26 Sep 2023 05:30 PM
New

The ghost of Vodafone's retro taxation returns to haunt India's gaming sector

Source: https://www.livemint.com/opinion/online-views/back-taxes-could-bury-india-s-gaming-sector-11695723230194.html

The spate of notices served by the Directorate General of GST Intelligence to online real-money gaming companies over goods and services tax dues of about ₹55,000 crore are reminiscent of the Vodafone direct-taxes saga. The notices include a GST notice for over ₹25,000 crore to fantasy sports platform Dream11, according to a report in the Economic Times, which also said the total demand could be ₹100,000 crore or more.

25 Sep 2023 05:32 PM
New

GST evasion case: More than 100 online gaming firms likely to be investigated, says report

Source: https://www.livemint.com/news/india/gst-evasion-case-more-than-100-online-gaming-firms-likely-to-be-investigated-report-11695632826613.html

In a move to increase their hold against tax evasion by online gaming companies, now officials are looking to launch investigations against 100 more online gaming firms for eveasion of GST as reported by Business Today.

25 Sep 2023 05:25 PM
New

Northeast biggest beneficiary of GST: Nirmala Sitharaman

Source: https://www.livemint.com/news/india/northeast-biggest-beneficiary-of-gst-nirmala-sitharaman-11695534891463.html

Sitharaman said that the northeast has benefitted from the emphasis given by the government on infrastructure creation and connectivity improvement

23 Sep 2023 05:55 PM

Why Delta Corp shares will be in focus next week — explained

Source: https://www.livemint.com/market/stock-market-news/why-delta-corp-shares-will-be-in-focus-next-week-explained-11695430237532.html

Stock in focus: Delta Corp shares will be in focus next week as the Indian casino major has received intimation for payment of shortfall tax to the tune of ₹11,139 crore ( ₹1,11,39,61,03,423 exact figure). The Directorate General of GST Intelligence, Hyderabad has issued notice to the company in this regard. Delta Corp informed about the receipt of intimation in its exchange filing on Friday.

22 Sep 2023 06:09 PM

Advisory on Issue of B2B e-Invoices for Government Supplies

Source: https://taxguru.in/goods-and-service-tax/advisory-issue-b2b-e-invoices-government-supplies.html

The National Informatics Centre has issued a crucial clarification regarding the issuance of Business-to-Business (B2B) e-invoices for supplies made to government departments or agencies. This clarification aims to provide insights into the applicability of e-invoicing rules and compliance for transactions involving government entities.

22 Sep 2023 06:01 PM

Axis Bank launches ‘NEO for Business’. What is it? Features, and other details here

Source: https://www.livemint.com/industry/banking/axis-bank-launches-neo-for-business-what-is-it-features-and-other-details-here-11695365229011.html

Axis Bank has launched ‘NEO for Business’: The platform offers a range of features including digital self-onboarding, bulk payments, GST-compliant invoicing, and payment gateway integration.

21 Sep 2023 05:49 PM

Liquidity deficit hits ₹1.46 tn

Source: https://www.livemint.com/news/india/liquidity-deficit-hits-1-46-tn-11695224314388.html

Banks’ borrowing from the Reserve Bank of India through the marginal standing facility window also stood higher at ₹ 1.97 trillion. MSF is a window for banks to borrow from RBI when interbank liquidity dries up.

21 Sep 2023 05:53 PM

GST Network new ledger for ITC reversal and reclamation: How it works? Steps that taxpayers need to take

Source: https://www.livemint.com/money/personal-finance/gst-network-new-ledger-for-itc-reversal-and-reclamation-how-it-works-steps-that-taxpayers-need-to-take-11695262294307.html

In a bid to simplify compliance and provide better visibility to the regulator, the Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the Input Tax Credit (ITC). Known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input tax credit that has been reversed and reclaimed on a particular date.

21 Sep 2023 05:59 PM

Advisory on Issue of B2B e-Invoices for Government Supplies

Source: https://taxguru.in/goods-and-service-tax/advisory-issue-b2b-e-invoices-government-supplies.html

The National Informatics Centre has issued a crucial clarification regarding the issuance of Business-to-Business (B2B) e-invoices for supplies made to government departments or agencies. This clarification aims to provide insights into the applicability of e-invoicing rules and compliance for transactions involving government entities.

20 Sep 2023 05:31 PM

Advisory: Geocoding Functionality for Additional Place of Business

Source: https://taxguru.in/goods-and-service-tax/advisory-geocoding-functionality-additional-place-business.html

Goods and Services Tax Network (GSTN) announces the activation of geocoding functionality for the “Additional Place of Business” address across all States and Union Territories. This development builds upon the successful implementation of geocoding for the principal place of business, a feature introduced in February 2023. To ensure transparency, consistency, and accuracy, GSTN has geocoded over 2.05 crore addresses for both principal and additional places of business to date, with new addresses being geocoded since March 2022 at the point of registration.