GST on more crypto deals off the table for now

• Nov 14, 2022

The government may not widen the coverage of the goods and services tax (GST) soon to more crypto activities as the industry is struggling after it imposed a 30% income tax on crypto gains from the current fiscal year amid a global meltdown of such assets. Currently, an 18% GST is levied only on services provided by crypto exchanges, which currently accounts for the bulk of crypto-related activities in India. Besides exchange services, the crypto ecosystem involves various other activities, including mining, wallet services, payment processing and the barter system. Crypto assets refer to the algorithm-based decentralised convertible virtual assets protected by cryptography.

GST

Consequences of Late Filing under TDS

A delay in providing the eTDS statement will result in a mandatory fine of ?200 per day till the return is filed. However, in this case, the total fine shall not exceed the total amount of TDS deducted for the given quarter. The late filing fee has to be paid before the filing of such an eTDS statement. If there is a failure or delay in filing the eTDS statement for more than a year or the details such as PAN, Challan and TDS amount, furnished in the statement are incorrect, there may be a penalty ranging from ?10,000 to ?1 lakh, as determined by the Assessing Officer.

Tax Deduction at Source

CCI to look into anti-profiteering steps under GST, replace NAA from Dec

• Nov 24, 2022

• Starting next month, the Competition Commission of India (CCI) will look into anti-profiteering measures under the Goods and Services Tax (GST), replacing the National Anti-profiteering Authority (NAA). A notification to this effect was issued by the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday. Apart from omitting and adding rules, the notification says, "The central government, on the recommendation of the Goods and Services Tax Council, hereby empowers the Competition Commission of India ... to examine whether input tax credit availed by the registered person or the reduction of the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him." The decision comes at a time when 50-odd cases against the constitutional validity of NAA have been clubbed and are being heard in the Delhi High Court. The biggest issue is the lack of methodology to calculate profiteering.

  
  
  

GST

Online gaming likely to attract 28% GST on full value

• Nov 23, 2022
  A group of ministers (GoM) on casinos, race courses and online gaming on Tuesday decided not to change its earlier recommendation for a uniform 28% tax on the full value of the consideration on all the three. This paves the way for the GST Council to go for a 28% tax on online gaming on the full value, including prize money, both for skilled and unskilled games. Currently, an 18% tax is levied on the platform fee.“All the states have reiterated their earlier stance (28% tax on full value) and the view will be communicated to the GST Council in the form of a report for a decision on the matter,” West Bengal Finance Minister Chandrima Bhattacharya, who attended the meeting, told FE.
  

GST

NAA to wind up, GST anti-profiteering complaints to be taken up by CCI from December 1

• Nov 15, 2022
  
  

• All GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority ends this month, an official said on Tuesday. A notification in this regard is expected to be issued by the finance ministry later this month, the official added. The National Anti-profiteering Authority (NAA) was set up in November 2017 under Section 171A of Goods and Services Tax (GST) law to check unfair profiteering activities by registered suppliers.The Authority's core function is to ensure that benefits of reduction in GST rates on goods and services and of the input tax credit are passed on to consumers by way of reduction in prices.

GST

GST appellate tribunals likely to be set up by December 2023

Nov 15, 2022

After years of delay, the Centre is aiming to set up the GST Appellate Tribunals (GSTATs) across the country by December next year with the principal Bench in New Delhi to quickly resolve disputes relating to the key indirect tax, and further improve ease of doing business and boost tax collections. Even five years after the GST rollout, the country is still awaiting an appellate body to resolve tax disputes. On August 18, the group of ministers (GoM) on tribunals convened by Haryana deputy chief minister Dushyant Chautala finalised that GSTAT will be set up with a principal Bench in New Delhi and similar Benches at the state level

GST

What Is a TDS Certificate Different Forms 16, 16A, 16B, 16C?

Tax Deduction at Source

Govt to bring fuel under GST, says Petroleum minister

• Nov 15, 2022
  Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday that the Central government is ready to bring petrol and diesel under the Goods and Services Tax (GST) regime. Hardeep Puri also said that it was unlikely that the states would agree to this move as liquor and energy are revenue-generating items for the states. But if the states make the move, “we are ready", Hardeep Puri said.
  

GST