The Hon’ble Finance Minister had presented the Finance Bill 2023 on 1st February 2023 which essentially focused on encouraging domestic manufacturing and gave effect to several decisions taken in the GST Council Meeting. The Finance Bill 2023 which proposed such changes was presented and passed by the Lok Sabha on 24th March 2023.
With the objective to provide relief to small and medium dealers under various laws implemented by the State Tax Department prior to the implementation of the GST, an amnesty scheme under the ‘Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023’ has been announced. The scheme will be operative from 1 May 2023 to 31 October 2023.
The Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping investigation concerning imports of Printed Circuit Board (PCB) originating in or exported from China and Hong Kong, by a notification dated 30 December 2022 (Notification).
The Tax Research Unit, Ministry of Finance, Government of India (TRU) has inter alia issued two circulars 177/11/2022-GST and 179/11/2022-GST both dated 3 August 2022 (collectively “Circulars”)
The Customs Act, 1962 (Act) being a code within itself, specifically provides the Commissioner of Customs with powers of arrest and prosecution in case of acts defined as offences under the Act.
In a recent decision, the Hon’ble Supreme Court has held that since liability to pay tax under the Goods and Services Tax (GST) regime is on the supplier, the bidder/supplier must make inquiries and make an informed decision as to what would be the relevant Harmonised System (HS) classification of the goods and the applicable rate of tax. A tender or bidding process cannot be invalidated if the buyer has not specified applicable tax rate or bidders have adopted a 1different tax rate.
Taxability of payments made under contractual obligations like non-compete fees, early termination charges, liquidated damages, notice pay payments by employees, cancellation charges, late payment charges etc have been a subject matter of debate under Goods and Services Tax (“GST”) as well as service tax before that – a debate that has revolved around the interpretation of the words “Agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act” (which have effectively been made part of t
The Supreme Court, in an order dated 22 July 2022, has decided a batch of nearly four hundred petitions and has directed opening of the Goods and Services Tax (GST) portal from 1 September 2022 till 30 October 2022 to facilitate claiming of transitional credit by all taxpayers who have missed to take such credit in past.
