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[ad_1] NEW DELHI/BENGALURU: Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to "survive" a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government's decision last month to impose a 28% goods and services tax( GST ) on funds that online gaming companies collect from customers. The new rule will increase the company's tax burden by 350%-400%, MPL CEO Sai Srinivas said in the memo, adding that the company is revisiting expenses related to their server and office infrastructure. "Adjusting to a sudden increase of this magnitude means we need to make some very tough decisions ... We must take steps to bring these expenses down in order to survive and to ensure that the business remains viable," Srinivas said. MPL did not immediately respond to Reuters' request for comment. Half the workforce employed by t

[ad_1] New Delhi: CBIC chairman Sanjay Kumar Agarwal on Wednesday said the growth in October GST collections, which is the second highest ever, is on account of economic activity and not due to show cause notices to online gaming companies. Goods and Services Tax (GST) revenue in October grew 13.4% to over Rs 1.7 lakh crore. GST collection in October is the second highest ever since roll-out on July 1, 2017.In April, the mop-up was highest at Rs 1.87 lakh crore. "The growth in October GST collections was riding on economic activity and not because of notices that was sent (to online gaming companies). Growth has come purely on the economic activity which has taken place in the country," Agarwal said. [ad_2] Source link https://worldnews2023.com/business/gst-kitty-growth-due-to-eco-activity-cbic-times-of-india/?feed_id=274592&_unique_id=65cfce2e603c8

[ad_1] NEW DELHI: The gross Goods and Services Tax ( GST ) revenue collected in June 2023 was ₹1,61,497 crore, 12% higher than in the same month last year, according to data released by the finance ministry on Saturday. Out of the gross GST collected, Central Goods and Services Tax ( CGST ) comprised ₹31,013 crore, State Goods and Services Tax (SGST) ₹38,292 crore, Integrated Goods and Services Tax ( IGST ) ₹80,292 crore (including ₹39,035 crore collected on import of goods) and cess ₹11,900 crore (including ₹1,028 crore collected on import of goods). The government has settled ₹36,224 crore to CGST and ₹30,269 crore to SGST from IGST. The total revenue of Centre and the states in June 2023 after regular settlement is ₹67,237 crore for CGST and ₹68,561 crore for SGST, said a finance ministry statement. During the month, revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year. It is fo

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[ad_1] NEW DELHI: Finance minister Nirmala Sitharaman on Saturday said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to Rs 1.6 lakh crore. Data released by the finance ministry showed that gross GST revenues crossed the Rs 1.6 lakh crore mark for the fourth time since the implementation of the tax reform on July 1, 2017. Collections have been Rs 1.4 lakh crore for 16 months in a row and Rs 1.5 lakh crore for the seventh time since the rollout. The average monthly gross GST collection for the first quarter of financial year 2021-22, FY 22-23 and FY 23-24 are Rs 1.1 lakh crore, Rs 1.5 lakh crore and Rs. 1.7 lakh crore, respectively, according to a finance ministry statement. At the GST Day function, Sitharaman said, "Now the collections have improved. The new normal is being talked about. If only the fake invoices and the fraudulent claims,

[ad_1] NEW DELHI: The gross Goods and Services Tax ( GST ) revenue collected in June 2023 was ₹1,61,497 crore, 12% higher than in the same month last year, according to data released by the finance ministry on Saturday. Out of the gross GST collected, Central Goods and Services Tax ( CGST ) comprised ₹31,013 crore, State Goods and Services Tax (SGST) ₹38,292 crore, Integrated Goods and Services Tax ( IGST ) ₹80,292 crore (including ₹39,035 crore collected on import of goods) and cess ₹11,900 crore (including ₹1,028 crore collected on import of goods). The government has settled ₹36,224 crore to CGST and ₹30,269 crore to SGST from IGST. The total revenue of Centre and the states in June 2023 after regular settlement is ₹67,237 crore for CGST and ₹68,561 crore for SGST, said a finance ministry statement. During the month, revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year. It is fo