GST Council

E-commerce platform Meesho on Friday said it has onboarded more than 25,000 non-GST businesses in two months. With an eye on 15-20 million non-GST registered sellers, the SoftBank-backed platform opened up its platform to onboard such businesses on October 1. The GST Council in July exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. Elevate Your Tech Prowess with…

Amid the online gaming industry raising concerns over the levy of 28 per cent GST, Union minister Rajeev Chandrasekhar on Monday said the government may request the GST Council to consider the facts of new regulatory framework for the industry.The minister also mentioned that it took three years for the Council to reach a decision on online gaming. Online gaming players have expressed disappointment with the decision of the Goods and Services Tax Council to levy a 28 per cent tax on online games involving real money. The…

After burgers, the government-backed platform Open Network for Digital Commerce (ONDC) is crushing on tomatoes now. The ONDC will sell the most coveted food item in the country currently – the humble tomato – for Rs. 70 a kg. Tomatoes will be sold by the National Cooperative Consumers’ Federation (NCCF) for the next 10-15 days, ONDC managing director and CEO T Koshy said in the national capital on Friday. ONDC is a “socially conscious organisation” he said adding that the move will provide publicity for the platform which…

Amid backlash from the online gaming industry over the imposition of 28% GST, Minister of State for Electronics & Information Technology (MeitY) Rajeev Chandrasekhar has said he will “request the GST council for consideration on the new regulatory framework”.The GST Council on July 11 decided to impose a 28% GST on full face value for online gaming companies."We will go back to the GST Council and request their consideration on the facts of the new regulatory framework," Chandrasekhar said while speaking at a…

Faced with a seemingly existential threat after the GST Council decided to levy a 28% tax on online gaming, founders and senior executives of real-money gaming companies from across India are making a beeline to New Delhi. They are trying to meet top government officials this week as they feel the decision will significantly shrink the size of the industry, multiple sources said.The Indian gaming industry is estimated to be worth $2.8-3 billion at the end of 2022-23 and is expected to grow at a compound annual growth rate…

Online gaming companies, which have slammed the Goods and Services Tax (GST) Council’s decision to impose the maximum 28% indirect tax on the full face value of the business, said they are awaiting details on the applicability of the levy before deciding their next steps.“Once the amendments are made to the GST law to include online gaming under the ambit... we would urge the government to issue a set of FAQs in the way they had put forth for tax collected at source (TCS) norms for cryptocurrencies,” said an executive at…

A group of top online gaming firms has sent a representation through the Ficci Gaming Committee to the Central Board of Indirect Taxes & Customs (CBIC), urging the body not to hike the GST rate for the sector to 28% from 18% as suggested by ministers’ panel."This (recommendation) is a major shift from the current tax regime of charging GST on the platform fee/ gross gaming revenue (GGR) at the rate of 18%," the companies wrote in a letter, which the Ficci Gaming Committee submitted to the board on Friday. "If the…

Finance Minister Nirmala Sitharaman on Tuesday said the GST Council is deliberating on taxation policy for online gaming and exuded confidence that the sector will attract investment once it is finalised.She was responding to a question from a Korean gaming company Krafton on what are India's plans to attract foreign investment in gaming companies.The minister said the discussion is going on at the ministerial level in the GST Council into various aspects of online gaming, including taxation and regulation.The Goods and…

The government has decided to make the tax deducted at source (TDS) on winnings from online games applicable from April 1, instead of July 1 — a move that gaming companies have welcomed, saying it would reduce compliance burdens and potential tax disputes.“It would have been problematic if the TDS would have been applicable from July as the financial year starts from April 1 and the period from April-June would have been an exposure, and even potentially open to dispute with tax authorities,” Saumya Singh, CEO of online…

The Enforcement Directorate has attached Rs 212.91 crore in proceeds of crime (PoC) in cases where online betting and gambling sites/apps were used for money laundering and hawala transactions, Parliament was informed. In a written reply in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the Directorate of Enforcement is investigating several cases related to cyber crimes and crypto asset frauds. In a few cases, it has been noticed that online betting and gambling sites/apps were used for money…