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<keyword id="19983534" type="General" weightage="100" keywordseo="Hero-MotoCorp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero MotoCorp" meta.hostid="83" meta.entityid="Hero MotoCorp">Hero MotoCorp</keyword> on Sunday said it has received a <keyword id="19901479" type="General" weightage="20" keywordseo="demand-notice" source="keywords">demand notice</keyword> of over Rs 17 crore from <keyword id="22828708" type="General" weightage="20" keywordseo="Delhi-GST-authorities" source="keywords">Delhi GST authorities</keyword>. The company has received an order for disallowance of <keyword id="19980589" type="General" weightage="20" keywordseo="input-tax-credit" source="keywords">input tax credit</keyword> for FY 2019-20 from the Office of the <keyword id="20263022" type="General" weightage="20" keywordseo="gst-officer" source="keywords">GST Officer</keyword>, <keyword id="22830157" type="General" weightage="20" keywordseo="Government-of-NCT-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Government of NCT of Delhi" meta.hostid="83" meta.entityid="Government of NCT of Delhi">Government of NCT of Delhi</keyword>, the two-wheeler major said in a <keyword id="19954258" type="General" weightage="20" keywordseo="regulatory-filing" source="keywords">regulatory filing</keyword>. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.

Hero MotoCorp gets over Rs 17 crore tax notice from Delhi GST authorities

(Eds: Adding quotes) New Delhi, Jul 1 () Finance Minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively to help them compete globally and build a self-reliant India. In a message to tax officers on the third anniversary of the rollout of the Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs, and simplifying tax administration for making it easier to do business. Asking taxmen to focus on the clarion call by Prime Minister Narendra Modi for an 'Atmanirbhar Bharat', she said the GST administration will have a large role to play for this motto of self-reliance. "We must foresee the issues faced by our business community and proactively address the same to enable them to compete on a global scale. Only by this proactivity can we ensure much needed economic growth in near future," she said in her message on the occasion of GST Day 2020. GST, which subsumed over a dozen local taxes, was introduced on July 1, 2017. Since then, the GST process has been simplified and return filing made easier, especially for small businesses. The GST administration has also introduced an SMS-based return filing system for 'nil' filers. Sitharaman said more efforts are required to ease compliance further for taxpayers, adding that the government is committed to continuing these reforms in the future. "We must strive to make the tax administration so simple that taxpayers find it easy to comply with all their tax obligations. This is the true essence of 'ease of doing business' as far as tax administration is concerned," she said. Minister of State for Finance Anurag Thakur, in his message, said much more still needs to be done for simplification of tax administration and easing compliance. "Return filing process needs to be made easier and processing of return and allowing input tax credit needs to be made faster. More handholding of the trade by GST officers is required," Thakur said. Sitharaman also said the COVID-19 pandemic has led to some disruptions in economic activities in the country and congratulated the Central Board of Indirect Taxes and Customs (CBIC) and its officers for handholding taxpayers during this crucial time and disbursing record amount of refunds to ease their cash flow. CBIC Chairman M Ajit Kumar, in a virtual departmental GST Day programme, emphasised on assisting taxpayers and reaching out to them to resolve their grievances. JD ABM ABM

FM asks GST officers to proactively address issues faced by biz, simplify tax administration

New Delhi, Mar 12 () GST officers will soon come out with measures to check valuation of exports and device a standard operating procedure (SOP) for physical spot verification of risky taxpayers, in order to plug loopholes and check evasion. In the National GST Conference of Commissioners of State Tax and Zonal Chief Commissioners of Central Tax held last week, tax officials also decided to further examine steps that could be taken to stop new taxpayers from availing input tax credit (ITC). It was also decided that GST officers would come out with SOPs for physical spot verification of risky taxpayers and for blocking and unblocking of ITC. Measures to check export valuation, including capping of value for calculating export benefits and incentives, were also discussed and proposed for further examination, an official statement said. During the meeting, states like Rajasthan, West Bengal, Odisha, Gujarat and Punjab made presentations on best practices followed by them in compliance management and revenue augmentation in their tax administration. The Central Board of Indirect Taxes and Customs' GST policy wing presented various measures in the pipeline for increased compliance management and revenue augmentation. The focus of the GST officers has been to check evasion, and the investigation wing in commissionerates has in the recent past busted rackets of firms fraudulently claiming ITC. During the April-January period of the current financial year, GST collection stood at Rs 10.19 lakh crore, down from Rs 11.7 lakh crore in the year-ago period. JD HRS

GST officers to take steps to check export valuation, devise SOP for verification of risky taxpayers

