Punjab finance minister Harpal Singh Cheema on Monday said the state has registered an increase of 16.5 per cent and 20.87 per cent in revenue from Goods and Services Tax (GST) and excise, respectively during the first four months of the financial year 2023-24. The state’s GST collection stood at Rs 6,810.76 crore, and the… Continue reading Punjab's GST collection rises 16.5%, excise revenue up 21% in FY24
Tag: GST
GST levy on online gaming may not impact taxation on e-sports, video games
The recently imposed 28 per cent goods and services tax (GST) on online games involving real money will not impact the taxation on e-sports, such as FIFA Online and League of Legends, or leading titles on PlayStation, Xbox and Nintendo platforms. The higher tax rate will be solely levied to pay-to-win games, such… Continue reading GST levy on online gaming may not impact taxation on e-sports, video games
Laptop import curb, Data Protection Bill, markets, GST in gaming
Laptops, tablets and personal computers have joined the list of products that need a license to enter India. While the government did not cite any reason for last week’s surprise move, experts believe it was done to nudge companies to make in India. And it came days after the PLI scheme for hardware failed… Continue reading Laptop import curb, Data Protection Bill, markets, GST in gaming
2 GST tribunal benches will come up in Bengal: WB Finance Minister
Two GST tribunal benches will come up in West Bengal this year, Minister of State for Finance (Independent charge) Chandrima Bhattacharya told the Assembly on Thursday. The two benches, part of the central Appellate Tribunal, will address the issues of aggrieved parties, she said. “Two GST tribunal benches will come up in… Continue reading 2 GST tribunal benches will come up in Bengal: WB Finance Minister
28% GST on online gaming to be implemented from October 1: FM Sitharaman
Softening its stance, the Goods and Services Tax (GST) Council on Wednesday decided to implement a 28 per cent tax on electronic gaming, casinos, and horse racing, but this would be applied on the initial amount paid upon entry, and not on the total value of each bet placed. Despite dissent from… Continue reading 28% GST on online gaming to be implemented from October 1: FM Sitharaman
Tweaks to GST Act must factor in law banning online gambling: TN to Centre
In the proposed amendment to the GST Act and Rules to tax online gaming, suitable modifications should be made by taking into account the state law banning online gambling, the Tamil Nadu government conveyed to the GST Council on Wednesday. In the 51st GST Council meeting, Tamil Nadu Finance Minister Thangam Thennarasu expressed… Continue reading Tweaks to GST Act must factor in law banning online gambling: TN to Centre
Delhi finance minister ‘strongly opposed’ to 28% GST levy on online gaming
Delhi finance minister Atishi has “strongly opposed” the GST Council’s decision to implement a 28 per cent GST on online gaming platforms, an official statement said on Wednesday. The GST Council chaired by Union finance minister Nirmala Sitharaman on Wednesday decided that 28 per cent GST will be levied at face value of… Continue reading Delhi finance minister ‘strongly opposed’ to 28% GST levy on online gaming
Small firms in online money gaming will be unable to survive high GST: AIGF
Small companies that are into online real money-based gaming will not be able to survive due to the high Goods and Services Tax of 28 per cent, industry body All India Gaming Federation said on Wednesday. Finance Minister Nirmala Sitharaman has announced that a 28 per cent GST on the full face value… Continue reading Small firms in online money gaming will be unable to survive high GST: AIGF
GST Council meet on Wednesday to finalise modalities for taxing gaming
The GST Council in its meeting on Wednesday is likely to finalise the modalities for determination of supply value in online gaming and casinos for levying 28 per cent tax. The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, in its last meeting on July 11 approved levying 28… Continue reading GST Council meet on Wednesday to finalise modalities for taxing gaming
India’s GST collection in July stands at Rs 1.65 trn; records 11% growth
Goods and services tax (GST) revenue rose 11 per cent year-on-year in July to Rs 1.65 trillion, showed official data released on Tuesday. Monthly GST collection crossed the Rs 1.6-trillion mark for the fifth time, indicating vigorous economic activity and strict anti-evasion measures employed by both central and state governments. GST collection… Continue reading India’s GST collection in July stands at Rs 1.65 trn; records 11% growth