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rudrjobdesk · 2 years

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GST Council meeting: दरों में बदलाव पर चर्चा संभव, राज्यों को क्षतिपूर्ति टॉप एजेंडा

GST Council meeting: इस सप्ताह चंडीगढ़ में होने वाली जीएसटी परिषद की बैठक (GST Council meeting) में कुछ वस्तुओं की जीएसटी दरों में बदलाव किया जा सकता है, जबकि 215 से अधिक वस्तुओं की दरों में यथास्थिति बनाए रखने के लिए फिटमेंट समिति की सिफारिशों को मान लिया जाएगा। केंद्रीय वित्त मंत्री निर्मला सीतारमण की अध्यक्षता में और सभी राज्यों एवं केंद्र शासित प्रदेशों के प्रतिनिधियों की जीएसटी परिषद की 47…

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#Business News #Business News In Hindi #GST #gst council meeting #gst rate #Hindi News #Hindustan #News in Hindi #Union Finance Minister Nirmala Sitharaman #केंद्रीय वित्त मंत्री निर्मला सीतारमण #जीएसटी #जीएसटी परिषद की बैठक #जीएसटी रेट #हिन्दुस्तान

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satyathemehta · 7 months

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Press Conference by Union Finance Minister Nirmala Sitharaman Post 52nd GST Council Meeting

http://dlvr.it/SxDNM5 @VinodChavdaBJP

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babatax · 7 months

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52nd GST Council Meeting - Top highlights & key takeaways

52nd GST Council meeting took place on 7th October 2023 at Sushma Swaraj Bhawan, New Delhi. The meeting was presided by Smt Nirmala Sitharaman, the Union FM and attended by MoS (F) Shri Pankaj Chaudhary, the Revenue Secretary, Chairman CBIC, Member CM, Member GST, Member TP and senior officers from Union Government and States. The 52nd GST Council meeting is being held about two months after…

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#52nd GST council meeting #GST

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takataktop · 7 months

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The next meeting of the GST Council is scheduled for October 7th, and it will include ministers from various states, along with the Finance Minister.

The 52nd meeting of the GST Council is set to take place on October 7th at the Science Building. This information was shared by the GST Council on the social media platform 'X'. The decisions made in GST Council meetings hold significant importance as they involve crucial determinations regarding GST rates. The previous 51st meeting of the GST Council took place on August 2nd.

The meeting, chaired by Finance Minister Nirmala Sitharaman, is scheduled for October 7th, and it will be attended by ministers from various states. The decisions made in GST Council meetings are considered highly significant, especially those related to GST rates. The GST Council announced on the social media platform 'X' that the 52nd meeting is slated to occur on October 7th at the Science Building. In the last meeting held in August, several important decisions were taken. This meeting saw deliberations on GST rates for items such as casinos, horse racing, and online gaming. A GST rate of 28 percent was determined for three categories of items. The previous GST Council meeting witnessed several noteworthy decisions. In this meeting, the GST rate for items like papad and kachori was reduced from 18 percent to 5 percent. Additionally, it was decided not to impose GST on satellite launch services provided by ISRO, New Space India Limited (NSIL), and Antrix Corporation Limited, as well as those offered by private companies. Furthermore, Arabella Bank and ICBC Bank have been included in the list of banks exempted from IGST on the import of gold, silver, and platinum. Read the full article

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legalupanishad · 9 months

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Govt Hits Jackpot With 28% GST On Online Gaming in India

This article on 'Govt Hits Jackpot With 28% GST On Online Gaming in India' was written by Anukriti Prakash an intern at Legal Upanishad.

INTRODUCTION

In recent years, the online gaming sector has grown rapidly, becoming a dominant force in the digital environment. The Goods and Services Tax (GST) has emerged as a critical component as governments strive to regulate this rapidly emerging industry and fulfill its economic potential. The GST, a consumption-based tax on the sale of goods and services, applies to online gaming services. This article gives an essential overview of how India approaches taxing the online gaming business and customers, as well as the issues governments deal with when developing successful taxation structures. Join us on our quest as we investigate the complexities of GST and its influence on the dynamic and ever-changing world of online gaming.

