Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

When A (name kept anonymous) bought tickets for the 2025 <keyword id="22044624" type="General" weightage="20" keywordseo="Coldplay-concert" source="keywords">Coldplay concert</keyword> in Mumbai from a certain “concert organizer” account on <keyword id="19900288" type="General" weightage="20" keywordseo="instagram" source="keywords">Instagram</keyword>, they were over the moon. Yes, the tickets were exorbitantly expensive, way above the prices advertised on <keyword id="20215809" type="General" weightage="100" keywordseo="BookMyShow" source="keywords" meta.keywordsubtype="org" meta.entityname="BookMyShow" meta.hostid="261" meta.entityid="BookMyShow">BookMyShow</keyword> (BMS), the official ticketing partner. But so what? What mattered was that they could finally attend Coldplay's concert. At 12 noon on September 22, when bookings for Coldplay’s 2025 India leg of “Music of the Sphere” world tour had commenced, A was also in line, having logged in since 11:30 am, from 4 different screens and through 6 cousins. But God, and BMS were in no mood to reward her efforts and patience. The ticket sale lasted for a mere few seconds, before the site crashed and all tickets were sold out. Turns out, even the second time wasn’t the charm for them. The first time, too, A had not been able to get tickets for Diljit’s Dil-luminati India tour, which had gone live earlier last month. They had applied for an HDFC Pixel credit card to access the early-bird offer, but it was as if luck was taunting them “vibe teri meri na mildi aa”. could not get tickets for Diljit’s concert as well, which had also vanished within minutes of going live, much like Coldplay's. That’s why, when they saw that tickets for both Diljit and Coldplay were being sold by various Instagram accounts, despite showing as sold out on <keyword id="20496317" type="General" weightage="20" keywordseo="Zomato-Live" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato Live" meta.hostid="261" meta.entityid="Zomato Live">Zomato Live</keyword> and BookMyShow, it seemed magical to A. And per Coldplay, “If you were to ask me, after all that we've been through. Still believe in magic?”, the only acceptable response is “Yes I do, of course I do!” So, they went ahead, agreed to pay Rs 35,000, and bought Coldplay tickets which would’ve cost them Rs 6,450 via BMS. A steep price to pay, but at least they had their ticket to “an experience of a lifetime!”. As it is, the band had announced its retirement post its 12th album, and the band had just launched its 10th album, "Moon Music". <h2>BookMyShow to “fix” scalpers?</h2>But this morning, BMS startled many people like A by stating that unethically sourced tickets (read: tickets not directly booked via BMS) could be canceled. The platform had already filed an FIR to this effect with the <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-police" source="keywords">Mumbai police</keyword> on October 2, 2024, against the rampant “ticket scalping and black marketing of tickets for Coldplay's <keyword id="22420646" type="General" weightage="20" keywordseo="Music-of-the-Spheres" source="keywords">Music Of The Spheres</keyword> World Tour 2025 in India”. The ticketing platform added that they had provided details of all resellers that had caught their sight, including independent individuals reselling tickets for Coldplay’s tour across social media platforms such as Instagram (where A had purchased their tickets from) and WhatsApp. Not just these small resellers, but multinational ticket exchange and <keyword id="23273060" type="General" weightage="20" keywordseo="ticket-resale" source="keywords">ticket resale</keyword> platform <keyword id="23278340" type="General" weightage="20" keywordseo="viagogo" source="keywords" meta.keywordsubtype="org" meta.entityname="viagogo" meta.hostid="261" meta.entityid="viagogo">Viagogo</keyword>, and its parent company StubHub Holdings have also been served legal notices by Zomato Live and BMS. While Zomato Live has not commented on if the tickets purchased via Viagogo or such scalpers would be canceled or not, it is no secret that hours after the tickets were shown as sold out on these official sites, tickets for both Diljit and Coldplay’s concert were available on Viagogo, albeit at sky-high prices. Even as of today, you can buy tickets for Coldplay’s concert in Mumbai’s DY Patil Stadium on January 19th, 2025 on Viagogo. The catch? You should be willing to empty your pockets. Consider this. Tickets for level 2 stand E were priced at Rs 9,000 on BMS. On Viagogo, the tickets for this specific category start at Rs 54,431, and go as high as Rs 1,89,512. The