New Delhi, Jul 1 () Finance Minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively so that they can compete on a global scale and build a self-reliant India. In a message to tax officers on the third anniversary of Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs. Asking taxmen to focus on the clarion call by Prime Minister Narendra Modi for an 'Atmanirbhar Bharat', she said for this motto of self reliance tax, especially GST, administration will have a large role to play. "We must foresee the issues faced by our business community and proactively address the same to enable them to compete on a global scale. Only by this proactivity can we ensure much needed economic growth in near future," she said in the message on the occasion of GST Day, 2020. GST, which subsumed over a dozen local taxes, was introduced on July 1, 2017. Since then the GST process has been simplified and return filing made easy especially for small businesses. The GST administration has also introduced SMS-based return filing system for 'NIL' filers. Sitharaman said more efforts are required to ease tax compliance further for taxpayers and made an assurance that the government is committed to continuing these reforms in future as well to facilitate taxpayers. "We must strive to make the tax administration so simple that taxpayers find it easy to comply with all their tax obligations. This is the true essence of 'ease of doing business' as far as tax administration is concerned," she said. The Minister also said the COVID-19 pandemic has led to some disruptions in the economic activities in the country. She also congratulated Central Board of Indirect Taxes and Customs (CBIC) and its officers for handholding taxpayers during this crucial time and disbursing record amount of refunds to ease their cash flow. JD ANU ANU

FM asks GST officers to proactively address issues faced by biz in tax compliance

New Delhi: In a massive crackdown, the Anti-Corruption Branch (ACB) of Delhi has uncovered a scam involving fraudulent GST refunds within the Trade &amp; Taxes department of the Delhi Government and arrested a Goods and Service tax officer along with six associates. Seven people were arrested for allegedly running the racket of fake invoices and getting GST refunds from the department. The seven arrested persons include a <keyword id="20263022" type="General" weightage="20" keywordseo="GST-officer" source="keywords">GST officer</keyword>, three advocates, two transporters, and a fake firm proprietor, informed ACB. According to ACB, They created 96 <keyword id="20867094" type="General" weightage="20" keywordseo="fake-firms" source="keywords">fake firms</keyword>, which were cunningly used to siphon off taxpayer money by claiming fraudulent GST refunds. Shockingly, refunds worth rupees 35.51 crore were approved between 2021 and 2022. In the first year, only refunds worth rupees 7 lakh were approved but later the remaining were approved. The GSTO, identified as Babita Sharma, played a pivotal role in this conspiracy. After being transferred to Ward No. 22 in July 2021, Sharma, in a highly suspicious move, swiftly approved the migration of 53 firms to her ward. These firms, which were later found to be non-existent during a physical verification by GST officials, were mere paper entities, set up solely to claim bogus refunds. Within just 2-3 days of filing refund applications, these refunds were sanctioned without the mandatory verification of Input Tax Credit (ITC), a crucial process to identify fraudulent claims, informed ACB. The fake firms, which supposedly conducted business worth Rs718 crores, were found to be engaged in nothing more than a paper trail of deceit. Some firms even claimed to export medicines and medical items, but a closer inspection revealed that these transactions were built on forged purchase bills. It was found that the same group of offenders operated 23 out of these 96 fake firms. Using common email IDs and mobile numbers, they created fake invoices worth rupees 176.67 crores, pocketing Rs5.81 crores in <keyword id="22769118" type="General" weightage="20" keywordseo="fraudulent-refunds" source="keywords">fraudulent refunds</keyword>. The investigation reveals that over 500 non-existent firms were implicated, and as many as 1,000 bank accounts linked to the scam. The role of other GST officials and proprietors is still under the scanner as the investigation is underway by ACB.

54 Crore GST Refund Scam exposed by Delhi's Anti-Corruption Branch

New Delhi, Mar 4 () GST officers have booked case against three firms for issuing fake invoice worth over Rs 4,198 crore and fraudulently claiming input tax credit of Rs 660 crore.The Directorate General of GST Intelligence (DGGI) Headquarters booked a case on March 3, 2020, against Fortune Graphics Ltd, Reema Polychem Pvt Ltd and Ganpati Enterprises, a finance ministry statement said."During investigation, it was revealed that Fortune Graphics, Reema Polychem and Ganpati Enterprises have issued invoices worth more than Rs 4,198 crore wherein tax amount of more than Rs 660 crore has been fraudulently passed on as ITC credit to buyers of such fake invoices," it said.One of the directors of Reema Polychem has been arrested on March 4. Role of other directors of these three firms is under investigation.In the past, Directorate of Revenue Intelligence have booked a case of diversion of duty-free goods imported under advance authorisation scheme by Reema Polychem Pvt Ltd. JDBAL