UNDERSTANDING THE GST ON ONLINE GAMING IN INDIA

Online gaming services are classified as "Online Information and Database Access or Retrieval Services" under GST. The Goods and Services Tax (GST) is a value-added tax applied to revenue produced by Indian gaming companies. So far, only 18% GST has been levied on the platform fee, commonly known as the Gross Gaming Revenue (GGR) for skill games, but during its 50th meeting on July 11, the council resolved to impose a 28% GST on online gaming, horse racing, and casinos for consumers. For the companies, the GST rate is determined by the income earned by online gaming firms, which includes the sale of virtual objects, in-game money, and subscriptions. Online gaming corporations must register and comply with GST requirements, or else risk penalties and legal action. GST has had a tremendous influence on the Indian online gaming sector, both for businesses and customers.

RECENT NEWS

Finance Minister Nirmala Sitharaman announced on Tuesday that the GST Council has agreed to levy a 28% tax on the entire face value of online gambling, horse racing, and casinos. The panel, which was administered by the Union Finance Minister and included members from all states and union territories, agreed on the tax rate based on the recommendations of a committee of ministers who looked at taxing casinos, horse racing, and internet gambling. Section 3 of the GST Act will be amended to incorporate online gambling and horse racing as taxable actionable claims. The Centre is expected to present a GST amendment bill on August 11, 2023.

OUTLOOK OF INDUSTRIES EXECUTIVES

Although the industry is amenable to a 28% GST, experts said that taxing just deposits would not achieve the goal of increasing income in the market. The council might instead consider taxing net deposits, which are accumulative deposits. View of a few experts: In response to the government's decision to impose a 28% tax rate on the gaming industry, Aaditya Shah, Chief Operating Officer at the gaming app IndiaPlays, highlights the potential negative implications for gaming companies, particularly regarding their financial operations. The increased tax rate could lead to reduced profitability, increased costs for consumers, or adjustments to pricing strategies by gaming platforms. These challenges may affect the overall growth and sustainability of the gaming sector in India. A group of 45 gaming studios took another significant step by writing to the Prime Minister's Office, the Ministry of Electronics and Information Technology, and the Ministry of Information and Broadcasting. In their letter, they sought a clear distinction between video games and real-money gaming. This request highlights the crucial issue of distinguishing between different segments of the gaming industry. The All-India Gaming Federation (AIGF), which represents prominent gaming companies such as Nazara, GamesKraft, Zupee, and Winzo, has expressed strong opposition to the decision by the council to impose a 28% tax rate on the gaming industry. According to the AIGF, the decision fails to recognize the distinction between online skill gaming and gambling activities, which has been established through over six decades of settled legal jurisprudence. By treating online skill gaming as equivalent to gambling, the industry faces an existential threat, putting the livelihoods of countless individuals at risk. AIGF CEO Roland Landers has voiced concerns that the decision could have severe consequences for the entire Indian gaming industry, leading to significant job losses. He also warns that this move might benefit illegal offshore gaming platforms at the expense of the legitimate Indian gaming industry. Amrit Kiran Singh, Chief Strategy Advisor to the founders of Gameskraft, further emphasizes that the decision taken by the GST Council is not in the national interest. He asserts that it has the potential to dismantle a substantial portion of successful companies within India's startup ecosystem, which is a crucial pillar of the country's economic growth. According to Kumar Shukla, Secretary of the Esports Gaming Federation (EGF), the decision not only leads to loss of employment opportunities but also significantly impacts marquee investors who have heavily invested in this emerging sector. The adverse consequences of the tax rate could potentially affect the financial stability and growth prospects of successful gaming companies operating in India. The statements from industry representatives underscore the seriousness of the concerns raised by the gaming industry regarding the tax rate's impact. These concerns encompass not only the direct financial implications for companies and investors but also the potential negative effects on the overall entrepreneurial landscape and employment opportunities in the sector.

SUGGESTIONS

Policy Review: Policymakers should review the decision to impose a 28% GST on online gaming industry and consider alternative taxation models that promote growth without overburdening companies. Consultation with Industry: Engage in open and constructive dialogue with industry representatives, gaming companies, and investors to understand their concerns and find a balanced solution that protects their interests.

