the goan I network
PANAJI
The organisers of the two-day electronic-dance-music (EDM) festival, Sunburn Klassique held on February 23 to 24 at Vagator, have declared that they earned a turnover of Rs 3.64 crore during the event.
This information was revealed in a return filed by the organisers with the Commercial Taxes Department.
Interestingly, the organisers have also declared that they made a loss during the event.
Before the start of the event, the organisers had paid an advance goods-and-services-tax (GST) amounting to Rs 8 lakhs.
In a tax return filed in June, the organisers have claimed that their tax liability should be only Rs 3.25 lakhs.
It means that organisers had paid Rs 4.75 lakhs excess GST to the government, which could be adjusted at a later date.
Sources within the Commercial Tax Department have informed that they are doing their own tax assessment to analyze what the actual GST liability of Sunburn’s organisers should be. The assessment is likely to get over by October this year.
Sources further revealed that the organisers have claimed a whopping input-tax-credit of Rs 32 lakhs in the return filed by them.
There are a number of suppliers to an EDM like artists, decorators, stage people, lighting people and etc. Input tax credit can be claimed on all such costs.
The Commercial Tax Department will also have to analyze whether Rs 32 lakhs input tax credit claimed by organisers is correct as per their assessment or not.
