Free or complementary tickets given by franchise owners for IPL matches will attract Goods and Services Tax (GST), the Authority for Advance Ruling (AAR) said.
In response to an application filed by K P H Dream Cricket Pvt Ltd, which owns and operates IPL cricket team Kings XI Punjab, the Punjab bench of the AAR has ruled that providing complementary tickets free of charge would be considered supply of service and therefore leviable to tax.
The GST rate on sale of IPL tickets is 18 per cent. Click to read more
Corporates are now realising that coming to terms with GST means a more drastic change to their tax infrastructure than the basic compliance-related changes they have made so far, Vishal Parekh, regional head, South Asia, Thomson Reuters said in an interview.
“In the last several months, we have had discussions with CFOs and tax heads, and post one year of GST, there is a very different mood around tax and finance,” Mr. Parekh said. Click to read more
The finance ministry on Friday dismissed as “exaggerated” and “inaccurate” exporters’ contention that about Rs 23,000 crore of goods and services tax-related refund claims are stuck with the government.
“A large number of exporters have been granted refunds so far while a few claims are still pending owing to deficiencies found in the claims,” the ministry said in a statement a day after exporters again raised refunds issues.
The Federation of Indian Export Organisations (FIEO) had claimed that input tax credit (ITC) refund worth Rs 15,000 crore and at least Rs 8,000 crore of integrated GST refunds are stuck with the government. Click to read more
A real estate company has dragged the government to court over the constitutional validity of the antiprofiteering mechanism under the goods and services tax.
The anti-profiteering provision requires companies to pass on the benefits of a cut in the GST rate to customers.
Pyramid Infrastructure filed a writ petition in the Delhi High Court on Friday, claiming the anti-profiteering mechanism lacks clarity and violates the fundamental rights of citizens such as freedom of speech and equality. Click to read more
The Director General of Anti-Profiteering (DGAP) has charged the fast moving consumer goods (FMCG) major Nestle with profiteering. The company has been found to have deprived its customers of goods and services tax (GST) cuts of Rs 98 crore by not revising the prices of chocolates, baby food items and Maggi noodles among other products in line with the new rates, sources said. The DGAP last week submitted the investigation report to the National Anti-Profiteering Authority (NAA), the apex anti-profiteering body functioning under Ministry of Finance. The NAA will now hear the parties and come up with a final order in three months. Click to read more
Last Tuesday, the Union finance ministry issued two notifications, amending the provisions for granting refunds to exporters. One with retrospective effect from October 23 last year and the other with effect from October 9 this year.
When the Goods and Services Tax (GST) was introduced, exporters were entitled to claim refund of Integrated GST (IGST) paid on goods shipped out. Subject mainly to two conditions — one that IGST had been paid and the other that the goods had been exported. On January 23 this year, Rule 96 (10) of the Central GST Rules, 2017, was introduced retrospectively. Click to read more
A group of ministers headed by Sushil Modi will consult states to decide if a disaster relief cess should be levied on the goods and services tax to meet demand for funds after a calamity strikes.
That’s because most of the cesses levied on commodities that contributed to the National Disaster Relief Fund were subsumed under GST, Modi, deputy chief minister of Bihar, said after the meeting of the group. Also, collections from National Calamity Contingent Duty, a major contributor of NDRF, declined from Rs 6,450 crore in 2016-17 to Rs 3,660 crore in 2017-18.
A questionnaire will be sent to states on whether a state-specific or a pan-India cess should be levied and what should be its mechanism, Modi said. Click to read more
Diamond miner Alrosa, a Russian partially state-owned company that accounts for over 29 per cent of the global diamond production, had opened an India office in April this year with an aim to increase its presence in the diamond and jewellery market here. India currently accounts for $700 million or over 16 per cent of Alrosa’s $4.2-billion global sales. Evgeny Agureev, Director of the United Selling Organization of Alrosa — the company’s sales division — in an interview with ANIL SASI said that while in the first half of 2018, rough diamond sales to Indian companies touched almost $400 million, sales of decorative jewellery increased in all of the world’s key regions, except for India. Click to read more