Category: news

New Delhi: The formidable GST Council is set to reconvene on June 22, marking its first assembly in eight months and the inaugural meeting since the NDA government reclaimed office. This session promises a dynamic agenda, with pivotal issues such as the tax implications on online gaming—a subject vigorously championed by an influential lobby—likely to … Continue reading GST Council’s High-Stakes Return— Key Reforms and Debates Set for June 22

MUMBAI: In a decisive ruling by the Gujarat Authority of Advance Ruling (AAR), the case of Bhagat Dhanadal Corporation has been adjudicated, establishing a 5% GST rate on its manufactured seed mixes. The corporation’s products, specifically ‘Mix Mukhwas’ and ‘Roasted Til with Ajwain,’ are under scrutiny. The AAR bench meticulously noted that these items predominantly … Continue reading 5% GST Imposed on Bhagat Dhanadal’s Seed Mixes by Gujarat AAR

On June 22, the GST Council will convene its 53rd meeting in New Delhi under the leadership of Finance Minister Nirmala Sitharaman, marking the first such gathering since the recent General Election. The Council is poised to tackle several pivotal taxation issues, including the contentious 28% GST imposed on online gaming, casinos, and horse racing. … Continue reading GST Council to Address Online Gaming Tax and Rate Reforms in High-Stakes Meeting

The Ministry of Petroleum and Natural Gas (MoPNG), under the leadership of Oil Minister Hardeep Singh Puri, is initiating efforts to bring petrol, diesel, and aviation turbine fuel (ATF) under the Goods and Services Tax (GST) regime. This ambitious move seeks to integrate these vital fuels into the GST framework, a measure long advocated by … Continue reading Oil Minister Puri Aims to Revolutionize Fuel Taxation with GST Inclusion

In the realm of Indian equity markets, the Nifty index has soared to unprecedented heights, reaching a pinnacle at 23,323, buoyed by substantial gains in heavyweight stocks. This surge, however, has been accompanied by a strategic maneuver by mutual funds (MFs), particularly notable in their divestment from public sector undertakings (PSUs) preceding the anticipated general … Continue reading Market Euphoria—Nifty Skyrockets to Unprecedented Heights of 23,323 Amidst Thriving Heavyweight Stocks

In a robust appeal for the advancement of India’s burgeoning online gaming sector, the Skill Online Games Institute (SOGI) has underscored the imperative for informed GST deliberations to secure the industry’s sustainable growth. Spearheading this advocacy, SOGI’s President, Amrit Kiran Singh, illuminated the detrimental repercussions of the current high tax regime, which he asserts has … Continue reading High GST Threatens India’s Online Gaming Boom—SOGI Calls for Urgent Tax Reforms

Finance Minister Nirmala Sitharaman, poised for her second term, returns to the North Block with a formidable agenda, starting with the presentation of the full Union Budget for the fiscal year 2024-25. Her immediate and pressing challenge lies in curbing retail food inflation. As the first full-time female Finance Minister, Sitharaman, 65, has the distinction … Continue reading Second Term for FM Sitharaman—Anticipated Measures on Inflation and Employment

Mumbai: In light of the recent re-election of the Narendra Modi administration, the Hotel and Restaurant Association of Western India (HRAWI) has called for a critical reassessment of the Goods and Services Tax (GST) framework currently governing food and beverages in hotel-based restaurants, which is presently contingent upon room tariffs exceeding Rs. 7500. HRAWI has … Continue reading Hoteliers ask new government to relook at GST structure

The Goods and Services Tax (GST) stands as a landmark reform in India’s indirect tax framework, drawing from the global experience of over 160 countries that implemented similar taxes. Designed as a destination-based consumption tax, GST consolidated numerous central and state taxes with goals to improve tax efficiency, reduce price inflation, and stimulate GDP growth. … Continue reading GST Transformation—Unveiling the Urgent Reforms India Needs for Equitable Growth

The Imperative of Regulatory Clarity and GST Resolution In the evolving landscape of the online gaming industry, regulatory clarity and Goods and Services Tax (GST) resolution emerge as paramount concerns for industry stakeholders. Until October of last year, online gaming firms were subjected to an 18% GST on platform fees—the commission charged from participants entering … Continue reading The Future of Online Gaming— Navigating Regulatory and Taxation Challenges