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New Delhi: As of Thursday, October 26, corporate guarantees between related organisations, such as parent companies and subsidiaries, would be subject to the Goods and Services Tax (GST), according to the Central Board of Indirect Taxes and Customs (CBIC). The decision made by the GST Council on October 8th is put into effect by this … Read more
A government official stated on Wednesday that online gambling platforms and casinos have received show-cause notices to recover over ₹1 trillion in goods and services tax (GST). However, the amount to be recovered will depend on the Supreme Court’s decision regarding the dispute. By the end of September, the notices had been sent. The official, … Read more
At the moment, compared to people with more modest incomes, billionaires frequently pay significantly less in personal taxes. They accomplish this by putting their money in shell corporations, which protect them from income tax, as the EU Tax Observatory’s 2024 Global Tax Evasion Report emphasises. As part of worldwide efforts to combat tax evasion, the … Read more
A word of caution Forms GST REG-10 and GSTR-5A must be completed by anyone providing online money gaming services, OIDAR services, or both. According to recent changes made to the CGST/SGST Act, the IGST Act, and the CGST/SGST Rules, anyone outside of taxable territory who supplies online real money gaming to someone inside taxable territory … Read more
The Income Tax Department conducted a thorough search and seizure operation across the states of Karnataka, Andhra Pradesh, Telangana, and New Delhi on October 12, 2023. The operation exposed a complicated web of tax fraud and financial irregularities by focusing on real estate developers, government contractors, and their associates. This article explores the operation’s specifics … Read more
In a recent event, the scenic Kashmir Valley was the site of an enormous search and seizure operation by the Income Tax Department. An established commercial conglomerate with holdings in a number of industries, including cement, steel, glass, plywood, real estate, tourism, textiles, and healthcare was the focus of this operation. On October 9, 2023, … Read more
Data on Direct Tax Collections for the fiscal year 2023–24 up to October 9, 2023, was recently made available by the Ministry of Finance. The numbers show a significant increase in tax collections, which is encouraging for the nation’s economy. We will examine the specifics of this data in this piece, concentrating on the rise … Read more
Within the framework of its continuous fight against corruption, the Central Bureau of Investigation (CBI) has made substantial progress. Four Central Goods and Services Tax (CGST) employees, including two Superintendents, an Inspector, and a Tax Assistant, were recently detained on suspicion of participating in a bribery scam for Rs 25,000. This probe was brought on … Read more
Reliance General Insurance Company (RGIC), the jewel in the crown of Reliance Capital Ltd, has received four show cause warnings from the Directorate General of GST Intelligence (DGGI) for GST debts totaling 922.58 crore, according to reports on October 8. One of the four notices, according to sources cited by news agency PTI, relates to … Read more
The establishment of a 28% tax on internet gambling is also anticipated to be discussed by the Council. A person with knowledge of the matter said that the Goods and Services Tax (GST) Council meeting on Saturday will discuss loosening the requirements for selecting members for the planned 31 GST appellate tribunals so that these … Read more