2023-11-08 16:09:03
Speaking on the sidelines of a CII event here, Agarwal also said the online gaming companies that have been served with the show-cause notices have time to respond, indicating that taxes in such cases don’t flow in immediately.
In August 2023, the GST Council made it clear that all online games involving bets, regardless of skill or chance, would be subject to a 28% GST on the full value of the bets placed. It came into effect from October 1.
In recent weeks, some online companies have reportedly been served with GST notices involving tax incidence of regarding rs 1 lakh crore.
GST collections for October jumped 13% from a year before to Rs 1.72 lakh crore, the highest monthly mop-up since Rs 1.87 lakh crore for April.
Agarwal said a rise in integrated GST mop-up, on the back of higher imports, also drove up overall GST collections for October. “The imports were healthier as compared to earlier months, maybe because companies are replenishing their stocks or inventories due to the advent of the festive season,” he said. Asked if the government was considering fuel duty cuts ahead of state elections, Agarwal said excise duty changes in petroleum products are driven by global price movements and not by any revenue consideration.He said: “Excise duty is now levied mainly on petroleum products. It’s calibrated, depending on the rates of the petroleum products that are prevailing in the international market.”The CBIC chairman also called on businesses to rethink their demand for GST exemptions, saying such things adversely affect the entire ITC (input tax credit) system. Agarwal indicated that the CBIC may soon issue advisory to nudge businesses to strictly follow e-invoicing for business-to-business transactions under the GST regime.
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