CONCLUSION

The imposition of a 28% GST on online gaming industry in India has evoked significant concerns from stakeholders, including industry representatives, executives, and investors. The decision is viewed as potentially detrimental to the sector's growth, impacting companies' financial viability, and leading to job losses. Stakeholders stress the need for a clear differentiation between video games and real-money gaming to prevent misclassification and unjust taxation. Representatives from the gaming industry argue for a balanced approach that recognizes the sector's uniqueness while encouraging innovation. Policymakers should engage in open communication with the gaming industry to build a long-term taxation structure that promotes growth, protects job opportunities, and contributes to the overall development of India's gaming ecosystem.

References:

Lavpreet Kaur, ‘GST Council may clarify definitions, actionable claims on online gaming’, Deccan Herald, available at: https://www.deccanherald.com/business/business-news/gst-council-may-clarify-definitions-actionable-claims-on-online-gaming-1242314.html (Last visited: 01 August 2023). ‘Implementation of 28% GST rate will bring challenges to online gaming industry’, Livemint, available at: https://www.livemint.com/economy/implementation-of-28-gst-rate-will-bring-challenges-to-online-gaming-industry-11689091580915.html (Last visited: 01 August 2023). Read the full article

#LawsinIndia #onlinegaming

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gojackenmitracoolas · 9 months

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बर्खास्त मंत्री राजेंद्र सिंह गुढ़ा सीएम और सरकार के मंत्रियों पर लगातार हमलावर हैं। https://www.youtube.com/watch?v=Y_Pb7luFD68 युग चरण के साथ देखिये देश-विदेश की सभी महत्वपूर्ण और बड़ी खबरें | 6 जनवरी 2021 को अमेरिकी संसद कैपिटल हिल में हुई हिंसा में पूर्व राष्ट्रपति डोनाल्ड ट्रम्प पर क्रिमिनल केस दर्ज हुआ। On January 6, 2021, a criminal case was registered against former President Donald Trump in the violence in the US Parliament Capitol Hill. GST काउंसिल की बैठक आज यानि बुधवार को होगी जिसमें केंद्रीय वित्त मंत्री निर्मला सीतारमण बैठक की अध्यक्षता करेंगी। GST Council meeting will be held today on Wednesday in which Union Finance Minister Nirmala Sitharaman will preside over the meeting. निर्वाचन आयोग की गाइडलाइन के बाद 3 साल या उससे ज़्यादा समय तक जमे अधिकारीयों के तबादलों की सूचि लगातार आ रही हैं। Following the guidelines of the Election Commission, the list of transfers of officers frozen for 3 years or more is coming continuously. बर्खास्त मंत्री राजेंद्र सिंह गुढ़ा सीएम और सरकार के मंत्रियों पर लगातार हमलावर हैं। Sacked minister Rajendra Singh Gudha is a constant attacker on the CM and the ministers of the government. हरियाणा के नूंह में विश्व हिंदू परिषद की ब्रज मंडल यात्रा के दौरान हुई हिंसा और बवाल के बाद लगातार तीसरे दिन भी तनाव बना हुआ है। Tension prevailed for the third consecutive day after violence and ruckus during Vishwa Hindu Parishad's Braj Mandal Yatra in Nuh, Haryana. Watch the latest Hindi news Live on the World's Most Loved News Channel on YouTube. Latest News about Politics , Sports , Entertainment, Crime at Yugcharan Channel. Un Biased News Reporting ! Follow this link to join our WhatsApp group to get Latest News Updates : https://chat.whatsapp.com/ESor6YJXGEIL9y7DZRCtim Subscribe our channel for the latest news: https://www.youtube.com/@yugcharan Like us: https://www.facebook.com/theyugcharan Follow us: https://twitter.com/theyugcharan Telegram : https://t.me/TheYugCharanpaper Instagram : https://www.instagram.com/theyugcharan/ Website : https://yugcharan.com #today_breaking_news #Breaking_news #Latest_news #Hindi_News #News #NewsHindiLive #LiveTVNews #HindiNews #rajasthannews #rajasthanelection #haryananews #americanews #donaldtrump #nirmalasitharaman #gst #tax #financeminister via Yugcharan News https://www.youtube.com/channel/UCbT6O9BlRulH48ph5QmCYEg August 02, 2023 at 03:01PM

#Yugcharan News #Youtube

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astikesports · 10 months

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GST Council Finalizes 28 % Tax Rates for Online Gaming and Casinos

The GST Council made the long-awaited announcement addressing the tax rates for online Gaming, casinos, and horse racing during its historic 50th meeting. After making the required changes to the GST law, the council has agreed to tax online Gaming at a rate of 28% on the whole face value amount. In a news conference, Finance Minister Nirmala Sitharaman made it clear that the goal is to strike a balance sportsween promoting these activities and giving priority to necessities rather than hurting the gaming sector or states that have casinos. This article explores the decision’s further details and consequences.

Read the full article: https://gamesnfans.tv/casino/gst-council-finalizes-28-tax-rates/

#gst #gaming #igaming #casino #law

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sundaethinker · 10 months

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A Detailed Overview on highlights of the 50th GST Council Meeting

The 50th GST Council meeting, led by Union Finance Minister Nirmala Sitharaman, was held on July 11, 2023, at Vigyan Bhawan, New Delhi. This meeting focused on rate decisions, clarifications, and recommendations related to GST on goods and services. In this blog post, we will delve into the highlights of the 50th GST Council meeting and explore the key takeaways.

Recommendations with regard to GST on goods

Reduction of GST rates on specific goods

1. Uncooked/unfried snack pellets: Rate reduced from 18% to 5%. 2. Fish soluble paste: Rate reduced from 18% to 5%. 3. Imitation zari threads/yarn: Rate reduced from 12% to 5%. 4. LD slag: Rate reduced from 18% to 5% to be at par with blast furnace slag and fly ash.

IGST exemption on certain medicines and FSMP

1. Dinutuximab (Quarziba) medicine imported for personal use.

2. Medicines and FSMP used in the treatment of rare diseases when imported by Centres of Excellence for Rare Diseases or any recommended person/institution.

Clarification on the taxable nature of supply

Supply of raw cotton by agriculturists to cooperatives, including kala cotton, is taxable under reverse charge mechanism.

To read more visit Swipe Blogs

#IGST #FSMP

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ambitiousbaba · 10 months

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50th GST Council meeting: Important points

50th GST Council meeting: Important points The 50th GST Council meeting has concluded in New Delhi. Union Finance Minister Nirmala Sitharaman held a media briefing on the outcomes of GST council meeting. Here are main points to be noted: GST imposed on online games: The Goods and Services Tax (GST) Council has finally took the decision to impose a 28% tax on the turnover of online gaming…

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sohanbir · 10 months

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Online gaming com. shares boomed due to GST

GST Council Decision: In the 50th GST Council meeting, 28 percent GST has been imposed on companies in the online gaming industry. Due to its effect, the shares of gaming companies have fallen in the stock market today.

Online Gaming Images. Image By- RDNE Stock project

Online Gaming Companies Stocks:-

What the GST Council announced 28 percent GST for the online gaming industry, the Indian stock market is witnessing a sharp decline in the shares of online gaming companies. Indian online gaming firms Nazara Technologies, OnMobile Global and Delta Corp registered sharp declines. On Wednesday, the shares of these online gaming firms are trading in the stock market with a tremendous decline.

What say many representatives of the gaming industry :-

What do gaming industry experts say Finance Minister Nirmala Sitharaman said after the GST Council meeting yesterday that the decision has been taken after discussions with the states and the government has no intention of harming the gaming industry. Despite this, many representatives of the gaming industry say that this 28 percent GST will eat into the earnings of the companies. Know what Nazara Technologies said Nazara Technologies has said that this 28 percent tax will be applicable only on the skill-based real money gaming segment of the company. This contributes 5.2 per cent of their total consolidated revenue for FY2023. The company also said that it has estimated the impact of the decision to increase the tax on the company. In which company is the fall? Shares of Najra Technologies were seen down by 14.2 per cent and are currently at Rs 677.50 per share. doing business. Trading down of shares:- Shares of OnMobile Global were trading down by 8.9 per cent and are currently seen at Rs 76.40 per share. The utmost decline of 22.70 percent is being seen in the shares of Delta Corp and it is at the rate of Rs 190.70 per share. Although in this year so far, 21.6 percent jump was seen in Nazara Technologies and 15.9 percent in Delta Corp, but in today's decline, their momentum has been lost. Read the full article

