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This article has been contributed by Cheruku Srikanth, Founder & CEO, Digital CFO. The Goods and Services Tax (GST), introduced on July 1, 2017, replaced multiple indirect taxes such as VAT, service tax, and excise duty. As a multi-stage, destination-based tax, GST has four slabs - 5%, 12%, 18%, and
A penalty notice of INR 17.35 lakh has been issued to travel tech giant Easemytrip for allegedly breaking GST regulations. In a filing, the company stated that it has been notified that it has received an order from the Sales Tax Officer Class II/AVATO Delhi, State/UT: Delhi,
The Haryana GST authorities have issued a demand order for INR 89.8 lakh to online travel aggregator ixigo. ixigo stated in an exchange filing that it was sent a demand notice by the assistant commissioner of Gurugram, Haryana, requesting that it pay INR 89.9 lakh in GST. In
The Central Goods and Services Tax (CGST) Department has penalised the fintech business Paytm and its CEO, Vijay Shekhar Sharma, for allegedly failing to issue tax bills to its clients in a compliant manner. Sharma was penalised INR 59.94 lakh for the penalty, while One97 Communications, the company that
The Directorate General of GST Intelligence Headquarter (DGGI-HQ) has been given authority by the Indian government to direct intermediaries to disable the websites of online gaming enterprises accused of tax evasion. The government has designated the Additional/Joint Director (Intelligence) as the nodal officer for the assignment, according to a
On December 21, Finance Minister (FM) Nirmala Sitharaman made it clear that the 5% goods and services tax (GST) rate will remain applied to new electric cars (EVs). However, the FM also stated that used EV sales between private parties will continue to be GST-exempt. FM While speaking to the
According to reports, at its upcoming meeting on December 21, the Goods and Services Tax (GST) Council will discuss reducing the tax rate on online food deliveries from the current 18% to 5%. According to reports cited by a media outlet, foodtech businesses will not be able to claim the
Brainbees Solutions Limited, the parent company of the well-known e-commerce platform FirstCry, announced on November 10, 2024, that a GST department inspection that started on November 6 had completed. The business said in a report to the stock exchanges that it answered all of the questions posed and cooperated completely
Businesses can now enter their GSTIN (Goods and Services Tax Identification Number) while making purchases on the Blinkit platform, thanks to a new feature. Albinder Dhindsa, the CEO, claims that this change is a reaction to consumer demand, especially from companies buying expensive goods like electronics. Businesses can now claim
According to media reports, the goods and services tax authorities have warned large payment aggregators like BillDesk and CCAvenue, requesting GST on the cost they charged merchants for processing digital transactions under INR 2,000. Vishwas Patel, the joint managing director of Infibeam Avenues, which runs the payments processor CCAvenue,
According to media reports, the GST Council might take into consideration a plan to charge payment aggregators (PAs) 18% GST for digital transactions with a minor value of up to INR 2,000 that are made through debit and credit cards during their upcoming meeting. Following the overnight demonetization of
Zomato, a food-tech giant, has received a tax demand and penalty order totaling over INR 3.5 lakh, adding to the flood of goods and services tax (GST) warnings it has already been receiving. On August 31st, Zomato announced in an exchange filing that the Sales Tax Officer of Delhi&
A new requirement that requires sellers on Flipkart to authenticate their goods and services tax identification number (GSTIN) via an OTP (one-time password) authentication procedure has left many vendors confused. According to sellers, Walmart-owned Flipkart may be attempting to obtain their private GST data while posing as a verification procedure
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This Article has been contributed by Harsh Kumra and Sanjana Kumar, Associates with Spice Route Legal's Corporate Practice Group. In recent times, the boom in the startup industry has given rise to another parallel ecosystem that shares a symbiotic relationship with early-stage startups — this ecosystem being the ecosystem
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The recent imposition of a 28% GST on fantasy gaming apps in India has disrupted the industry, particularly during the Indian Premier League (IPL) 2024 season. This unexpected move has hindered marketing efforts and user engagement strategies, posing significant challenges for fantasy gaming platforms during one of the most anticipated
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Amid the deluge of tax notices being slapped on companies, the GST (Goods and Services Tax) Council is receptive to complaints and is said to be providing clarifications on the same. However, the onus lies on companies to be prudent in their tax and financial compliance, said tax experts that
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The Goods and Services Tax (GST) is an extensive indirect tax structure that has revolutionised the Indian taxation domain. Moreover, the GST structure substituted and simplified a complicated web of numerous indirect taxes with a unified tax administration to facilitate the taxation procedure, making for seamless business operations. Nevertheless, one
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The new 28% GST on online gaming has produced divided opinions about the industry’s future in India. Some experts condemn the GST hike, while others see it as boosting government revenues. The Parliament’s new amendments in the Goods and Services Tax (GST) laws to levy a 28% tax
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After 75 years of independence from the British Raj, India has emerged as the fastest-growing and fifth-largest economy in the world. By the year 2020-2021, India’s per capita income has increased to INR 1.28 lakh. By August 2022, the country’s Foreign Exchange Reserves amounted to USD 572.
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Generating an invoice doesn't seem like an exciting idea for branding, possessing a well-designed, professional one can stand out in the eyes of your clients and help businesses get compensated on time. Clients want to be sure everything works with a reliable organization before sending any money. As
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> Article to be attributed to Mr. Sanjay Dangi, Director – Authum Investment and Infrastructure Ltd., & Financial investor to many startups. Lately I have been reading about Pigovian taxes - the idea that carefully designed taxes can have an impact on people’s behavior. These are often sin taxes – pricing
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We all have had our own share of episodes of looking at rusty, old, vehicles covered in black, dense smoke bumbling past us, and we remarking, “how did it get past the usual security checks and roam about freely?” Well, this is how things used to be on the Indian
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If a seller wants to sell across India they need to register for GST. The GST is meant to replace a slew of indirect taxes with a federated tax. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required
register for GST
Goods and Services Tax(GST) has been introduced and implemented in India to reduce the anomalies caused by the previous tax system. GST, or Goods and Services Tax is a tax that customers have to pay when they purchase any goods or services, such as food, clothes, electronics, items of