Online money gaming companies in India may have to pay about ₹45,000 crore ($6 billion) in additional taxes as they may have paid only 18% on gross gaming revenue, being games of skill, instead of the 28% prescribed in law since the rollout of the GST in 2017. According to officials from the Directorate General of GST Intelligence (DGGI), the gaming industry paid ₹45,000 crore less tax and could owe about ₹50,000 crore.
CBIC is planning to use geotagging for verification in the Goods and Services Tax (GST) registration process. This move aims to prevent the creation of fake office spaces for verification purposes. The CBIC is also considering biometric authentication for suspicious or risky registrations. The board has already initiated a pilot program in some states, and if successful, the report may be submitted to the GST Council for approval.
"We are thinking of some other measures and we will take them through the due process of the law committee and GST Council," Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri told media persons on the sidelines of a Confederation of Indian Industry event, without divulging any further details about the measures.
The insurance industry had approached the revenue department in the first week of April seeking a lenient view of the industry-wide commission practice and not to treat these violations as wilful evasion. In a letter to the department signed by 22 insurers and intermediaries, the industry also sought relief from the frequent summonses and the large penalties imposed.
The export duty exemption for petrol, diesel and aviation turbine fuel will continue. The duty will be effective May 2, according to a notification issued by the Central Board of Indirect Taxes and Customs.
GST law in India is complex and to an extent ambiguous, and we have seen that businesses have suffered due to lapses made in assessment and other compliances.
The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore. On the direct tax side, the official said, "The RE was quite steep. we are expecting a shortfall. The net collections could be between Rs 15-15.5 lakh crore."
In the absence of the GST Appellate Tribunal, the taxpayers were devoid of any direct remedy and had to approach High Courts. CBIC has now submitted before the Bombay High Court that it will not oppose or block any tax litigation if a taxpayer is willing to file an appeal in the HCs through e-filing. Here is a report on how significant is this move and what questions it follows:
The Central Board of Indirect Taxes and Customs (CBIC) is considering allowing e-filling of petitions from aggrieved taxpayers as the setting up of GST Appellate Tribunals (GSTAT) may take another 10 months despite a green signal by the GST Council.
Last Union Budget before the General Elections next year was tabled in the Parliament amidst significant anticipation. The Budget aims to tick as many boxes as it could, without derailing the Government finances. The tax proposals intend to provide something to everyone, from industry to the middle classes, farmers, youth, women, and various social groups in line with vision of an inclusive growth.
The Central Board of Indirect Taxes and Customs (CBIC) will come out with a list of 'identified goods', which will be subject to stricter scrutiny for their true value. As per the rules, two committees will be constituted -- a screening committee for a preliminary examination of 'identified goods' and an evaluation committee for a detailed examination.
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