Nirmala Sitharaman stated that Delhi’s finance minister opposed the imposition of a tax on online gambling, whereas Goa and Sikkim favoured basing the tax on GGR (gross gaming revenue) rather than face value.

Sitharaman stated that other states, including Karnataka, Gujarat, Maharashtra, and Uttar Pradesh, desired the implementation of the decision made at the previous meeting. She stated that the new levy would likely go into effect on October 1 following the necessary modifications to the federal and state laws.

After the 51st GST Council meeting, Union Finance Minister Nirmala Sitaraman stated, “…The council recommended that valuation of supply on online gaming & actionable claims in casinos may be done based on the amount paid or payable or payable to or deposited with the supplier by/or on behalf of the player, excluding the amount entered into the games, bets out of winnings from previous games, and not on the total value of each bet placed…”

She stated, following the panel meeting, that the GST Council — the highest decision-making authority of the new indirect tax regime, comprised of the Union finance minister and representatives of all states — discussed the language of amendments required to tax online gaming.

Also read this:Gurugram Legislator Meets Prime Minister Modi, Says, “If Both Sides Had Arms…”

In a statement, FIFS and EGF, which represent fifty Indian online gaming companies, said, “The new tax framework, while clarifying and resolving uncertainty, will result in a very burdensome 350% increase in GST and set the Indian online gaming industry back several years.” However, it will provide gaming companies with a fighting opportunity to innovate and rebuild the gaming industry’s foundation in India.”

v

The post GST Council meet: 28% tax on online gaming to become effective from 1 Oct appeared first on Republic Aeon.

On Monday, Union Finance Minister Nirmala Sitharaman urged the Income-Tax Department to follow three broad principles – transparency, objectivity, and taxpayer-friendliness – to broaden the tax base. She also invoked Prime Minister Narendra Modi’s dictum to use technology to increase tax revenues without increasing tax rates or resorting to overreach.

At the 164th Income Tax Day, she stated that pre-filled data, instant generation of the permanent account number (PAN), the tax-payers charter, faster refunds, and the recently implemented faceless system of tax administration have not only made tax assessors more comfortable, but have also aided in increasing tax revenue without increasing tax rates. She stated, “Therefore, I refer to the Prime Minister’s statement that if we don’t invest in technology, the three points — transparency, objectivity, and being taxpayer-friendly — may never be achieved.”

Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), stated earlier at the event that technology-driven compliance increased net direct tax collections by 17.67% year-over-year to 16.61 lakh crore in FY23, exceeding both the Budget and the Revised estimates. Over 50% of the 40 million returns filed for FY23 have been processed, and 8 million of them have been issued during the current income-tax return (ITR) filing season, he stated, attributable to the department’s use of technology.

She stated that the income tax laws have been modified to encourage micro, small, and medium-sized enterprises (MSMEs), startups, and cooperatives. According to the amended law, large companies cannot claim tax benefits unless they truly pay their MSME suppliers’ dues.

She stated that the department of income tax no longer takes a “adversarial” stance. “We are treating tax payers as part of the nation’s wealth creators,” she said, adding that their contributions to the nation’s development are immense. She stated that the shift in strategy has also aided in increasing tax revenues without increasing tax rates. Under the new system, the government effectively exempted income up to 7,27,000 from income tax.

Sitharaman stated that the government is continually endeavouring to “make tax and taxation significantly more people-friendly” by maintaining low tax rates, promoting transparency, and introducing people-friendly technologies. Previously, individuals (tax assessors) lived in constant dread that the government might reopen their 10-year-old tax records. On the PM’s orders, not only was this period shortened to six years, but reopening of cases older than three years was also made contingent. According to the amended law, only understated or non-filers files for income over 50 crore could be reopened for cases four to six years old, and then only with the explicit permission of a senior tax official.

She stated there are approximately one million such cases, and the department of income tax will process them by March 2024. After that, the backlog will be eliminated and the process will become “more predictable,” she said, adding that 55,000 “one-time cases” that emerged as a result of the apex court’s decision had already been processed and concluded by May 2023. “Therefore, today there are no notices,” she said, adding that individuals must pay their dues because “system gaming no longer occurs.”

Also read this:Three bills introduced in Lok Sabha

She urged tax officials to sustain the momentum with the three aforementioned principles in order to achieve Prime Minister Narendra Modi’s goal of developing India by 2047. She requested that the tax agents’ field formation shift from an investigative to an inclusive mode, which will result in a greater number of willing taxpayers.

The post Sitharaman lists three principles to widen tax base appeared first on Republic Aeon.

The Multiplex Association of India had requested that the tax on culinary services in movie theaters be reduced. According to the report, their representation to the GST Council occurred after confusion arose due to reports of theatres receiving ‘notices’ regarding the GST that they were imposing.

What does ‘5% tax’ mean?

Currently, movie tickets priced over 100 are taxed at 12%, and those priced over 200 are taxed at 18%. Therefore, when theaters offer customers an online combo option for food and a movie, the GST will be applied to the total price and will be taxed at 18%.