tickets A bought were also originally priced at Rs 6,450. But on Viagogo, the starting range is Rs 31,288, going up to Rs 1,13,207. Talk about earning 5x-6x returns! In comparison, the ticket prices offered by these Instagram reseller accounts, also termed as scalpers, might look benign, even generous. But at the end of the day, scalpers are also looking to rake in profits, which they earn by selling these tickets in bulk i.e. lots of 5-10 tickets at once. After all, who is attending concerts alone? The slim margins on individual tickets are well cushioned by the extra bucks brought in by the higher quantities of tickets sold at once. Consider this: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phase/Level (For Diljit’s Concert) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Original Price (As shown on Zomato Live) (In Rs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prices offered by an IG account reselling tickets for Delhi (26th October, 2024) (In Rs) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,499 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,399-3,999 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold Standing (Phase 1,2,3) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 4,999-8,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,999- 10,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Zomato Live, IG accounts of resellers/scalpers <h2>Modus Operandi</h2>Most scalpers don't demand the entire money upfront. In A’s case, the scalper demanded a 20% advance for booking confirmation. Others ask for as much as 50% of the booking amount. Once that’s done, the customer would get an e-ticket on their registered email ID, which will mention their seat number and booking ID. Then, once this customer pays the remaining amount, the physical tickets will be dispatched to their registered address. Mind you, these physical tickets are important. Just e-tickets won't make the cut for both Coldplay and Diljit. You would not be able to enter the venue if you don't have this physical ticket or a wearable band. So, if the tickets are not delivered to your place before the concert, you’d be left stranded, even after paying all that money. Also, dont be surprised with a constant, relentless barrage of messages and calls, if you so much as just inquire about the tickets. Most scalpers, in a bid to quickly close on the opportunity, call incessantly, not giving buyers enough headspace to make rational, or for that matter, rationally priced decisions. But even after all the hassle, there is no guarantee of timely, or even delivery. While there were multiple screenshots on each of these pages, showing confirmation from various Instagram users saying that tickets had been delivered, but is that convincing proof enough? Or legal enough? <h2>Its legit, its not legit-No one knows! </h2>Well, it's a gray area, truth be told. But Germaine Pereira, Partner, Solomon &amp; Co. underlines that if the buyer is willing to pay a premium or higher price than the ticket’s original face value, it is valid, and perfectly legal under the Indian Contract Act, 1872 “Ticket resale or scalping, where individuals or entities buy tickets for specific events, and then resell such tickets at a higher price to make a profit, is valid if it meets the essential elements of a contract-offer, acceptance, consideration, and lawful object. Unless there is a clearly established motive of cheating or fraudulent inducement or exorbitant pricing of tickets in the secondary markets, there’s nothing wrong”, continues Pereira. State governments are also largely reluctant to establish regulations in these waters, since a resale would entail double entertainment tax, which only adds to their coffers. Says advocate Siddharth Chandrashekhar, Senior Panel Counsel at Bombay High Court, "Although some state police forces, like in Tamil Nadu, Karnataka and Punjab, have cracked down on illegal sales, arrests are rare, and the absence of cohesive legislation leaves enforcement inconsistent. Black marketing or reselling of live event tickets at escalated prices constitutes an offense under the Bharatiya Nyaya Sanhita 2023 for petty crimes, the Consumer Protection Act 2019 for unfair trade practices, and the Competition Act 2002 for abuse of dominant position”, Chandrashekhar highlights. “While Maharashtra’s Entertainment Duty Act, 1923, attempts to curb resale for some events, most states lack clear laws addressing scalping. Concert ticket scalping in India operates in a regulatory vacuum. With no specific national laws, opportunistic sellers can legally resell tickets for exorbitant sums, with no recourse for buyer”, he signs off.

