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Tax authorities alert foreign tech firms of GST to avert nasty surprises : Rashtra News #Tax #authorities #alert #foreign #tech #firms #GST #avert #nasty #surprises Mumbai: Indian tax authorities are alerting overseas gaming, fintech and content service providers in distant jurisdictions like the US, Malta, and Curacao about the goods and services tax (GST) law
The gaming industry hopes the GST council will offer relief by scrapping the retrospective part of the tax on online games. It also hopes for a review of the tax rate and the calculation methods. Moneycontrol explains.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
The GST authorities issue notices to 70 foreign companies, including major players like Netflix and Google, requiring compliance with the new 18 percent IGST regulations for digital services in India. Anticipated government revenue is ₹2,000 crore, a substantial increase from the previous year.
Tax officers have detected violation of GST law by offshore entities offering online betting and gambling platforms to Indian residents through mobile apps and are working on ways to tackle such mode of tax evasion, a source said.