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53rd GST Council Meeting – Analysis of Recommendations
The 53rd GST Council meeting, which took place after an unnerving lapse of almost 8 (eight) months was amongst the biggest socio-economic events, both for this calendar year and in the third term of the incumbent. During this wait, the list of issues kept piling up, some of which were even critical from an investor sentiment perspective.
Key Takeaways from 53rd GST Council Meeting - 22 June 2024
The 53rd GST Council Meeting which was scheduled after a gap of eight months on account of federal elections, was a much anticipated event. Amongst others, the key reason for this buildup and criticality was to see policy and rate rationalization with far reaching economic and social impact and most importantly, (re)gaining investor confidence to convey our position against retrospective levies.
Brijesh Kothary
Brijesh Kothary is a Partner in the Indirect Tax practice group. Prior to joining the Firm, Brijesh was a partner at Lakshmikumaran and Sridharan Attorneys (Bengaluru).
Brijesh has over 12 years of experience in Indirect Tax and Customs Law. Prior to the advent of Goods and Services Tax, he has worked extensively in diverse areas of indirect taxation and allied laws including Central Excise, Service Tax and VAT. He advises clients in core areas of optimising tax exposures and structuring efficient business models.
Recent Guidelines from DGGI & CBIC on GST Investigations to Enhance ‘Ease-of-Business’
As we approach the seventh year of implementation of the Goods and Services Tax (GST) regime in India, it is clear that its introduction has largely been a success across various parameters. However, one oft-repeated criticism has been against frequent high-pitched, aggressive tax investigations, coupled with frequent cases of multiplicity of investigations by various authorities on same/overlapping issues across various States.
International Trade | Trade & Economic Partnership Agreement | India – EFTA States
India and the Governments of Iceland, the Principality of Liechtenstein, the Kingdom of Norway and the Swiss Confederation (EFTA) recently signed a Trade and Economic Partnership Agreement (TEPA), which is set to substantially reduce tariffs on trade of goods and also give zero duty access to major portion of India’s exports to the EFTA states.
Taxability of Personal and Corporate Guarantee under GST
This ERGO intends to incapsulate recent clarification issued by Central Board of Indirect Tax & Customs (CBIC) with respect to taxability of personal and corporate guarantee provided to a Company under Goods and Services Tax (GST) law.
Recent Legal Developments vis-à-vis Constitution of the Long Awaited Goods and Service Tax Appellate Tribunal
As per news reports, the bill for amending sections 109 and 110 of the CGST Act in line with the recommendations of the GST Council in its 52nd meeting pertaining to establishment and functioning of GST Appellate Tribunal (GSTAT) benches are likely to be introduced and passed in the ongoing winter session of the Parliament. Earlier, the Central Government vide Notification No. S.O. 4073(E) dated 14 September 2023 had constituted 31 benches of GSTAT.