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> will be liable to collect <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on online orders of food, instead of restaurants.</li><li>We don’t tax platforms like Amazon because we understand that they are marketplaces, why such difference with food aggregators, asks EY’s Bipin Sapra.</li><li>The tax loss to the government due to alleged under-reporting by food delivery aggregators is ₹2,000 crore over the past two years.</li></ul>India’s Finance Minister Nirmala Sitharaman on Friday announced that online food delivery platforms like Zomato and Swiggy will be the ones collecting goods and services tax (GST) from customers. The tax rate stays consistent at 5% and the ruling comes into effect on January 1, 2022. Earlier, it was the responsibility of the restaurants to do the same. It did seem pretty fair though, given that restaurants were the ones actually serving the customers while these new age platforms only facilitated online ordering. But it is what it is and the tax experts are not too impressed with it. The partners of renowned law and consultancy firms agreed that taxing platforms like Zomato and Swiggy was not the right way to go about this. “Are we asking Amazon and others to pay the tax? No, because we understand that separate from where there is a buy and sell,” EY’s Bipin Sapra said, adding that food delivery platforms work in a similar manner. But before we form an opinion about it, it is important to understand what this hullabaloo is all about. ‘It’s transfer of responsibility, not an add on tax.’ A customer pays a GST of 5% on each order they place, whether for dine-in or at-home delivery. The restaurants collect this GST because it is the one providing the services/product to the customers directly. The Indian government has now decided that restaurants would not be the ones collecting the taxes on online orders accepted through apps like Zomato and Swiggy. Instead, these food aggregator businesses will be the ones doing so. “They've actually said that these electronic commerce operators would be paying the tax on behalf of restaurants that are supplying customers through their platform. It is like a transfer of responsibility. The restaurant is not required to pay that, but yes they will continue to pay the tax for the offline sales,” PwC’s Anita Rastogi said in an exclusive interaction with Business Insider. Therefore, it doesn't really have much of an implication on customers in many cases as the GST rate stays the same. In some, it does. ‘I already pay GST on order, why do I care who collects it?’ While the government of India is yet to issue further clarification on the new GST norms for Zomato and Swiggy, the current facts have actually made the platforms quite redundant. If restaurants are not supposed to collect GST on online orders, does this mean that placing an order directly from the restaurants will be cheaper than placing it through these platforms? “If I order from a dhaba [roadside restaurant] next door and there is a 5% tax that Zomato charges, but if I call him directly, I don't have to pay 5% tax... Then that brings in inefficiencies and then takes away the whole purpose of having these platforms who are pushing the smaller players to reach a bigger audience,” Chilana &amp; Chilana Law Office’s Sandeep Chilana said. Even the tax experts or the platforms themselves are not too sure about how the government plans to play it out. Both Zomato and Swiggy have <a href="https://economictimes.indiatimes.com/tech/startups/swiggy-zomato-reach-out-to-govt-for-clarity-on-gst/articleshow/86439373.cms" data-type="tilCustomLink">reportedly</a> reached out to the government, seeking more details on the GST being levied on them. They are worried that this could lead to tax cascading (tax on tax). Abhishek Rastogi, partner at Khaitan &amp; Co, also raised similar concerns. There is one thing for sure — you will have more tax on your plate now. Earlier, restaurants below certain thresholds were exempted from paying GST on online or dine-in orders. Thanks to the new policies, even those restaurants would be under the tax next and ordering from your nearest dhaba will get more expensive. ‘This is precisely why the government took this up’ Despite the increase in online ordering, the government of India has not been able to fill up its treasury at the same rate. “These restaurants were required to take the GST and pay the tax to the government, but somewhere down the line — through technology, artificial intelligence, etc — many of the restaurants are not paying this particular tax to the government,” Rastogi said. As per the <a href="https://www.business-standard.com/article/economy-policy/5-gst-on-food-delivery-apps-fuel-to-stay-out-of-ambit-key-decisions-121091701376_1.html">estimates</a>, the tax loss to government due to alleged under-reporting by food delivery aggregators is ₹2,000 crore over the past two years. ‘But is there any way out?’ “The simplest solution which can be implemented as soon as possible was tax collected at source (TCS),” Rastogi added. Tax collected at source (TCS) is the tax payable by a seller, which he collects from the buyer at the time of sale. Platforms like Zomato and Swiggy are liable to pay TCS of 1%, which highlights that the government had already taken cognisance of the issue. The experts agree that increasing the TCS was a much simpler and faster way to go about things here, instead of introducing a new tax altogether. SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/south-koreas-crypto-regulations-are-tightening-around-investors-and-exchanges-alike/articleshow/86426452.cms">South Korea’s crypto regulations are tightening around investors and exchanges alike</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-and-space-technologies-ipo-gets-blockbuster-demand-from-investors/articleshow/86422668.cms">Paras Defence and Space Technologies IPO gets blockbuster demand from investor</a> <a href="https://www.businessinsider.in/business/news/experts-say-karnatakas-ban-on-games-of-chance-like-dream11-and-mpl-may-face-a-legal-test/articleshow/86419697.cms">Experts say Karnataka’s ban on games of chance like Dream11 and MPL may face a legal test</a>

