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India steady amid levy, GST kitty up 6.5% in August
Economic Times
·
6h ago
Medial
In August, India's GST collection rose by 6.5% compared to the previous year, despite a decline in vehicle sales and lower import-generated revenues. Domestic GST rose by 9.6%, indicating robust demand, while UPI transactions surpassed 20 billion for the first time. Manufacturing reached a 17-year high, power consumption increased by 4.3%, and the GDP grew by 7.8% in Q1. Economists caution against risks from US tariffs affecting future growth.
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Tax experts welcome scrapping 2% equalisation levy on foreign digital service providers
Economic Times
·
1y ago
Medial
The 2% equalisation levy on digital companies, online education providers, and SaaS providers without a permanent physical presence in India will be abolished on August 1. The levy aimed to create a level playing field for Indian ecommerce companies. Its abolition will likely lead to better tax compliance and was applauded by taxation experts. However, the removal of the levy may pose challenges for Indian companies offering online travel booking services. The move aligns with India's commitment to withdraw the levy as part of the OECD's Pillar Two solution. Questions remain about its applicability for July.
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Budget 2024 should allow refund of excess taxes paid under CGST
Money Control
·
1y ago
Medial
The GST Council has recommended the insertion of a new provision in the Central Goods and Services Tax Act to regularize the non-levy or short levy of GST in cases where tax has not been paid or was underpaid due to common trade practices. The provision aims to provide relief and guidance to businesses and reduce litigation. It is inspired by a similar provision in the Central Excise Act. The regularisation process under GST does not allow taxpayers who have paid higher taxes to claim refunds, unlike under the central excise regime. Immediate attention will be required for issuance of notifications once the new provision is introduced.
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28% GST Effect: Monthly Tax Collections From Online Gaming Platforms Jump To INR 1,200 Cr
Inc42
·
1y ago
Medial
The Indian government has reported a significant increase in monthly GST collections from online gaming platforms since imposing a 28% tax levy in October 2023. Revenues have soared more than 400%, bringing in around INR 1,200 Cr per month. The decision to impose the tax came amid concerns over illegal overseas online gaming sites, with no new platforms reportedly registering in the country since October 2023. Tax officials are facing challenges as these platforms change VPNs and website addresses to evade authorities.
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28% GST on online gaming comes into effect tomorrow
Economic Times
·
1y ago
Medial
India has implemented a 28% Goods and Services Tax (GST) levy on online gaming, effective from October 1. Despite some state governments not passing the necessary legislation, the new regime will come into effect as planned. A detailed notification has been issued specifying the implementation date and applicable rules.
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Madras HC upholds Tamil Nadu’s restrictions on real money games
Economic Times
·
2m ago
Medial
The Madras High Court upheld Tamil Nadu's restrictions on real money games, including a ban on gameplay during midnight to 5 am and mandatory Aadhaar verification. Gaming companies challenged these under the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022. The court affirmed the state's regulatory authority based on public health and trade provisions. Additionally, the sector faces a 28% GST levy, with scrutiny over tax evasion amid its significant economic footprint.
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Offshore gaming apps lure users with ‘No GST’ carrot
Economic Times
·
1y ago
Medial
Offshore gaming apps are enticing users by advertising that bets placed on their platforms would not face any GST, following the recent notification of a 28% GST levy for real-money gaming (RMG) apps in India. These offshore apps have increased their advertising efforts on social media platforms, engaging social media influencers to promote their offerings. Several state agencies are currently investigating around 100 offshore gaming applications, which are suspected to be causing financial insecurity and routing funds through hawala and cryptocurrency channels.
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India bonds flat ahead of weekly debt supply
Economic Times
·
4d ago
Medial
Indian government bonds remained steady as traders awaited a major debt sale of 320 billion rupees ($3.66 billion). The benchmark 10-year bond yield slightly declined from its previous high, standing at 6.5926%. Concerns persist about oversupply and demand dynamics amid hopes for central bank intervention. Short-end overnight index swap rates dipped, reflecting expectations of intervention. The market faces pressure from increased government debt supply following GST cuts, impacting fiscal stability.
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GST Council likely to deliberate on exemption of health, life insurance on Sept 9
Money Control
·
12m ago
Medial
The GST Council is set to discuss the exemption of health and life insurance from the 18% GST levy at its meeting on September 9. The proposal is being examined by the Council's Fitment Committee, which evaluates rate rationalization suggestions. The decision will need to consider the potential revenue loss, and the committee's analysis and recommendations will play a crucial role in shaping the Council's final decision. Union Minister for Road, Transport and Highways Nitin Gadkari has formally appealed for the withdrawal of GST on life and medical insurance premiums, emphasizing that taxing these essential services restricts their accessibility and growth.
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Infosys to invest up to ₹17 crore in spacetech startup GalaxEye
Inshorts
·
11m ago
Medial
Infosys on Thursday announced it will invest up to ₹17 crore in spacetech startup GalaxEye. The IT major will acquire a minority shareholding, not exceeding 20%, in the startup. Incubated at IIT Madras and based out of Bengaluru, GalaxEye is building multi-sensor imaging satellites. It raised $6.5 million from Mela Ventures, Speciale Invest and other investors in August.
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Another casualty of 28% GST? MPL-backed Striker to shut operations
Inc42
·
1y ago
Medial
MPL-backed fantasy gaming platform Striker is reportedly shutting down its operations due to the 28% GST levy on the online gaming sector. Founded in 2022, Striker allowed users to collect and trade digital collectibles and cards focused on cricket. The platform faced legal challenges and adverse regulations before the GST decision, which added to its troubles. No timeline for the shutdown or information on the fate of its employees has been provided. Striker is not the only platform affected by the GST, as others have temporarily shut down or implemented cost-cutting measures. In the midst of this, MPL has acquired NFT marketplace Good Game Exchange for $12.75 million.
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