Foreign giants on notice: Govt expects Rs. 2k crore revenue surge from GST compliance

The GST authorities have sent notices to a bunch of foreign companies such as Facebook, Google, Netflix and Spotify, to ensure compliance with new GST regulations,

These notices were sent to around 70 digital companies including advertising firms, edtech and online gaming firms in line with requirements for 18 percent Integrated GST (IGST). The new tax is effective as of October 1, irrespective of whether the services are for personal or business use, it said.

With these changes, the government expects to collect around Rs.2,000 crore in the current financial year (FY2023-24), a significant rise from the approximately Rs. 700 crore collected in the previous financial year (FY2022-23) from foreign firms providing various digital services in India, a government official told the paper.

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