India needs to review how it wants to extract tax from Zomato and Swiggy

The <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-Department" source="Orion">income tax Department</keyword> has enabled the <keyword id="3321721" type="General" weightage="100" keywordseo="tax-audit" source="Orion">tax audit</keyword> utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed ₹10 crore, while in case of professionals, the limit was over ₹50 lakh in 2020-21 (AY 2021-22). The last date for filing the <keyword id="2519161" type="General" weightage="20" keywordseo="tax-audit-report" source="Orion">tax audit report</keyword> for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was ₹5 crore for businesses and ₹50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia &amp; Co LLP Director, <keyword id="12398807" type="General" weightage="20" keywordseo="audit-assurance" source="Orion">Audit &amp; Assurance</keyword>, <keyword id="4734094" type="General" weightage="20" keywordseo="Shalu-Kedia" source="Orion">Shalu Kedia</keyword> said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year (AY) 2021-22 (pertaining to fiscal 2020-21). "Many of the corporate assessees were also waiting for the utility to go live as they had to revise their tax audit reports for AY 2020-21 (FY 2019-20) to rectify errors in original tax audits reports and file a suitable response against demands arising on account of mismatches in tax audit reports and tax returns for AY 2020-21," Kedia said. AMRG &amp; Associates Director – Direct &amp; International Tax Om Rajpurohit said after prolonged postponement, the CBDT has finally enabled the Tax Audit utility on October 26. "However, this delay has resulted in an unnecessary interest burden for the taxpayers who usually finalize their tax due and file their tax return on time once the tax audit report is filed. Though, for such a class of taxpayers who are yet to start their ITR filing process owing to extended due dates, this is a welcome step," Rajpurohit added. AKM Global, Director-Tax and Regulatory, Sandeep Sehgal said "since the due date for filing of tax audit stands extended to January 15, 2022, this will allow sufficient time to auditors and taxpayers to ensure orderly filing, and also identify and report any glitches encountered during the process." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/snapchat-reaches-100-million-monthly-users-in-india/articleshow/87299727.cms">Snapchat reaches 100 million monthly users in India, partners with Flipkart, Zomato and MyGlamm for AR integrations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a>

