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Tag: goods and services tax

Zomato: Zomato shares drop 5% following Rs 402 crore GST tax notice; know the details
28Dec By adminNo Comments
Business

Zomato: Zomato shares drop 5% following Rs 402 crore GST tax notice; know the details

Zomato shares today: Shares of the food delivery platform, Zomato, have experienced a 5% decline, reaching Rs 120.7 on the Bombay Stock Exchange (BSE). The downturn was triggered by the issuance of a Rs 402-crore show-cause notice from the Goods and Services Tax (GST) authorities, citing unpaid dues.Why GST authority sent the notice to Zomato According to ET, the notice, issued on December 26 under Section 74(1) of the Central Goods and Services Tax Act, 2017, originated from the Directorate General of GST Intelligence, Pune Zonal Unit.Zomato is obligated to furnish a response elucidating why the purported tax liability of Rs 401.7 crore, coupled with interest and penalties for the period spanning October 29, 2019, to March 31, 2022, should not be imposed on the company.What the company s...
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GST collection in November up 15%, highest this year
2Dec By adminNo Comments
Business

GST collection in November up 15%, highest this year

GST collections rose to Rs 1,67,929 crore in November - a 15.1% rise year-on-year - following strong domesticdemand during the festival season and greater focus on compliance. It was the fastest pace of expansion since last December. Central GST accounted for Rs 30,420 crore, state GST for Rs 38,226 crore. The finance ministry said that revenue from domestic transactions, including services imports, was 20% higher on a year-on-year basis.Some experts, however, said tGST department's notices may have resulted in assessees depositing money. At 15%, GST kitty expands at fastest pace in 11 monthsNEW DELHI: Goods and services tax (GST) collections rose 15.1% to Rs 1,67,929 crore in November as strong domestic demand during festival season and the focus on compliance resulted in the fastest pac...
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GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane
1Dec By adminNo Comments
Business

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

Highlighting continued hectic activity in the Indian economy, goods and services tax (GST) collection surged 15 per cent year-on-year (Y-o-Y) in November – the steepest for any month of this financial year -- to Rs 1.68 trillion. Positive consumer sentiment was also palpable through the monthly sales figures for cars and two-wheelers as both segments witnessed an annual uptick.  The manufacturing sector gathered pace last month on the back of increasing demand and easing of pricing pressure, with the Purchasing Managers Index (PMI) climbing to 56, according to the survey released by S&P Global. Unified Payment Interface (UPI) transactions clocked a fresh peak in value in November by hitting Rs 17.40 trillion, up 1.4 per cent compared to Rs 17.16 trillion in October. ...
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Sanjay Kumar Agarwal: GST kitty growth due to eco activity: CBIC
9Nov By adminNo Comments
Business

Sanjay Kumar Agarwal: GST kitty growth due to eco activity: CBIC

New Delhi: CBIC chairman Sanjay Kumar Agarwal on Wednesday said the growth in October GST collections, which is the second highest ever, is on account of economic activity and not due to show cause notices to online gaming companies.Goods and Services Tax (GST) revenue in October grew 13.4% to over Rs 1.7 lakh crore.GST collection in October is the second highest ever since roll-out on July 1, 2017.In April, the mop-up was highest at Rs 1.87 lakh crore."The growth in October GST collections was riding on economic activity and not because of notices that was sent (to online gaming companies). Growth has come purely on the economic activity which has taken place in the country," Agarwal said. !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCa...
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Indian Railways looks for ways to dodge proposed GST on Dedicated Freight Corridor payouts
16Oct By adminNo Comments
Business

Indian Railways looks for ways to dodge proposed GST on Dedicated Freight Corridor payouts

The Indian Railways is looking at options to avoid potential Goods and Services Tax (GST) on payments it makes to its dedicated freight track network, the Dedicated Freight Corridors (DFC), according to an ET report. Tax authorities have signaled an 18% GST on remittances from Indian Railways to the Rs 1.24 lakh crore DFC for usage.These payments take the form of a track access charge (TAC), currently exceeding Rs 7,000 crore annually. This figure is expected to rise with the full 2843-km DFC network becoming operational next fiscal year.Typically, money transfers between different government entities are exempt from GST. However, the Dedicated Freight Corridor Corporation of India Limited (DFCCIL) is registered as a special purpose vehicle (SPV) under the Indian Railways, giving it the s...
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GST Council to decide on taxing corporate, personal guarantees: Source
4Oct By adminNo Comments
Business

GST Council to decide on taxing corporate, personal guarantees: Source

NEW DELHI: India's Goods and Services Tax (GST) Council is expected to decide whether tax will be levied on corporate and personal guarantees on loans or debt issuances, according to a source.Such a tax has long been under debate in the country.The decision will be taken by the GST Council, which consists of federal finance minister and state finance ministers, in its next meeting on Oct 7.According to a proposal that the GST Council will consider, an 18% tax would be applicable on the declared value of the corporate guarantee, or 1% of the guaranteed amount in cases where the value of commission for the guarantee is not known.Companies provide guarantees to banks on behalf of their holding companies or subsidiaries and charge a fee. The fee or commission depends on credit-worthiness of t...
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Online money gaming firms face massive Rs 45,000 crore tax demand after 28% GST levy
16Aug By adminNo Comments
Business

Online money gaming firms face massive Rs 45,000 crore tax demand after 28% GST levy

Online money gaming firms, previously positioning themselves as offering skill-based games, face potential additional tax dues of around Rs 45,000 crore, according to an ET report. The Central Board of Indirect Taxes and Customs (CBIC) has evaluated unsettled GST liabilities for these firms since 2017.Officials in the ET report explained that these companies were taxed at 18% on gross gaming revenue due to their skill-based games, instead of the legally prescribed 28%, resulting in a Rs 45,000 crore tax shortfall. The differential tax treatment between skill and chance-based games has been done away with.The categorization of online gaming as either chance-based or skill-based has long fueled debate. Some online gaming companies have argued that their services pertained to skill-based act...
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July GST collection comes at Rs 1.65 trillion, rises 11% YoY
1Aug By adminNo Comments
Business

July GST collection comes at Rs 1.65 trillion, rises 11% YoY

The goods and services tax (GST) collection for the month of July came at Rs 1.65 trillion. This is up 11 per cent year-on-year. Of the Rs 1,65,105 crore, the Central GST is Rs 29,773 crore, State GST is Rs 37,623 crore, Integrated GST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods). The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST. The total revenue of Centre and the states in the month of July 2023 after regular settlement is Rs 69,558 crore for CGST and Rs 70,811 crore for the SGST. The revenues for the month of July 2023 are 11 per cent higher than the GST revenues in the same month last year. During the month...
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