GST officers book case against 3 firms for issuing fake invoice

New Delhi, Feb 6 () Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. "CBIC launches application for sharing information between Centre and State for targeted enforcement action against GST evasion. A big leap in intelligence sharing and cooperative federalism #GST," the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet. Currently, state tax officials administer and control 90 per cent of the assessees below Rs 1.5 crore annual turnover, and the remaining 10 per cent is with the central tax officers.For those assessees with an annual turnover of over Rs 1.5 crore, the Centre and states share control in 50:50 ratio.To plug leakage, the central and state government officials had last month decided to scrutinise goods and services tax (GST) refund claims more diligently, compulsorily investigate all fake claims and step up coordination between income-tax and GST authorities. It was also decided that GST Network, CBIC and Central Board of Direct Taxes (CBDT) will share data on a quarterly basis for early identification and checking of fraud cases. Following delay in payment of GST compensation to states by the Centre due to lower-than-expected revenue collection the authorities have decided to step up enforcement actions and data exchange. JDMKJ

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

Commending taxmen for the enforcement measures in dealing with GST fraud, <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Thursday said the enhanced revenue collection in the recent months should now be the "new normal". In a message to tax officers on the fourth anniversary of historic tax reform GST, she said in the last four years the taxpayer base has almost doubled from 66.25 lakh to 1.28 crore. She said for eight months in a row, GST revenues have crossed ₹1 lakh crore mark and we have seen record GST revenue collection of ₹1.41 lakh crore in April 2021. "Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and <keyword id="6357073" type="COMPANY" weightage="20" keywordseo="ITC">ITC</keyword> being registered. The enhanced revenue collection in recent months should now be the 'new normal'," Sitharaman said. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out on July 1, 2017. Expressing satisfaction on overcoming most of the GST implementation challenges, including two waves of the COVID-19 pandemic, the minister also thanked taxpayers for their support in making the goods and services tax (GST) a reality. "Its positive externalities such as unified market, removal of cascading and imp[roved competitiveness of goods and services has helped spur economic growth taking us further on the path to prosperity," she said while commending both the central and state tax officers for making GST a success. Central Board of Indirect Taxes and Customs (CBIC) will be issuing certificate of appreciation to 54,439 GST payers for timely filing of returns and cash payment of GST in the last four years. More than 88 per cent of these taxpayers are from micro, small and medium enterprises. She said any reform of this scale, in a large and diverse country like <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, can be highly challenging. "The <keyword id="6355040" type="COMPANY" weightage="20" keywordseo="GST-Council">GST Council</keyword> has shown immense sagacity and wisdom in redressing legitimate concerns of taxpayers and citizens by course correction whenever needed. This has manifested itself not just in measures to ease the compliance burden on taxpayers, especially MSMEs, but also reducing the tax burden on the common man," Sitharaman added. Under GST, businesses with an annual turnover of up to ₹40 lakh are exempt from GST. Additionally, those with a turnover up to ₹1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax. For services, businesses with turnover up to ₹20 lakh in a year are GST exempt. A service provider having turnover up to ₹50 lakh in a year can opt for composition scheme for services and pay only 6 per cent tax. Under GST a four-rate structure that exempts or imposes a low rate of tax 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. GST also represents an unprecedented exercise in fiscal federalism. The GST Council, that brings together the central and state governments, has met 44 times to thrash out how the tax will work. SEE ALSO:

Enhanced GST revenue collections should now be 'new normal', says Finance Minister Nirmala Sitharaman

The <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Jaitley</a>-led Finance Ministry is making sure no one is criticising the policies by the Government and has warned its employees of disciplinary action if they criticise the government or its policies. 
 
It is reported that associations representing employees of Central Board of Excise and Customs (CBEC) are protesting against certain decisions taken by the <a href="http://www.businessinsider.in/searchresult.cms?query=gst+council&amp;sortorder=effectivedate">GST Council</a> on <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">Goods and Services Tax</a>. 
 
In this backdrop, the finance ministry is silencing dissent in his own ministry. 
 
"Instructions have been issued in the past wherein it has been impressed upon all concerned to refrain from commenting adversely on the government and its policies," the Ministry said in a recent order. 
 
It said failing to comply with its instructions "may lead to appropriate action (including disciplinary action)". 
 
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government. 
 
"No government servant shall, in any radio broadcast, telecast through any electronic media or in any document published in his own name or anonymously, pseudonymously or in the name of any other person or in any communication to the press or in any public utterance, make any statement of fact or opinion which has the effect of an adverse criticism of any current or recent policy or action of the central government or state government," reads the service rules. 
 Certain members of Indian Revenue Service (Customs and Central Excise), All India Association of Central Excise Gazetted Executive Officers, All India Central Excise Inspectors' Association and All India Central Excise and Service Tax Ministerial Officers Association had recently participated in a symbolic protest to oppose some decisions taken by the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword>. 
 
