Update on 47th GST Council Meeting

Update on 47th GST Council Meeting

GST Council concluded its 47th Meeting on June 29, 2022 after a gap of 6 months. The common theme running through most of the proposals appears to be of increasing revenue collection. Further, expectations for clarity on GST on Ocean Freight (amidst much-talked about...

NITYA | Indirect Tax Bulletin | June 2022 | Week 3

NITYA | Indirect Tax Bulletin | June 2022 | Week 3

In this Weekly Bulletin, we have captured following: Rulings Classification of parts of motor vehicle Cenvat credit on CSR expenses Other Updates Instructions relating to sanction, post-audit and review of refund claims Please click on the below link to NITYA |...

NITYA | Indirect Tax Bulletin | June 2022 | Week 2

NITYA | Indirect Tax Bulletin | June 2022 | Week 2

In this Weekly Bulletin, we have captured following: Rulings Exclusion of exempt supplies from formula for computing refund of Compensation Cess on export goods Applicability of Unjust Enrichment where export consideration reduced to extent of refund Other Updates...

NITYA | Indirect Tax Bulletin | June 2022 | Week 1

NITYA | Indirect Tax Bulletin | June 2022 | Week 1

In this Weekly Bulletin, we have captured following: Rulings Refund of IGST on export goods on account of subsequent price increase Cross-charge of ITC to other Units in absence of support service Please click on the below link to NITYA | Indirect Tax Bulletin 2022 |...

NITYA | Indirect Tax Bulletin | May 2022 | Week 4

NITYA | Indirect Tax Bulletin | May 2022 | Week 4

In this Weekly Bulletin, we have captured following: Rulings Rejection of output refund claim due to incorrect reporting in GSTR-3B Denial of ITC due to retrospective cancellation of suppliers’ GST registration Mandatory adherence to pre-SCN consultation Qualification...

Budgetary allocations for RoDTEP Scheme – imminent concerns

Budgetary allocations for RoDTEP Scheme – imminent concerns

We kept you updated on various developments pertaining to RoDTEP Scheme. In this issue of NITYA Outlook, we are highlighting a looming concern which exporters should keep in mind in context of this Scheme. Para 4.54 of Foreign Trade Policy, 2015-20 (‘FTP’) contains...

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