At least three Bollywood celebrities have come under the tax authorities' scanner allegedly for dressing up their brand endorsement as "sponsorship" to avoid paying goods and services tax (GST), resulting in significant evasion.
The rate for brand endorsement is 18 per cent and endorsers are supposed to charge the brand/company concerned and pay the tax authorities if the amount they receive is above the GST threshold, which is 20 lakh annually.
This came to light during the probe into online gaming and fantasy sports companies by the Central Board of Indirect Taxes and Customs (CBIC).
"These celebrities were supposed to raise invoices against the remuneration charging GST ...
Instead, they acknowledge the amount received as 'celebrity sponsorship services' to the recipient under the reverse charge mechanism of GST," an official privy to the development said.
هذه القصة مأخوذة من طبعة November 10, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة November 10, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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