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
Unveiling the High-Stakes Impact of GST on OIDAR Services
The advent of the Goods and Services Tax (GST) in India marks a pivotal transformation in the nation’s indirect tax structure, fostering a cohesive and streamlined market. Among the various sectors reshaped by GST, the realm of Online Information and Database Access or Retrieval (OIDAR) Services stands out due to its inherently digital nature and … Continue reading Unveiling the High-Stakes Impact of GST on OIDAR Services
GST Transformation—Unveiling the Urgent Reforms India Needs for Equitable Growth
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 Future of Online Gaming— Navigating Regulatory and Taxation Challenges
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
Fraudulent GST Input Tax Credit Scheme Uncovered— One Arrested
Officials from the Directorate General of GST Intelligence (DGGI) in Coimbatore have apprehended an individual involved in a massive fake input tax credit (ITC) scam. This person was found to have availed fake ITC amounting to ₹37.2 crore and further passed on ₹65.42 crore of fraudulent ITC. In an official press release, the DGGI stated … Continue reading Fraudulent GST Input Tax Credit Scheme Uncovered— One Arrested
Ruling on Instant Flour Mixes: Key Insights and Implications
Instant Flour Mixes and GST ClassificationThe Gujarat Appellate Authority for Advance Ruling (GAAAR) recently clarified that instant flour mixes for dosa, idli, and khaman cannot be classified as chhatua or sattu. Consequently, these mixes are subject to an 18% GST. Case BackgroundKitchen Express Overseas Ltd, based in Gujarat, contested the GST advance authority’s ruling. They … Continue reading Ruling on Instant Flour Mixes: Key Insights and Implications
Everything You Need to Know About Getting a Virtual Credit Card
Virtual credit cards (VCCs) are revolutionizing digital transactions in India. Offering enhanced security for online purchases, VCCs serve as a digital counterpart to your physical credit card. Issued by banks, they provide a temporary card number linked to your actual credit card account, offering an additional layer of protection. How to Obtain a Virtual Credit … Continue reading Everything You Need to Know About Getting a Virtual Credit Card
Paytm UPI Shares Consistently Decline—A Financial Freefall
In January, Paytm faced a major setback when the Reserve Bank of India (RBI) ordered Paytm Payments Bank Ltd. (PPBL), its banking affiliate, to cease operations. This regulatory blow has significantly impacted Paytm, leading to a 55% drop in its shares. Furthermore, RBI mandated the removal of Renu Satti as the chief executive of PPBL, … Continue reading Paytm UPI Shares Consistently Decline—A Financial Freefall
Kerala High Court: ITC Conditions and Retrospective Benefits under Section 16(4)
In a significant legal battle, M/S M. Trade Links brought forth a challenge against specific provisions of the Central Goods and Services Tax Act (CGST) and the State Goods and Services Tax Act (SGST) in the Kerala High Court. The core of the dispute centers on Sections 16(2)(c) and 16(4) of the CGST and SGST … Continue reading Kerala High Court: ITC Conditions and Retrospective Benefits under Section 16(4)
GST Rate Rationalization— An Analytical Outlook
Introduction The advent of a new coalition government has introduced complexities to the anticipated economic reform centered around GST rate rationalization. This pivotal reform faces potential delays, driven by concerns over inflationary impacts and the delicate balance of political interests. Nonetheless, a segment of experts maintains cautious optimism regarding the reform’s future. Committee Dynamics A … Continue reading GST Rate Rationalization— An Analytical Outlook