Q1 Tax Revenue Likely to Exceed budgeted Growth
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Q1 Tax Revenue Likely to Exceed budgeted Growth

The government expects its tax revenues in the first quarter to exceed budgeted growth but is likely to stick to the interim budget revenue estimates in the full budget. Officials said the full-year projection in the interim budget was realistic and arrived at after taking into account multiple factors including global headwinds. “With continuity in…

New Functionality in AIS Rolled out for Taxpayers
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New Functionality in AIS Rolled out for Taxpayers

In a move towards making the tax filing system more transparent, the Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) that will allow taxpayers to share feed- back on every transaction displayed therein, confirm any transaction listed and provide response on the feedback on a real-time…

Authorized Car Dealers Can Claim ITC on Demo Cars: AAR
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Authorized Car Dealers Can Claim ITC on Demo Cars: AAR

Registered automobile dealers can claim input tax credit (ITC) on cars that are used for demonstration to potential customers, commonly known as demo cars, the West Bengal bench of the GST Authority for Advance Ruling (AAR) has ruled. Landmark Cars East Pvt. Ltd, an authorized agent of Mercedes Benz, had filed an application before the…

Global Gaming Cos Lure Indians via ‘No GST’ Ads
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Global Gaming Cos Lure Indians via ‘No GST’ Ads

Several international gaming companies are luring Indian users to their websites with social media posts that promise of earning money and “avoiding 28% GST levied on online gaming in the country. Platforms such as winbuzz.com and gamer777.com have roped in micro-influencers to reach out to Indian gamers. They are offering these influencers up to ₹1,000…

Be it Game of Skill or Chance, it’s Betting and 28% GST is Justified, Says K’taka Minister
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Be it Game of Skill or Chance, it’s Betting and 28% GST is Justified, Says K’taka Minister

Karnataka revenue minister Krishna Byre Gowda said the 28% GST rate on the full face value of real money online games was “eminently justified”, and that a levy only on the gross gaming revenue would bring the effective tax lower than that on essential food items. The decision to impose the highest GST rate on…

eGaming Investors Say 28% GST will Make Biz ‘Unviable’
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eGaming Investors Say 28% GST will Make Biz ‘Unviable’

Large investors in India’s online gaming sector are planning to come together and write to the government. raising concerns about the decision to levy 28% GST on the full face value of the bets for real money on line games, people aware of the discussions said. These investors are likely to caution the government that…

Casino, Gaming Stocks Crash After 28% GST Levy
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Casino, Gaming Stocks Crash After 28% GST Levy

Investors rushed to sell shares of online gaming and casino firms after the GST Council levied the highest slab rate on online gaming, horse racing, and casinos The decision is expected to impact gaming volumes besides slowing down future foreign investment and the viability of gaming companies- especially in the start-up space- that have recorded…

Geotagging may become must for GST Registrations
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Geotagging may become must for GST Registrations

The central Board of Indirect Taxes and Customs (CBIC) is looking to further strengthen the process of goods and services Tax registration by using geotagging for verification. The board is also planning to use biometric authentication, for the existing registration, which it found suspicious or risky, its chairman Vivek Johri said “In the past it…

Penal Action Likely for Fake GST Bills
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Penal Action Likely for Fake GST Bills

 The Goods and Services Tax (GST) council is likely to consider penal measures against the entities involved in the fake GST invoice racket to check evasion at its next meeting on July 11, officials said. These measures could include an increase in penalty, mandatory physical verification of premises and suspension of GST registration for repeat…