Please click on the below link to NITYA | Indirect Tax Bulletin | November 2022 | Week 1 – 3 (Legal Precedents, Other Updates, Articles, Short Videos and Recent News) covering all recent updates.

NITYA I Indirect Tax Bulletin I November 2022 I Week 1 – 3

In this Weekly Bulletin, we have captured following:

Rulings 

• Transitional Credit on stock more than 1 year old
• BPO providing services on sub-contracting basis not an intermediary
• Retrospective application of Notification prescribing GST rate on job work services relating to manufacture of alcoholic liquor
• Rectification of GSTR-1 on account of non-availability of matching mechanism
• Issuance of draft and final Audit Report on same date
• Interest on delayed filing of GSTR-3B if tax deposited prior to filing of GSTR-3B
• Cancellation of GST registration due to non-availability of taxpayer at registered address
• TRAN-1 Credit disallowed without giving proper opportunity of being heard
• ITC on CSR expenditure
• Availment of ITC on input services and capital goods under Margin Scheme

Other Updates

• Clarification on inverted duty refund issues
• Guidelines for verifying Transitional Credit
• Amendments under FTP to permit exports benefits / fulfilment of Export Obligations for invoicing, payment and settlement of exports and imports in Indian Rupees
• Reduction in Annual Average Export Obligation for EPCG for some sectors

Articles

• Interest and Penalty on IGST levied on import of goods | A Legal Faux Pas? by our Partner, Dharnendra Kumar Rana and Managing Associate, Mr. Sourabh
• Payment of pre-deposit from Electronic Credit Ledger: Entangled Legally! by our Partner, Dharnendra Kumar Rana, Senior Associate, Mr. Ayush Agarwal and Associate, Mr. Akshay Agrawal
• Scope of term ‘proceedings’ under GST I The Mystery Continues! by our Partner, Dharnendra Kumar Rana and Managing Associate, Mr. Sourabh
• Transiting ISD Credits: Battle half won, but clock is still ticking!!! by our Partner, Deepak Suneja, Managing Associate, Mr. Nikhil Nagpal and Associate, Mr. Rishabh Galhotra