x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   IGP Jammu calls for heightened vigilance, proactive measures to counter potential security threats | Union Minister's admission of lack of coordination reinforces need for Statehood: Rattan Lal Gupta | MLA Arvind releases devotional song 'Tera Darbar Bholenath' | Kavinder strongly reacts to Pakistan's name on Champions Trophy 2025 Special Jersey | Samba police recovered ammunition | CCTV Surveillance | IGNOU Jammu holds admission awareness camp for police personnel | Pir Panjal Cricket Tournament Concludes with Electrifying Grand Finale | Pendency of challan cannot lead to weeding out from service prematurely: DB | Rajya Sabha MP M. Thambidurai Visits Galgotias University, Praises AI Initiatives | Rupee declines 10 paise to close at 86.98 against US dollar | Samajwadi Party leaders send their children to English schools but advocate Urdu for others: CM Yogi | MVD challaned 100 vehicles, expected to collect Rs 6 lakh fine through e-challan | Even SC order on early restoration of statehood not being implemented by centre : Karra | Traffic Police NHW Ramban conducts special drive against pressure horns | Training on Advances in Plant Tissue Culture Commences at IIIM | JU organises gender sensitisation workshop | Amit Shah highlights security gains in J&K | Climate change: Snow deficit, rainfall shortage push J&K to brink | People in Kashmir coming forward in large to march with BJP: Sat Sharma | Kashmir may see drought: MeT | JMC Commissioner held a meeting with Swachhata Ambassadors / Champions | Karra questions NC’s absence from statehood campaign! | Para to introduce Bill for legalising houses on state land in J&K | CB arrests 5, including J&K Bank officer in loan scam case | STD Intensifies Inspections Against GST Violations Across Jammu Division | Kathua: 2 held with cash in crores | JKNC functionaries from Udhampur call on Advisor to CM | CEC, ECs appointments: SC to hear pleas today | Maha Kumbh: Over 540 million devotees take holy dip in 36 days | 2 JCOs killed in Ladakh accident | CRPF jawan shoots himself dead | Supreme Court slams States, UTs | MHA promotes 25 IPS officers | Subrahmanyam’s tenure extended | UPSC extends last date | IGP Jammu Zone reviews security at key locations in Reasi and Ramban | DC Doda inspects Material Recovery Facility | J-K court sentences faith healer to 14 years in jail for sexually abusing minors | SSP Udhampur chairs meeting to review bovine smuggling cases | AJBRCEAK delegation meets MP Ghulam Ali Khatana, seeks early transfer policy notification | 50 bottles of illicit liquor seized; bootlegger arrested | Divisional level workshop on PCPNDT Act held | Jammu police arrest three drug peddlers | Jammu police's year-long crackdown: 425 arrests, 3434 animals rescued | Indian Army organized Motivational Lecture | Doda police traced out missing girl from Punjab | Poultry sector holds key to employment growth, says Director Animal Husbandry | LIC unveils "One Man Office" for digital empowerment of sales force | Director JKEDI asks officers to strengthen loan recovery process | IICT selects 100 weavers for free modern carpet looms | International conference on Multidisciplinary Collaboration concludes | MEAI Hyderabad chapter concludes National Conference | GDC Khour launches 7-day NSS Winter Special Camp | GDC Vijaypur organized rally on 'Drug Abuse | GCE Canal Road celebrates Sardar Vallabhbhai Patel's 150th Birth Anniversary | GDC Jourian concludes NSS Winter Camp 2025 with Valedictory Ceremony | Indian Army conducted lecture on road safety | LPU hosts AICTE ATAL FDP on high-performance computing | India hope for Shami's wrist magic to reclaim Champions Trophy | No success without failure, embrace hard work: Mary Kom, Lekhara, Suhas | Back Issues  
 
news details
Online gaming: GST Council likely to deliberate on taxation
6/19/2024 10:08:33 PM
NEW DELHI, June 19: The GST Council in its meeting on Saturday is likely to deliberate on a host of issues, including taxation of online gaming and corporate guarantees on related party services, besides levy of tax on spectrum fees paid by telcos, sources said. The 53rd meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is also likely to discuss the progress of the Group of Ministers (GoM) on finalising the report on Goods and Service Tax (GST) rate rationalisation.
This would be be first meeting of the GST Council after a gap of eight months. The 52nd GST Council meeting was held on October 7, 2023.
With regard to the online gaming sector, the GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies, which came into effect from October 1, 2023.
In its meetings in July and August, the GST Council had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent tax on full bet value.
At that time it was said a review of the implementation would be carried out after six months.
The GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies that came into effect from October 1, 2023.
Following the Council decision, over 70 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24.
Many of them have gone to court against the notices and the cases are pending.
So
This would be be first meeting of the GST Council after a gap of eight months.
With regard to the online gaming sector, the GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies.
In its meetings in July and August, the GST Council had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims.
The GST Council is likely to review the decision to levy 28 per cent GST on full value of bets
rces said the GST Council is likely to discuss the legality of the show cause notices served on online gaming companies and the way forward.
With regard to corporate guarantee, the GST Council is also likely to review its last meeting decision to levy 18 per cent GST on guarantees provided by corporates to their subsidiaries.
The CBIC circular on corporate guarantee was stayed by the Punjab and Haryana High Court and a review on the legal aspect of the circular is likely to be taken up at the Council meeting on Saturday.
Sources said the GST Council is likely to clarify that telecom companies will have to pay GST, along with the instalments paid towards spectrum charges.
The clarification should end confusion among field formation regarding the method for collection of GST in the spectrum auction process.
The GST rate rationalisation panel, which was mandated to suggest required rate rationalisation and correction of inverted duty structure with an objective of simplifying the rate structure, reviewing the GST exemption list and enhancing GST revenues, is yet to meet under the chairmansip of Uttar Pradesh Finance Minister Suresh Kumar Khanna.
In October last year, Khanna was named the convenor of the seven-member rate rationalisation panel.
Under its previous convenor and former Karnataka Chief Minister Basavaraj Bommai, the GoM had submitted an interim report to the GST Council in June 2022, proposing changes in tax rates for some goods and services to rationalise the levy.
Currently, the GST regime has five broad tax slabs of zero, 5, 12, 18, and 28 per cent. A cess is levied over and above the highest 28 per cent rate on luxury and demerit goods.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU