GST Updates: Supreme Court Ruling, Promoter Liability, and E-commerce Taxation
Supreme Court Ruling Resets Rs 2.5 Lakh Cr Gaming GST Exposure
The Supreme Court's recent verdict in the Gameskraft GST dispute has brought partial relief to the real money gaming sector. The court rejected the tax exposure of Rs 2.5 lakh crore, but the promoter liability remains unclear. This development has significant implications for the gaming industry and its operators.
Unreasoned GST Orders Violative of Natural Justice
The Punjab and Haryana High Court recently held that unreasoned GST orders are violative of natural justice and liable to be quashed. The court emphasized the importance of providing a reasonable opportunity for the taxpayer to respond to the GST authorities.
E-commerce Platforms and GST Taxation
The Goods and Services Tax (GST) Council has issued guidelines for e-commerce platforms, making them liable for collecting and remitting GST on behalf of their suppliers. However, the question remains whether e-commerce platforms can be held liable for TCS (Tax Collected at Source) even when they do not collect payment from their suppliers.
Delhi Govt Trains GST Officials
The Delhi government has launched a training program for GST officials to enhance their skills and knowledge in GST taxation and collection. The program covers various aspects of GST, including fundamentals, taxation, and supply and valuation of goods.
GST Penalty Order Adds Overhang
The GST penalty order has added overhang to the market, despite a strong weekly chart showing recovery. The Yes Bank stock slipped 0.24% on Monday, and the GST penalty order remains a concern for investors.
GST Updates
- The Supreme Court's ruling in the Gameskraft GST dispute has reset the Rs 2.5 lakh cr gaming GST exposure, but promoter liability remains unclear.
- The Punjab and Haryana High Court has held that unreasoned GST orders are violative of natural justice and liable to be quashed.
- The GST Council has issued guidelines for e-commerce platforms, making them liable for collecting and remitting GST on behalf of their suppliers.
- The Delhi government has launched a training program for GST officials to enhance their skills and knowledge in GST taxation and collection.
- The GST penalty order has added overhang to the market, despite a strong weekly chart showing recovery.
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