The Indian online gaming industry is at a critical juncture, with Dream11 co-founder and CEO raising concerns over the government’s retrospective GST demands exceeding ₹1.1 lakh crore. He warned that if the Centre continues to insist on the tax recovery, most companies in the sector will shut down. Dream11, India’s most valuable gaming company, itself …
Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday that the average indirect tax under the Goods and Services Tax (GST) has significantly reduced since its rollout. She stated that the average tax under the previous indirect tax regime was 15.8%, while under GST, it has now come down to 11.3%. GST Rates …
In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods. The investigation has revealed the misuse of the Input Tax Credit (ITC) mechanism, causing a loss of nearly Rs 99.30 …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 244/01/2025-GST on January 28, 2025, clarifying the GST treatment on co-insurance and reinsurance transactions, based on the 53rd GST Council meeting held on June 22, 2024. Based on the recommendations of the GST Council in its 53rd meeting held …
The GST Portal has now enabled the functionality to file the Letter of Undertaking (LUT) for the Financial Year 2025-26. Exporters and suppliers to Special Economic Zones (SEZ) must renew their LUT annually, as the existing LUT for FY 2024-25 will expire on March 31, 2025. Why Filing LUT is …
Advisory on Business Continuity for e-Invoice and e-Waybill Systems Dear Taxpayers, This advisory is issued to highlight the alternate mechanisms and business continuity plans available for both the e-Invoice and e-Waybill systems. If you have not integrated these alternate mechanisms into your existing systems or are …
Central tax authorities have intensified efforts to combat Goods and Services Tax (GST) evasion in Gujarat, with Finance Minister Nirmala Sitharaman revealing significant enforcement actions in the Rajya Sabha on Tuesday. From FY 2021-22 to FY 2024-25 (up to October 31, 2024), 12,803 cases of GST …
India’s GST revenue for November 2024 recorded a significant growth of 8.5% compared to November 2023, reaching a total of ₹1,82,269 crore. This steady rise underscores robust economic activity and improved compliance under the indirect tax regime Key Highlights of November 2024 GST Revenue Gross Revenue: CGST: ₹34,141 crore (up …
The Kerala GST Department, through Circular No. 21/2024-Kerala SGST issued on November 18, 2024, has introduced a revised framework for adjudicating show cause notices (SCNs) under the Kerala SGST Act, 2017. This update aims to streamline the adjudication process, ensuring consistency and efficiency in handling SCNs. Adjudication …
Kerala’s houseboat owners facing uncertainty as the GST office demands 18% GST from houseboat owners with a retrospective effect from 2017, causing uncertainty for owners in Alappuzha, Kochi, and Kumarakom Houseboat owners have been paying 5% GST based on Central GST office assurance since 2017. A …
