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Tag: GST council

Amnesty Scheme: GST amnesty scheme: Taxpayers can file appeals by Jan 2024 against demand orders till March
7Oct By adminNo Comments
Business

Amnesty Scheme: GST amnesty scheme: Taxpayers can file appeals by Jan 2024 against demand orders till March

NEW DELHI: The GST Council on Saturday came out with an amnesty scheme, giving taxpayers time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order. This can be extended by one more month. The 52nd GST Council in its meeting on Saturday gave extra time to GST-registered businesses to file appeals with an enhanced pre-deposit of 12.5 per cent of the tax demand, against 10 per cent currently. Briefing reporters after the Council meeting, Revenue Secretary Sanjay Malhotra said the council has recommended that a period till January 31, 2024, may be given for filing of appeals by taxpayers for al...
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GST Council Caps Age Of President, Members Of GST Appellate Tribunal
7Oct By adminNo Comments
Business

GST Council Caps Age Of President, Members Of GST Appellate Tribunal

FM Nirmala Sitharaman at 52th GST Council Meeting in New Delhi on October 7This is a change from the earlier age limit of 67 and 65 years, respectively, for the President and members of GSTAT.The GST Council on Saturday decided to cap the maximum age of President and members of the GST Appellate Tribunal (GSTAT).The GSTAT President will have a maximum age cap of 70 years, while the limit for members will be 67 years.This is a change from the earlier age limit of 67 and 65 years, respectively, for the President and members of GSTAT.Advocates should have a minimum of 10 years of experience to be able to be considered for appointment as a judicial member in the GST Appellate Tribunal.The 52nd GST Council meeting, chaired by Union finance minister and comprising state counterparts, also decid...
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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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GST Council Keeps 28% Tax on Online Gaming, To Be Effective From Oct 1, Review After 6 Months
2Aug By adminNo Comments
Business

GST Council Keeps 28% Tax on Online Gaming, To Be Effective From Oct 1, Review After 6 Months

51st GST Council meeting on online gaming on Wednesday, August 2. (Photo: Twitter/ Finance Ministry)GST Council Meeting On Online Gaming: FM Nirmala Sitharaman says the decision to impose 28 per cent was taken after three long years of discussionsGST Council Meeting on Online Gaming: The 51st GST Council, chaired by Union Finance Minister Nirmala Sitharaman, on Wednesday decided to keep the 28 per cent tax on online gaming, casino and horse racing, and discussed the modalities to implement it. Addressing media after the Council meeting, Sitharaman said the 28 per cent GST on online gaming is expected to be implemented from October 1 and will be reviewed after 6 months of its implementation.In the press conference, the finance minister said the decision to impose the 28 per cent tax was t...
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GST Council To Meet On August 2 On Online Gaming, Casino Rules: Reports
26Jul By adminNo Comments
Business

GST Council To Meet On August 2 On Online Gaming, Casino Rules: Reports

GST Council recently decided to impose 28% GST on online gaming, casino and race courses.The GST Council's decision to impose 28% GST on online gaming has drawn flak from industry playersThe GST Council is likely to meet on August 2 via videoconferencing to take a final decision on the 28 per cent GST on online gaming, casinos and race courses, according to media reports.According to an Indian Express report quoting a senior government official, details regarding the required legal amendment and tweaks in rules will be put up before the Council at the meeting, “there is no backtracking on the proposal".According to the report, no proposal on reconsideration on the rate will be tabled. However, the GST Council is expected to resolve whether the 28 per cent GST will be levied on entry value...
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GST Council decides to impose 28% tax on turnover of online gaming firms
11Jul By adminNo Comments
Business

GST Council decides to impose 28% tax on turnover of online gaming firms

Finance Minister Nirmala Sitharaman with Revenue Secretary Sanjay Malhotra during the 50th Goods and Services Tax (GST) Council Meeting at Vigyan Bhawan, in New Delhi. Photo: PTI The all-powerful Goods and Services Tax (GST) Council on Tuesday decided to impose a 28 per cent tax on the turnover of online gaming companies, horse racing and casinos, finance minister Nirmala Sitharaman said. The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming. The issue before the GoM (group of ministers) was whether to impose a 28 per cent GST on the face value of bets, or gross gaming revenue, or just on pl...
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