Amit Mitra, who is now the principal chief advisor to West Bengal chief minister, called for a GST council meeting dedicated to discussing overhauling the GST system and finding a time bound solution to put a check on the "massive laundering of public money".
The deadline for tax officials to recover dues from businesses for FY19 and FY20 has been extended to April 2024 and August 2025 respectively. This extension aims to address backlogs and provide more time for assessing tax discrepancies.
The online gaming market in India is expected to slow down to a 15% compound annual growth rate (CAGR) till FY28, compared to the 28% CAGR over FY20-23. The real money gaming sub-segment s revenue share may fall to 75.4% by FY28 due to legal amendments.
Experts say hundreds and thousands of GST-registered persons and GST-registered dealers often make natural human errors, such as calculation errors and counting inaccuracies, which can be corrected if an option for revised returns is made available along with pre-filled returns.