not be subject to Goods and Services Tax (GST), as it falls under Article 243G of the Constitution pertaining to the powers and responsibilities of panchayats. RERA functions as a regulator and facilitator for the real estate sector, ensuring transparency, consumer protection, and dispute resolution.
GSTN to share data with RBI's frictionless credit platform
The Indian government has allowed the GST Network to share data about GST-registered businesses with the Reserve Bank's 'Public Tech Platform for Frictionless Credit' based on their consent. This move aims to facilitate quicker loan processing for entities by providing lenders with shared Goods and Services Tax (GST)-related information.
Online portals offering travel plans are tour operators: Appellate Tribunal
The additional director general, Directorate General of GST Intelligence, had argued that MMT India wasn't a tour operator as it was providing short-term hotel accommodation service and imposed a tax liability of ₹798 crore on the company. However, the bench of Justice Dilip Gupta and member (technical) Hemambika R. Priya held that "any person who is engaged in the business of planning, scheduling, organising, arranging tours, including accommodation, would be a tour operator".
Delta Corp says Rs 23,200 crore-GST demand arbitrary
Delta Corp, an online gaming and casino firm, contested a GST demand of over Rs 23,200 crore, deeming it arbitrary and contrary to laws, hence not provisioning for it. Their Q3FY24 reported a 59% decrease in net profit at Rs 34.48 crore, with a reduced income from operations at Rs 181.54 crore. Show cause notices from tax authorities alleging GST short payments led to legal action by Delta Corp and its subsidiaries, securing stay orders from High Courts.
ETtech Explainer: The Rs 402 crore GST notice that sent Zomato’s shares tumbling
On Thursday, shares of food delivery platform Zomato bucked the trend and opened 1.7% lower despite upbeat broader markets rally to set new highs.
Sikkim High Court stays Rs 628 cr GST demand against Delta Corp
The Sikkim High Court has temporarily halted a Rs 628 crore GST demand order against Delta Corp, a casino and online gaming company. The company is facing a total GST demand of approximately Rs 23,000 crore, including recovery of tax shortfalls for its casino and online gaming operations. Delta Corp and its subsidiaries have also received show cause notices for alleged short payment of GST totaling Rs 16,822.98 crore. Despite these challenges, the company reported a slight increase in net profit and income from operations for the second quarter of 2023.
ICICI Lombard, six other insurance companies receive SCN for non-payment of GST on reinsurance premiums since 2017
The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a notice to ICICI Lombard and six other insurance companies for not paying GST on reinsurance premiums. The notice claims that these companies received commissions from co-insurance companies but did not pay tax on it.
Load More
