From the Newsroom: Centre issues final notice to Twitter over IT rules compliance

In your evening news brief, G7 nations sign key pact to make tech giants pay fair taxes; Centre issues final notice to Twitter over IT rules compliance and GST revenues up 65% in May at Rs 1.02 lakh crore.

The world's richest countries signed a landmark agreement Saturday committing them to confront corporate tax avoidance and making sure that giant tech companies pay their fair share, Britain's treasury chief said.

Rishi Sunak, chancellor of the exchequer, said finance ministers from the Group of Seven leading industrialised nations signed the pact on the second and final day of meetings in London.

The G7 ministers agreed in principle to a global minimum tax rate of 15 per cent for multinational companies in each country they operate in.

GST revenue mop-up remained above the Rs 1 lakh crore mark for the eighth straight month in May at over Rs 1.02 lakh crore.

The May 2021 collection is 65 per cent higher than Rs 62,009 crore the Goods and Services Tax (GST) revenue of May 2020. Collections last year were impacted as economic activity took a hit due to the nationwide lockdown imposed to check the spread of Covid-19.

However, the revenue for May 2021 is lower than the record over Rs 1.41 lakh crore GST collected in April 2021.

India on Saturday issued “one last notice” to Twitter to immediately comply with the new rules for digital media companies, failing which it would be liable for the content posted by its users.

The notice to Twitter came after the social networking company failed to appoint a compliance officer and a nodal officer as required under the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.

Source: DHNS/ PTI