@abhishekrajaram's Latest Twitter Threads

🚩Gaming Industry Proposes Different Valuation Methods Ahead Of GST Council Meet ➡️The gaming industry in India has been lobbying the government to revise the valuation method for GST on online gaming.

In the last Apr-May months cases of GST evasion were detected across all states and union territories in India. ➡️The most common types of GST evasion detected were: 🔺False invoicing 🔺Non-registration of businesses 🔺Under-reporting of sales 🔺Non-payment of taxes

GST evasion of Rs 14k crore detected in April-May In the first two months of 2023-24, the Centre has detected 2,784 cases of GST evasion involving Rs 14,302 crore and has recovered Rs 5,716 crore, finance minister Nirmala Sitharaman informed the Lok Sabha in a written reply.

🚩GSTN Launches New e-Invoice Exemption Declaration Functionality ✅The Goods and Services Tax Network (GSTN) has launched a new e-Invoice Exemption Declaration functionality on its e-Invoice portal.

Indian units of foreign companies face GST queries on ESOPs

Unveiling India's Top-5 States plagued by GST fake billing. Here is the ranking of the states with the most fake billing cases detected under GST in India:

The Challenges and Benefits of e-invoicing for Businesses E-invoicing Mandated for Businesses with Turnover of Rs 5 Crore or More from August 1

List of Long Weekends: August 12th, 13th, 14th, 15th, 16th August: Saturday, Sunday, Monday, Tuesday, Wednesday [Independence Day] 29th, 30th, 31st August: Tuesday, Wednesday and Thursday [Onam and Rakshabandhan] Plan accordingly

Kicking off from 1st August 2023 for turnover of Rs. 5 Crores or more. E-invoicing is a system of generating and transmitting invoices in electronic format.

➡️ The GST Council will clarify the rules on online gaming, casinos and horse racing on August 2, including those that use virtual digital assets (VDAs) such as cryptocurrency.