Date for filing income tax returns extended to March 15, 2022

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

Government plans to tax cryptocurrency gains in Budget 2022

New Delhi, The <keyword id="76562" type="COMPANY" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) in a communication sent to Union Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> demanded <keyword id="2465241" type="PERSON" weightage="20" keywordseo="immediate-action">immediate action</keyword> against e-commerce entities including <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and others. "It is a case of daylight robbery of e-commerce entities in India and therefore demand immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT has accused Amazon, Flipkart, Zomato, Swiggy and various other e-commerce entities for violation of mandatory display of Country of Origin and Manufacturer, seller Details on products sold through their respective E-Commerce Portals as required under the Consumers Protection (E Commerce) Rules,2020, Legal Metrology (Packaged Commodities) Act, 2011 and guidelines of Food Safety &amp; Standards Authority of India. CAIT has asked Goyal to take action against E-commerce entities including Amazon, Flipkart, Zomato, Swiggy and others. "It is a case of daylight robbery of e-commerce entities in India and, therefore demands immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal in a communication to Goyal said that e-commerce entities conducting business in India including Amazon, Flipkart and others are highly violating the mandatory conditions spelled out in above Acts. "It is a pity that particularly in e-commerce every guidelines, Rules &amp; Regulations, Laws and policies are being flouted openly and no department has so far taken any cognizance of compliance issues resulting in a highly vitiated and mess like e-commerce trade of India," CAIT said. Bhartia and Khandelwal said that Rule 10 of Legal Metrology (Packaged Commodities) Rules, 2011 provide that e-commerce entities should have to display name and address of the manufacturer, name of the country of origin, common/generic name of the product, net quantity, best before/use by date (if applicable), maximum retail price, dimensions of the commodity, etc. This rule was introduced in June 2017 and provided a transition period of six months thereby its implementation from January 1,2018 but even after a lapse of three years, the above rules are not being complied by e-commerce companies prominently by Amazon, Flipkart, etc. Failure to make declarations as above will amount to selling non-standard packages and will invite penalty under the above said Act, including fine or imprisonment or both, CAIT said. Both trade leaders further said that similar obligations were imposed on e-commerce food business operators vide guidelines issued by the Food Safety &amp; Standards Authority (FSSAI) on February 2,2017. "But such FBOs like Zomato, Swiggy, etc. are not complying with the above rules," CAIT said. Bhartia and Khandelwal said that under Rule 4(2) of the Consumer Protection (E Commerce) Rules, 2020, it is provided that every e-commerce entity shall provide the following information in a clear and accessible manner on its platform, displayed prominently to its users, namely, legal name of the e-commerce entity, principal geographic address of its headquarters and all branches, name and details of its website, and contact details like email address, fax, landline and mobile numbers of customer care as well as of grievance office. Similar provisions are also spelled out in Press Note 2 of the FDI Policy, 2016. CAIT said no e-commerce entity has appointed a Nodal Officer as also complying with above provisions. Important rights of the consumers are being violated as they are not aware of the seller or description of the product at the time of purchase of products from e-commerce portals. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

<ul><li>The CAIT is seeking probe and has alleged that <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are avoiding a tax liability. </li><li>Meanwhile, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s troubles continue with hotel owners alleging unethical practices followed by the company. </li><li>Following the <keyword id="92417" type="ORGANIZATION" weightage="20" keywordseo="NRAI">NRAI</keyword>’s path, the Indian Hotel and Restaurant Association (AHAR), which has 8,000 members nationally is also claiming to have logged out of <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>. </li></ul>India’s biggest startups have been solving its systemic problems to build businesses. But the system has now started revolting and it could be another trouble that they have to solve. Startups like Oyo, Zomato, Amazon, Flipkart which have all disrupted traditional setup are now facing challenges that come with overtaking a market. Here’s a look at how trouble is brewing for the companies. Amazon and Flipkart Amazon and Flipkart are united in a rare case – where they both are facing a protest from the Confederation Of All India <keyword id="6371444" type="UNKNOWN" weightage="20" keywordseo="traders">Traders</keyword> (CAIT). While trader protests have been a part of the e-commerce journey so far in India, it has intensified with the CAIT now seeking a <a href="https://www.livemint.com/companies/news/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart-11574620469832.html">probe </a>against Amazon and Flipkart. The CAIT alleged that Amazon and Flipkart are evading tax. It said that the companies are selling products for much lower than their fair price value, thus avoiding a larger GST cost. “Since FDI is governed by the FEMA and the Reserve Bank of India, it is demanded that an another enquiry may also be initiated on pattern of receivable funding and its disbursement," CAIT <a href="https://www.livemint.com/companies/news/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart-11574620469832.html">said.</a> Earlier, the CAIT also organised a nationwide protest against the deep discounting of products on Amazon and Flipkart. OYO OYO brought Indian budget hotels online and shot to fame thanks to its many customers. But hotel owners who they work with are alleging that OYO’s practices are unethical. Recently, a Bengaluru hotelier filed a cheating case against Agarwal and six others claiming that the OYO hasn’t paid him his dues. According to the complaint, OYO was supposed to pay ₹7 lakh a month for room bookings but failed to do so since May 2019. OYO responded stating that it would fight back with a complaint against the hotelier for "using improper legal means to sensationalise a civil dispute and get attention". “This matter is currently sub-judice, and we are not at the liberty of commenting on specifics. Having said that, we strongly refute the claims made in the complaint that has been wrongfully filed against our founder and six other office bearers, based on false allegations and exaggeration on a regular commercial dispute,” the company said in a statement. The case of the Bengaluru hotelier is not isolated. Similar reports have surfaced from across the country against <a href="https://www.thenewsminute.com/article/why-many-hotel-owners-across-india-are-agitated-oyos-business-model-106154">OYO</a>. Zomato Indian foodtech unicorn has had a rough few months thanks to one of its bestselling features – Zomato Gold. The National Restaurant Association of India protested against the feature saying that Zomato advertised the ‘elite’ feature which turned out to be a mass product. This resulted in thousands of restaurateurs logging out of Zomato. The foodtech aggregator had shut down the logout movement by not offering discounts for its gold membership. However, it also extended the service for home delivery, where users could avail the 1+1 and 2+2 offers. Now, following the NRAI’s path, the Indian Hotel and Restaurant Association <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/8000-strong-hotels-body-to-shun-zomato-gold-delivery/articleshow/72215761.cms">(AHAR)</a>, which has 8,000 members nationally is also claiming to have logged out of Zomato because of Gold on delivery and other issues like unavailability of delivery executives.

Oyo, Zomato, Amazon, and Flipkart are chasing growth but the very foundation is shaking

<ul><li>Corporate entities will not be able to reduce their tax burden by claiming input tax credit on corporate social responsibility activities.</li><li>This could also lead to confusion amongst corporate entities since AARs of different states have given contrary rulings in this regard.</li><li>Earlier, Uttar Pradesh AAR had allowed <keyword id="12201693" type="General" weightage="20" keywordseo="ITC-on-CSR" source="Orion">ITC on CSR</keyword> activities, while Kerala AAR took the contrary position.</li></ul>Input tax credit allows registered entities under <keyword id="6354679" type="General" weightage="20" keywordseo="GST" source="Orion">GST</keyword> to claim credit on the goods and services tax (GST) that they have paid while purchasing goods or services, which can be offset from the GST that they have to pay after making sales. However, input tax credit (ITC) can’t be claimed on expenses made towards corporate social responsibility (<keyword id="6354502" type="General" weightage="20" keywordseo="CSR" source="Orion">CSR</keyword>) activities, according to a new order from the Authority for Advance Rulings (AAR) ruling in Gujarat. There are two other rulings from the same authority and one of those allows the input tax credit on CSR. According to the provisions of Companies Act, 2013, companies with a net worth of ₹500 crore or more, or turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more, will have to mandatorily spend on CSR activities. The spend should be a minimum of 2% of the average net profit of the past three years. <cmsannotation type="cmsannotation" annotationid="The root of the problem" comment="subhead" text="The root of the problem">The root of the problem</cmsannotation> The primary issue here is whether CSR activities can be construed as “in course or furtherance of business”, that is, whether they are fundamental for a company to continue its business activities. However, the GST provisions do not define what exactly that would entail. For this purpose, the applicant in this case, Adama India Pvt. Ltd., relied on the provisions of Companies Act, 2013, to state that CSR activities are mandatory as per law, and not undertaking them would cause harm to the business. This, the applicant says, entitles it to take ITC on CSR activities. However, the Gujarat AAR referred to the Companies (CSR Policy) Rules, 2014, to state that CSR activities are not covered in activities “in the course or furtherance of business”. It also cited the provisions of Companies (CSR Policy) Amendment Rules, 2021, which provide a definition of CSR that excludes it from normal business activities. Essentially, the GAAR ruled that since CSR is specifically excluded from the scope of normal business activities, the applicant cannot take ITC on CSR activities. According to Ayush Mehrotra, one of the partners at Khaitan &amp; Co., this is likely to further increase litigation in GST. “The GST framework is wide enough to inter alia include activities without pecuniary benefits and those which are incidental or ancillary to main business. As such, the present ruling will only cause further litigation on GST which was otherwise expected to be a simpler and straightforward framework,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="Contrary AAR rulings put corporates in a bind" comment="subhead" text="Contrary AAR rulings put corporates in a bind">Contrary AAR rulings put corporates in a bind</cmsannotation> Gujarat AAR’s ruling is in contrast to that of the Uttar Pradesh AAR, which allowed the applicant to take the credit of Goods and Services Tax (GST) paid by the company while purchasing goods to be used for CSR activities. However, it is in line with the Kerala AAR, which passed a similar ruling in the matter of Polycab Wires donating flood relief items. “It is also noteworthy to highlight that since this ruling is in contradiction to prior rulings issued by competent authorities in other states, the urgent need for a national authority is once again being felt to ensure certainty of legal position,” Khaitan added further. The exclusion of ITC on CSR activities will mean that corporate entities will not be able to reduce their tax burden by claiming <keyword id="12201691" type="General" weightage="20" keywordseo="GST-input" source="Orion">GST input</keyword> credit. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/swiggy-tightens-focus-on-grocery-delivery-as-zomato-steps-out/articleshow/86582683.cms">Swiggy tightens focus on grocery delivery, as Zomato steps out</a> <a href="https://www.businessinsider.in/policy/legal/news/sc-landmark-ruling-in-the-samsung-heavy-industries-case-could-have-a-positive-effect-on-ease-of-doing-business-in-india/articleshow/77148341.cms">Supreme Court’s landmark ruling in the Samsung Heavy Industries case could have a positive effect on ease of doing business in India</a> <a href="https://www.businessinsider.in/policy/legal/news/these-are-the-common-laws-that-you-may-be-inadvertently-breaking-in-india/slidelist/76638782.cms">These are the common laws that you may be inadvertently breaking in India</a>