The 5% GST, on the other hand, is applicable when food is purchased at the theater separately from the movie ticket. To avoid the increased GST, industry professionals advise consumers not to pre-order snacks.

Food and beverages account for nearly half of the price of admission.

According to Nitin Sood, CFO of PVR Inox, food and beverages (F&B) alone account for up to 52 percent of the price of a movie ticket.

Also read this:Day before launch of Chandrayaan-3, team of ISRO scientists visited at Tirupati temple

Consumers spend approximately 50-52% of their average ticket price on food and beverages. And there is no reason for this number not to be greater. This ratio has been as high as 70-75 percent in Western countries. And it is our intention, over the next few years, to increase the overall food and beverage consumption in movie theaters.

The post GST Council fixes tax on food and beverages in cinemas at 5%. What does this mean? appeared first on Republic Aeon.

During a panel discussion at a World Bank-sponsored event titled “Making it Personal: How Behavioral Change Can Combat Climate Change,”Nirmala  Sitharaman stated, “Climate is now impacting us from a variety of different angles, in our daily lives.”

When asked how India implements the LiFE agenda, the Union Finance Minister responded, “through repeated persuasion, repeated speaking about and speaking about issues which you believe to be commonplace, but repeated speaking by people who hold positions, by people who are responsible, by people who can really attract attention.”

This is where and why, according to Sitharaman, the vast majority of advertising campaigns for humdrum items enlist the support of prominent figures.

The Lifestyle for Environment (LiFE) initiative, launched by Prime Minister Narendra Modi, seeks to promote the adoption of sustainable lifestyles in India and around the world in order to combat environmental degradation and climate change.

Climate change "hitting us from various different angles": Nirmala Sitharaman

Read @ANI Story | https://t.co/vg7BHqsv7Y#NirmalaSitharaman #ClimateChange #US pic.twitter.com/TigMCs8qQL

— ANI Digital (@ani_digital) April 15, 2023

The LiFE initiative intends to utilize the power of social networks to shape climate-related social norms. It intends to establish and cultivate a global network of individuals, dubbed “Pro-Planet People” (P3), who will share a commitment to adopt and promote eco-friendly lifestyles.

The Minister of Finance stated, “You need more people to discuss it, and more influential people to discuss it.”

Sitharaman also spoke at length on DPI (Digital Public Infrastructure) on Friday, emphasizing India’s innovative contribution to targeted rapid, efficient, and inclusive service delivery over the past couple of years.

Sitharaman, speaking as a Keynote Speaker at “India’s Digital Public Infrastructure – Stacking Up the Benefits,” an event organized by the IMF on how the public and private sectors can collaborate on DPI in Washington, stated that, in light of the numerous macroeconomic and pandemic-related challenges currently facing the world, examples available demonstrate the DPI’s potential to benefit both the public and private sectors.

Also read this:PM Kishida of Japan was assaulted with a smoke bomb during a Wakayama speech and evacuated safely

“As we face multiple macroeconomic and pandemic-related challenges, we are faced with a number of obstacles.” Existing examples demonstrate that the capacity of DPI to contribute to both the public and private sectors is immense and has the ability to alter the country’s development trajectory, even in challenging times. During the last few years in India, we have witnessed how DPI (Digital Public Infrastructure) can contribute to targeted, efficient, and inclusive service delivery via innovative methods, as stated by the Union Finance Minister in her keynote address.

The post Climate change “hitting from various different angles”: Nirmala Sitharaman appeared first on Republic Aeon.

“I am pleased to report that there is a growing consensus among all G20 members that any action on crypto assets must be global,” Sitharaman told reporters at a news conference following a meeting of G20 finance ministers and central bank governors.

“The G20 and its members agree that it will not be possible for an independent country to deal with crypto assets,” the minister continued.

Sitharaman told reporters that the organization has voluntarily addressed the issue. During India’s G20 presidency, a “synthesis paper” will be drafted regarding crypto assets.

India has maintained its desire for a coordinated global response to the problems posed by cryptocurrencies like bitcoin, and the finance ministry announced in February that it had hosted a seminar for G20 member states to debate how to develop a common framework.

Earlier in February, Sitharaman stated, “We are conducting research so that we can have an informed discussion. International Monetary Fund (IMF) and Financial Stability Board (FSB) have been independently working on the crypto issue and making progress. We have now requested that they complete the documents and provide them to us, and the IMF and FSB have already provided these documents in time for the July meeting. I believe we are making progress in this regard. Therefore, something should evolve.”

She made the remarks in response to a query regarding a consensus on crypto assets among G20 nations during India’s Presidency.

“Recognizing the risks associated with private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with crypto assets by taking macroeconomic and regulatory perspectives into account,” she said.

Also read this:EAM Jaishankar rides a ‘Made in India’ train in Maputo during his visit to Mozambique

Several years have passed since the Central government, led by Prime Minister Narendra Modi, debated drafting a law to regulate or even ban cryptocurrencies, but no definitive decision has been made. According to the Reserve Bank of India, cryptocurrencies should be outlawed because they resemble a Ponzi scheme.

The post Any action involving crypto assets must be global: FM Nirmala Sitharaman appeared first on Republic Aeon.