When contacted President of IRS (Customs and Central Excise) officers association, Anup Srivastava, said their members are not adversely commenting on the State's policies by any way. 
 "We are not commenting adversely on State policies. We fully agree with this (recent directive) letter. Government should be supported for all the rightful causes in the interest of the nation. The officers of CBEC have been working tirelessly for last ten years on <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>. Therefore, the concern of the services need to be addressed for smooth and successful implementation of the GST," he said. 
 
Srivastava said "it has already been pointed out earlier by us that out of 150 countries, GST has failed in more than 100 countries". 
 
"We do not want any glitches in the successfully roll out of GST. Therefore, it is our duty as Constitutionally-bound officers of Government of India to bring to the notice of the decision makers the probable glitches. It is upto decision makers to take a final call," he said. 
 
The employees associations are opposing the Council's decisions of giving states the powers to levy tax on economic activity within 12 nautical miles of territorial waters and to administer 90 per cent of the tax payers under Rs 1.5 crore annual turnover besides certain provisions of Integrated GST.

Whatever happened to free speech! Arun Jaitley is silencing disagreements in his ministry

<ul><li>Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala, gutkha businesses among the issues to be discussed.</li><li>Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting.</li><li>With regard to taxation of online gaming, casinos and horse racing, the GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments.</li></ul> Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the <keyword id="3680839" type="General" weightage="20" keywordseo="gst-council-meeting" source="Orion">GST Council meeting</keyword> which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to increase the monetary threshold for launching prosecution for GST offences. The law committee has also suggested that the fee payable by taxpayer for compounding of GST offences be lowered to 25 per cent of the tax amount, from up to 150 per cent currently, with a view to improving ease of doing business. It has suggested raising the threshold of launching prosecution to Rs 20 crore, from Rs 5 crore at present. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. The report of the GoM on tax evasion by pan masala and gutkha companies is likely to be taken up for discussion in the Council, sources said. With regard to setting up of Goods and Services Tax Appellate Tribunals (GSTATs), the GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as President, sources said. The GoM on GSTATs was set up in July under the chairmanship of Haryana Deputy Chief Minister Dushyant Chautala. With regard to taxation of online gaming, casinos and horse racing, the GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM had decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-indians-have-spent-their-money-on-swiggy-in-2022/slidelist/96285686.cms">Spending ₹75,000 on an order to buying groceries worth ₹16.6 lakh, here’s how Indians used Swiggy in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda

New Delhi, Dec 24 () With expected GST compensation cess shortfall of over Rs 60,000 crore in the current financial year, a committee of officers has suggested a number of steps to augment revenue including curtailing exemption list items and raising taxes on some of items.
 The committee of officers from the Centre and states, formed to review the goods and services tax (GST), has also recommended selective taxation on education and health, sources said.
 The committee, which made presentation before the GST Council on December 18, also suggested pruning of exempt list for raising resources.
 Meat, fish, eggs, honey, milk products, vegetables, fruits and dry fruits are some of the items that come under the exempt list.
 Besides, the sources said the committee has suggested moving items from 5 per cent to 12 per cent and from 12 per cent to 18 per cent for items such as mobile phones.
 The panel is of the view that the GST Council should revisit rates on certain items that came down to 18 per cent from 28 per cent.
 As of now, there are four slabs under the GST regime -- 5, 12, 18 and 28 per cent. Goods and services under the 28 per cent category also attract cess over and above the rate, which ranges between 1 and 25 per cent.
 Suggestions were also received on procedural side, input tax credit, and widening tax deduction at source (TDS). A number of suggestions, such as related to invoice, are under implementation, the sources said.
 However, the GST Council in the meeting last week decided to study the report of the committee before taking any view.
 Probably, the next GST Council will have comprehensive discussion over the report.
 According to a presentation made to the GST Council by the panel, the compensation requirement for states is expected to be about Rs 1.6 lakh crore for the current financial year, at a growth rate of 5 per cent. At this rate, the cess gap will be 63,200 crore for 2019-20.
 In a development with far-reaching implications, non-BJP ruled states after the GST Council meeting said that the Union government may be headed for a sovereign default as it has refused to assure them of paying on time the GST dues guaranteed to them through a Constitutional amendment.
 The showdown between the Centre and states, which started with delays in the monthly payment of compensation to states for loss of revenue from the roll-out of the goods and services tax regime, escalated into shedding of the consensual approach to decision making for the first time at the 38th meeting of the GST Council.
 While Union Finance Minister Nirmala Sitharaman had reiterated her stand that the central government was committed to cooperative federalism, finance ministers of non-BJP ruled states such as Punjab and Kerala said she refused to give a categorical assurance that states will be paid compensation on time. DP HRS

Panel of officers on GST for raising rate, curtailing exemption list to increase revenue

The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

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