Can you claim input tax credit on CSR expense ⁠— three authorities have two different rulings

<ul><li>The recently concluded <keyword id="12648502" type="General" weightage="20" keywordseo="ipl-2023" source="Orion">IPL 2023</keyword> saw a 7% spike in food ordering, claims a report by Redseer. </li><li>Food ordering shot up 14% in Tier 2+ cities – that’s over 2X more than metros and Tier 1 cities. </li><li>Bulk order discounts will still help the market grow, says Redseer. </li></ul>It’s 7:30 pm… Chennai Super Kings are going to take on the Mumbai Indians… sixes and fours are going to flow… time for some munchies? A report by Redseer has found that food delivery platforms like Zomato and Swiggy rode the <keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword> wave to their benefit and in the process facilitated sale of ‘side dishes’ the most, especially in tier-2 cities. A closer look at the report shows that pan-India the growth in food ordering due to IPL this time around has been only a modest 7%. For context, during the IPL seasons of 2018 to 2020 – before the Covid-19 disruption, the spike was anywhere between 43-52%. It is noteworthy that in that phase food delivery platforms like Swiggy and Zomato were much more aggressive in their customer acquisition campaigns which spanned from high-decibel prime time TV ads to offering exciting discounts. This time around, however, most of them are in retrenchment mode with a focus on profitability and opted for subtle and low-key strategies. Kushal Bhatnagar, associate partner at Redseer Strategy Consultants says that during the IPL seasons from 2017 to 2020, online food delivery giants offered discounts ranging between 50-60% across a wide array of restaurants, integrated their offerings with OTT platforms, and created customised advertisements for maximum impact. “These efforts even led to a spike of more than 50% in the IPL 2020 season. However, in the 2023 IPL season, there was a noticeable change in approach”, he added. The silver lining: Tier2+ cities wake up to the party Bharat or the Tier-2 cities’ love for all things new has come as a rescue in these times. Food ordering in this segment grew more than twice the rate seen in metros and Tier 1 cities. While the growth was at 6% in metro and Tier 1 cities, it was at 14% in Tier 2+ cities indicating the creation of new use cases amongst nascent users during the event. Also, group watching of IPL was one the triggers that led most people to order food online. “During the IPL, we go to our relatives’ house, which is nearby, and watch the match together. Since there are so many of us, we order some snacks to eat while watching the match,” a Tier 2 consumer was quoted as saying in the report. Such consumers, Redseer believes, can be targeted via bulk order discounts. Nascent online food ordering consumers’ outside food occasions typically involve group orders like relative, friends, family visits, the report says. Another Tier 2 consumer said that his wife, who is an IPL fan, was too engrossed in the match – and that led to food ordering. Redseer believes that most users in Tier 2+ markets stay in a joint family system and any ordering is governed at a family level. They can be targeted with family campaigns. Mature urban consumers prefer to order the main course of food online – indicated by the fact that biryani has always been the most popular dish ordered online. But that’s not the case with the new and emerging markets – they can be brought into the fold with complementary cuisine. “Complementary cuisines such as dessert and snacks are preferred by these consumers, and they can be tapped via focused campaigns and right supply,” Redseer says. Apart from campaigns, online food delivery giants will also have to build a supply of restaurants and suppliers who can take care of these consumers’ need for the ‘extras’ that will enhance their regularly home-cooked meals. SEE ALSO <a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms">Indians want to spend the ₹2,000 note but it doesn’t look easy</a> <a href="https://www.businessinsider.in/business/startups/news/angel-tax-changes-to-cheer-investors-aid-late-stage-funding-say-experts/articleshow/100422848.cms">Angel tax changes to cheer investors, aid late-stage funding say experts</a>

