- 14 Jul 2023 05:58 PM
- New
Recovery of tax dues from gaming firms after SC order: CBIC chairman
NEW DELHI : Goods and services tax (GST) authorities will attempt to recover the tax demands made to a few online gaming platforms, including Gameskraft Technologies Pvt. Ltd only after the Supreme Court (SC) gives its final verdict on the tax dispute, Central Board of Indirect Taxes and Customs (CBIC) chairperson Vivek Johri said in an interview.
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- 14 Jul 2023 06:01 PM
- New
PVR Inox share price may see 40% upside on improved revenue outlook; here's why
In response to goods and services tax - GST Council modification on food and beverages (F&B) taxes, domestic brokerage Nuvama Institutional Equities stated in its research report that the route forward for PVR Inox seems sentimentally favourable due to two main factors, that is council decreasing GST on F&B (from 18% to 5%) at cinema halls - P&L is unaffected, but the GST dispute's hangover is removed. Second, there are several films scheduled for release.
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- 14 Jul 2023 06:04 PM
- New
Govt plans 100 mt coal gasification by 2030, draws ₹6,000 crore scheme
A comprehensive scheme amounting to ₹6,000 crore is under consideration to promote coal and lignite gasification projects for both government PSUs and the private sector
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- 13 Jul 2023 04:35 PM
Our GST regime needs a return to factory setting
The complexity of decisions taken by the GST Council is enough to explain why we need a reset of this regime. Let’s get it back in harmony with its promise of ‘one country, one tax’
The Goods and Services Tax (GST) Council’s latest decisions highlight just how complex this tax regime has become. Multi-utility vehicles (MUVs) with a minimum length of 4,000mm, or engine size of at least 1,500cc, or ground clearance exceeding 170mm will now be treated like sport-utility vehicles (SUVs), thus attracting a cess of 22% instead of 20%.
- 13 Jul 2023 04:41 PM
GST clarity a breather for PVR Inox; content performance is key
Multiplex operator PVR Inox Ltd got some respite after goods and services tax (GST) council said food items and beverages (F&B) consumed at cinema halls will be taxed at 5%. Pre-booked snacks will also be taxed at the same rate. This provides tax rate certainty.
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- 13 Jul 2023 04:45 PM
Excess tax credit use to spur automatic notices
Source: https://www.livemint.com/economy/excess-tax-credit-use-to-spur-automatic-notices-11689188314929.html
The move has the potential to boost tax collections as businesses and traders may have to use cash payments where tax credits cannot be used.
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- 13 Jul 2023 05:17 PM
Steep tax will shrink prize pool, dissuade players, say gaming firms
The online real-money gaming (RMG) industry in India is reeling after the decision by the Goods and Services Tax (GST) Council to impose a 28% tax on the entire entry fee rather than just the platform fee. Industry associations and companies argue that this move will not only restrict cash flow, but also diminish players’ motivation to participate on legitimate sites, driving them towards illegal offshore betting companies.
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- 13 Jul 2023 05:20 PM
Utility vehicles may see price hikes but demand to be in top gear
Higher-end passenger vehicles (PVs) will likely see price hikes following changes in taxation rules by the GST Council, which has modified the definition of vehicles that will attract a compensation cess of 22%, additional to the 28% tax rate.
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- 13 Jul 2023 05:27 PM
Perverse incentives explain why GST is a confusing mess
The Goods and Services Tax (GST) Council recently decided to treat multi-utility vehicles (MUVs) with a minimum length of four metres, an engine size of at least 1,500cc, or a ground clearance exceeding 170 mm as sport-utility vehicles (SUVs). These vehicles used to attract 20% GST but will now attract 22% GST. MUVs that don’t match the prescribed criteria will continue to attract 20% GST.
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- 12 Jul 2023 05:29 PM
‘Gamers must not be taxed the same way as gamblers,’ E-sport body says on 28% GST proposal on online games
Ahead of the 50th GST Council meeting, the EPWA has warned that a proposed 28% GST on online gaming could discourage players and harm the industry.
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