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Multiple companies got GST notices this new year.
Livemint
·
1y ago
Medial
The Goods and Services Tax (GST) department has issued demand notices to several large companies, including the Life Insurance Corporation of India (LIC) and Hindustan Unilever, for pending GST dues and penalties. These notices have caused concern in the corporate world, impacting mergers and acquisitions as companies need to account for tax liabilities. The insurance and gaming industries have also received significant bills from the GST department. The surge in notices is attributed to a backlog of tax demands caused by relaxations during the COVID-19 pandemic.
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Related News
28% GST On Gaming: SC Schedules Final Hearing On July 25
Inc42
·
21d ago
Medial
The Supreme Court of India will hold a final hearing on July 25 concerning GST evasion allegations totalling INR 1.12 Lakh Cr against online gaming companies. These companies argue that the 28% GST on real money games is flawed and lacks legal basis since Rule 31A of the GST Rules did not comply with mandatory processes. The gaming platforms claim retrospective GST notices and unclear provisions violate tax principles, seeking revocation of these notices.
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After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint
Livemint
·
1y ago
Medial
Indian tax authorities may issue notices to other IT companies for alleged tax evasion related to work conducted by their overseas offices. This comes after Infosys was recently issued a ₹32,403 crore GST notice. Industry body Nasscom responded to the tax demand, stating that it reflects a lack of understanding of the IT sector's operating model and that multiple companies are facing unnecessary litigation and uncertainty. Infosys argued that GST payments are eligible for credit or refund against the export of IT services. Nasscom called for enforcement mechanisms to honour government circulars and prevent negative impacts on India's ease of doing business.
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Karnataka CM to engage commercial taxes dept as GST notices scare small biz away from UPI - The Economic Times
Economic Times
·
17d ago
Medial
Small businesses in Bengaluru are reverting to cash transactions due to GST notices based on UPI transaction data. Karnataka CM Siddaramaiah plans to discuss this issue with the central government and state departments. BJP has announced a helpline to support small traders, criticizing the GST notices as an attempt to undermine the digital economy. The commercial taxes department claims notices were issued only for turnover requiring GST registration, amidst allegations of bribe offers to settle notices.
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UPI or no UPI, traders must pay GST, say authorities, promising to make GST registration smooth - The Economic Times
Economic Times
·
20d ago
Medial
The commercial taxes department has clarified that traders must pay GST, regardless of accepting payments via UPI or cash, and emphasized making GST registration a smooth process. This follows reports of traders halting UPI transactions after unregistered ones received GST notices for exceeding transaction caps. Authorities urged traders to clarify notices with documents. The department aims to guide traders and simplify GST compliance, with 98,915 already registered under the composition scheme.
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GST Battle: Online Gaming Companies' Supreme Court Test
Money Control
·
1y ago
Medial
Online gaming companies and federations are taking their battle against crippling financial notices related to Goods and Services Tax (GST) to the Supreme Court. They are seeking relief from the financial burden imposed by the GST regulations. The Supreme Court will be hearing their pleas as these companies face a significant challenge in dealing with the GST matter.
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India detects $18 bln goods and services tax evasion in Apr-Oct
Reuters
·
1y ago
Medial
The Indian government has uncovered and recovered a total of 1.51 trillion rupees ($17.99 billion) of goods and services tax (GST) evasion in the fiscal year 2023/24, with the highest amount of tax evasion detected in Maharashtra. Additionally, 71 notices have been issued to online gaming companies for not paying GST totaling 1.12 trillion rupees in the financial years 2022/23 and 2023/24. This tax evasion discovery has resulted in stricter regulations and layoffs in the online gaming industry in India.
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Govt serves online gaming companies tax notices worth Rs 1 lakh crore
Economic Times
·
1y ago
Medial
The Indian government has issued show cause notices worth Rs 1 lakh crore ($13.4 billion) to online gaming companies for tax evasion, according to a senior official. The notices are part of efforts to crack down on tax evasion in the gaming industry. From October 1, foreign gaming companies are required to register in India under the amended GST law. The notices have been served to companies like Dream11, Delta Corp, and GamesKraft.
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DGGI Detects Tax Evasion Of INR 81K Cr By Gaming Cos In FY24
Inc42
·
10m ago
Medial
According to the annual report from DGGI, the online gaming industry was found to be most susceptible to tax evasion in the fiscal year 2023-2024. The BFSI (Banking, Financial Services, and Insurance) sector also showed a high risk of tax evasion. During this period, DGGI identified 6,084 cases of GST evasion worth INR 2.01 Lakh Cr, compared to 4,872 cases worth INR 1.01 Lakh Cr in the previous fiscal year. In response to the imposition of a 28% GST, several online gaming companies received notices to pay pending taxes amounting to INR 1.12 Lakh Cr.
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SC refuses interim relief to Games 24x7 & Head Digital Works on tax notices
Inc42
·
1y ago
Medial
The Supreme Court has denied interim relief to e-gaming companies Games24x7 and Head Digital Works, regarding Goods and Services Tax (GST) demand notices. The court will consider the constitutional validity of imposing a 28% GST on the full value of bets placed in online games, instead of the gross gaming revenue. The online gaming industry in India is also facing other challenges, with platforms like Quizzy, OWN, and Fantok temporarily suspending operations due to changing tax and regulatory conditions. Show-cause notices for suspected tax evasion have also been issued to several companies.
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E-gaming companies plan to move court against GST demand
Economic Times
·
1y ago
Medial
Online gaming companies, such as Dream 11 and Games 24x7, are facing GST demands exceeding Rs 55,000 crore and are planning to seek legal redressal after receiving pre-show cause notices. Executives in the industry consider this a major setback as the sector is already dealing with various challenges.
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