IPL nail biters, munchies and the demand for ‘sides’

The Enforcement Directorate (ED) has told Delhi High Court through an affidavit that <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> India indulged in money laundering to destabilise the financial system and challenge the integrity and sovereignty of the country. The affidavit was filed before the Delhi High Court last week. The anti-money laundering agency has said in the affidavit that they were scanning the suspicious financial transactions of 22 firms owned by Hongkong based foreigners and entities. These firms transferred huge money to China. It is also probing a money laundering case against Grand prospect International Communication private limited, a Jammu and Kashmir based distributor of Vivo. The firm was reportedly incorporated on the basis of forged documents and it was claiming to be a subsidiary of Vivo India. The firm used an email peter.ou@vivoglobal.com, indicates connection with Vivo India and it is in record of Ministry of Corporate Affairs. Delhi-based Chartered Accountant firm had helped in incorporating J&amp;K based firm. This firm has been in touch with Vivo India since 2014. The ED has mentioned that Vivo India incorporated 22 firms in different states which allegedly laundered money. The Delhi based CA firm helped Vivo India in incorporating 22 firms. Earlier, Vivo India had said that they were following all rules of the land of India. Chinese smartphone company Vivo's top executives, directors Zhengshen Ou and Zhang Jie, had fled from India via Nepal. In February, the ED initiated a Prevention of Money Laundering case against them on the basis of an FIR lodged with Kalkaji Police Station of Delhi under sections 417, 120B and 420 of IPC, 1860 against Grand Prospect International Communication Private Limited (GPICPL) and its Director, shareholders and certifying professionals etc on the basis of complaint filed by Ministry of Corporate Affairs. As per the FIR, GPICPL and its shareholders had used forged identification documents and falsified addresses at the time of incorporation. The allegations were found to be true as the investigation revealed that the addresses mentioned by the directors of GPICPL did not belong to them, but was a government building and house of a senior bureaucrat. ED has said that out of the total sale proceeds of Rs 1,25,185 crore, Vivo India remitted Rs 62,476 crore. i.e, almost 50 per cent of the turnover is out of India, mainly to China. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">Zomato tanks 14% wiping out ₹1,000 crore investor wealth – here’s what is happening</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-calculate-income-tax-on-stock-market-earnings/articleshow/93055335.cms">How to calculate income tax on stock market earnings</a>

You Searched For "zomato tax case" and got 10 results

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

Ira Alok Puranik

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

BI India Bureau

India needs to review how it wants to extract tax from Zomato and Swiggy

Kritti Bhalla

Date for filing income tax returns extended to March 15, 2022

PTI

Government plans to tax cryptocurrency gains in Budget 2022

PTI

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

IANS

Oyo, Zomato, Amazon, and Flipkart are chasing growth but the very foundation is shaking

Sanchita Dash

Can you claim input tax credit on CSR expense ⁠— three authorities have two different rulings

Rounak Jain

IPL nail biters, munchies and the demand for ‘sides’

Katya Naidu

ED to Delhi court: Vivo indulged in money laundering, challenged the integrity and sovereignty of the country

IANS

Popular Keywords

Buying Guides