14 Jul 2023 05:44 PM
New

Compensation cess: How it affects your utility vehicle buying plans

Source: https://www.livemint.com/auto-news/compensation-cess-and-your-uv-buying-plans-11689271331662.html

If you are planning to buy an SUV (sport utility vehicle) or MUV (multi-utility vehicle) the GST Council’s decision to change the definition of UVs that attract a compensation cess of 22% may have implications. Mint explains the changes and the impact on buyers.

14 Jul 2023 05:50 PM
New

Data recap: Poverty report, gaming tax, inflation

Source: https://www.livemint.com/news/india/data-recap-poverty-report-gaming-tax-inflation-11689269333549.html

Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. North India has been battered by rains this week. The revised indirect tax rules on online gaming are likely to choke the industry. Retail inflation rose more than expected in June. A new global poverty report indicated some cheer for India.

14 Jul 2023 05:52 PM
New

Big traders exit gaming stock Delta Corp as GST rates rise

Source: https://www.livemint.com/market/stock-market-news/mumbai-gaming-company-hit-hard-as-clients-close-positions-after-gst-rate-hike-stock-plunges-23-11689273434155.html

Six out of seven clients closed their large derivatives positions in Delta Corp. after the Indian GST Council raised GST rates on gaming and casinos.

14 Jul 2023 05:55 PM

Govt may seek cut in ghee, butter GST

Source: https://www.livemint.com/economy/govt-may-seek-cut-in-ghee-butter-gst-11689274913933.html

NEW DELHI : The government may propose reducing goods and services tax (GST) on ghee and butter to 5% from the current 12%, according to government documents reviewed by Mint.

14 Jul 2023 05:58 PM

Recovery of tax dues from gaming firms after SC order: CBIC chairman

Source: https://www.livemint.com/economy/recovery-of-tax-dues-from-gaming-firms-after-sc-order-11689275210136.html

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.

14 Jul 2023 06:01 PM

PVR Inox share price may see 40% upside on improved revenue outlook; here's why

Source: https://www.livemint.com/market/stock-market-news/pvr-inox-share-price-may-see-40-upside-on-improved-revenue-outlook-heres-why-11689315907036.html

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.

14 Jul 2023 06:04 PM

Govt plans 100 mt coal gasification by 2030, draws ₹6,000 crore scheme

Source: https://www.livemint.com/industry/energy/govt-plans-100-mt-coal-gasification-by-2030-draws-rs-6-000-crore-scheme-11689326292253.html

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

13 Jul 2023 04:35 PM

Our GST regime needs a return to factory setting

Source: https://www.livemint.com/opinion/online-views/our-gst-regime-needs-a-return-to-factory-setting-11689174930836.html

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

Source: https://www.livemint.com/market/mark-to-market/multiplex-operator-pvr-inox-gets-respite-as-gst-council-sets-5-tax-rate-for-food-and-beverages-consumed-at-cinema-halls-11689181312189.html

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.

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.