St Slab News Today

The gaming industry has requested the government to make a distinction between games of chance like gambling and games of skill.

Today, leading tax tech startup EZTax released its pre-budget 2023 expectations and how such a budget could be funded as part of its yearly straight talk sessions on pre- and post-budget analysis.

From 1 per cent, the Goods and Services Tax (GST) rate has been increased to 6 per cent effective April 1, 2022.

According to ICRA, the market contracted by almost 50 per cent over CY2019-CY2020 -- from annual volumes of about 39,640 in CY2018 to about 19,439 in CY2020. Last year, the industry crossed around 30,000 units.

With the advent of technology and the use of handheld devices, the online gaming market is fast growing at US$ 3 billion with more than 400 million users and is expected to grow rapidly in the next half a decade.

Traders’ body Confederation of All India Traders on Monday said that the decision to levy five per cent GST on pre-packed and labelled food items will cause loss of business to foodgrain traders, increase compliance burden and raise the prices of unbranded everyday essentials.

Lowest GST slab to be raised by 3 percent? Here’s what the government said - There has been speculation in the market and among tax analysts that the Centre may be looking to elevate the lowest GST slab.

Lowest GST slab may be raised by 3 percent, says report - Apart from raising the lowest slab, the list of goods and services exempted from the GST regime might also be reduced.

The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday.