Indirect Tax
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indirect_tax
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KEY CHANGES IN GST LAW EFFECTIVE FROM 1 OCTOBER 2023
This ERGO intends to incapsulate key amendments in Goods and Services Tax (GST) law that have become effective from 1 October 2023; most of these were introduced during the Union Budget 2023 vide Finance Act, 2023.
Import Policy amended | Restrictions on importing laptops, tablets, and personal computers from 1 November 2023
The Import Policy vis-à-vis imports of laptops, tablets, personal computers and other ‘automatic data processing machines’ have been amended and from 1 November 2023, imports of these items will be subjected to mandatory import restrictions, necessitating a valid licence for imports, except in a few specified cases.
Interplay of India's carbon pricing schemes with European Union carbon border tax - impact on Indian exporters
The European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM) came into force on 16 May 2023. The CBAM aims to target carbon leakage, which the European Commission defines as occurring when industries transfer polluting production to countries with less strict climate policies. The CBAM will cover the import of goods from all non-EU countries. However, certain third countries that participate in the EU’s Emissions Trading System (ETS) will be excluded from the mechanism.
Karnataka High Court quashes INR 21,000 Crore (~US$ 3 Billion) GST demand; clarifies GST position on online gaming
In a landmark judgment with far reaching consequences on the online gaming sector in India, a single judge bench of the Karnataka High Court (High Court), in the matter of Gameskraft Technologies Private Limited (GTPL), has quashed and set aside a INR 21,000 crore (~USD 3 Billion) goods and services tax (GST) show cause notice (SCN) against GTPL – the biggest tax notice ever issued in India, as per some reports.
Onkar Sharma
Onkar is a Partner in the Indirect Tax practice group. With close to 12 years of experience, he specialises in advisory, investigations, litigations (across all levels), tax optimization and allied aspects apropos indirect taxes (Including GST, customs, pre-GST indirect taxes, State Excise laws affecting alcoholic beverages sector). Onkar is currently handling two of the biggest litigations in the history of indirect taxes in India.
India loses WTO Dispute Vis-A-Vis Import Duties on certain ICT Products
On 2 April 2019, the European Union (EU) requested consultations with India concerning the tariff treatment that India accords to certain goods in the Information and Communications Technology (ICT) sector.
Third judge of Bombay High Court pronounces verdict on powers of State to levy GST on Intermediary Services to foreign customers
Taxation of intermediary services to offshore customers / clients has been one of the most contentious topics of the GST regime. An “intermediary service” has been defined as an activity of facilitating provision of goods or services between two or more persons. As per Section 13(8)(b) of the IGST Act, the “place of supply” for intermediary services, is deemed to be the location of the “supplier” of services.
Foreign Trade Policy 2023
The Foreign Trade Policy 2015-20 had multiple extensions till 31 March 2023, owing to the COVID-19 pandemic and the unstable geo-political situation. The new Foreign Trade Policy 2023 (FTP 2023) which was released on 31 March 2023 aims to ensure policy continuity and subsequent revisions will be made, as necessary, without linkage to any specific date.