#28%gstononlinegame #boomed #gaming #gstcounsil #gstononlinegaming #national #nirmalasitaraman #online #onlinegaming #shares

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hamslivenews · 10 months

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The 50th GST Council meeting chaired by Union Finance Minister decided to impose a 28% tax on online gaming, casinos, and horse racing. On July 11, the 50th GST Council meeting was held in New Delhi, with Union Finance Minister Nirmala Sitharaman presiding over the meeting. Several decisions were made regarding taxation rates and exemptions. One significant decision was the imposition of a 28% tax on online gaming, horse racing, and casinos. Sitharaman stated that amendments would be made to the GST law to include online gaming. Additionally, the council decided to reduce GST rates on four items and exempt three items related to rare diseases and cancer. The GST rates on uncooked/unfried extruded snack pallets were reduced from 18% to 5%, while rates on fish soluble paste were proposed to be reduced to 5% from 18%. The rates on imitation zari threads/yarn were also lowered to 5% from 12%. Furthermore, the council expanded the scope of taxation for SUVs (sports utility vehicles) based on discussions from previous meetings. In terms of services, the council exempted satellite launch services provided by private organizations from GST. Sitharaman highlighted that the Centre had cleared all payments where the Auditor General's (AG) certificates had been submitted, addressing concerns raised by some states regarding delays in compensation. However, there were still pending AG certificates from certain states, and the center would await the reports before clearing those payments. You might also want to read about India’s Medical Tourism estimated at about USD 9 bn https://hamslivenews.com/2022/12/24/indias-medical-tourism-estimated-at-about-usd-9-bn-nirmala/

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myallguidance · 1 year

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Govt Provides Relief to Students from GST ahead of Entrance Exam

Trending Today GST Council Newsletter for Jan 2023 Is zoho Books is the Best Accouting Software for Small Business ? 49th GST Council Meeting Highlight The GST Council on Saturday recommended a reduction in the levy on pencil sharpeners, while exempting the National Testing Agency that conducts entrance exams for central and other universities, and engineering and medical colleges from the ambit of the levy.The twin moves will offer relief to students as they had to pay 18% GST on the fees for writing the tests conducted by NTA and state testing agencies. The levy on pencil sharpeners will be cut from 18% to 12%, finance minister Nirmala Sitharaman told reporters.The all-powerful panel comprising finance ministers from the states and UTs with legislature, which is headed by the finance minister, also decided to tighten the regime for pan masalas, gutka and chewing tobacco. Based on a recommendation by a group of ministers, the GST Council decided to a specific rate for compensation cess instead of the current ad valorem structure, which is a percentage of the price of the product. While the proposal to move to a capacity linked structure was not accepted, there is a move introduce tracking of shipments, on the lines of the mechanism for alcohol, to plug leakage, revenue secretary Sanjay Malhotra said.The council also agreed to lower the tax rate for liquid jaggery or raab from 18% to 5% if packaged and labelled and to zero if sold otherwise, the FM said.There was, however, no decision on a lower levy on millet-based food products as well as a reduction in the tax on cement, which is yet to be discussed by the fitment committee comprising officers from the Centre and the states. Similarly, a decision on multi-utility vehicles is pending with the panel of officers.The GST Council, however, issued certain clarifications including those related to some of the commercial services offered by courts and tribunals.The FM also announced an amnesty scheme for those who have not filed some of their returns as well as those related to cancellation of registration. Further, there has been rationalisation in the late fees for some of the late filers.The twin moves will offer relief to students as they had to pay 18% GST on the fees for writing the tests conducted by NTA and state testing agencies. The levy on pencil sharpeners will be cut from 18% to 12%, finance minister Nirmala Sitharaman told reporters.Source:https://timesofindia.indiatimes.com/business/india-business/students-get-gst-relief-ahead-of-entrance-exams/articleshow/98054567.cms

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