India May Send Tax Notices To More IT Firms After $4 Billion Demand To Infosys: Report

Tax officials may issue notices soon to more major infotech services firms in a scrutiny of alleged evasion of tax on services by their overseas offices, a government source said, a day after Infosys was slapped with a $4-billion tax demand.

Apex IT association Nasscom on Thursday came out in support of Infosys -- which is facing a Rs 32,403 crore GST notice, saying that the move reflected a lack of understanding of the industry's operating model.

IT services company Infosys has been issued a pre-show cause notice for alleged goods and services tax (GST) evasion up to Rs 32,403 crore.

Amid criticism of Budget 2024 from several quarters, Union Minister and senior BJP leader Nitin Gadkari has written to Finance Minister Nirmala Sitharaman, requesting her to withdraw the GST imposed on premiums for life and medical insurance plans.

Petrol and diesel could be taxed under GST (Goods and Services Tax) rather than VAT (Value Added Tax) if state governments agree to the proposal and fix a suitable rate, Finance Minister Nirmala Sitharaman told NDTV Profit Friday.

The government must remove or limit the 18 per cent Goods and Services Tax (GST) on mental health services, and allocate resources strategically to help India become a mentally resilient society, experts said.

"We have a lot of expectations from the Modi government, including reduction of GST on Banarasi sarees," Chandanlal, who runs a Banarasi saree business said.

Currently being charged in Delhi and Bengaluru, the platform fee on Zomato and Swiggy is different from the delivery fee, GST, restaurant charges, and handling charges.

Gujarat Police has registered an FIR against a person for sharing a deepfake video of Union Finance Minister Nirmala Sitharaman on GST, state minister Harsh Sanghavi said on Tuesday.

A consortium of Indian video games and esports companies have written to the newly formed government, requesting a comprehensive industry-focussed policy, regulatory streamlining and a clear distinction from real money games that are often conflated with video games under the “Online Games” umbrella term.

The gross GST collection increased 8 per cent to Rs 1.74 lakh crore in June, sources said on Monday.

Union Finance Nirmala Sitharaman chaired pre-Budget consultations with finance ministers of states and Union Territories to take their views. It was followed by the 53rd meeting of the GST (Goods and Services Tax) Council today.

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector.

The gross Goods and Services Tax (GST) collection for May stood at Rs 1.73 lakh crore, according to the release by the Ministry of Finance.