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The provisions of Finance Bill, 2023, relating todirect taxes seek to amend the Income-tax Act, 1961 ("the IT Act"), to continue reforms in direct tax system through tax reliefs, removing difficulties faced by taxpayers and rationalization of various provisions.
Amendments proposed in the Finance Bill, 2023, vide Clause 128 to 144 except clause no. 142, will come into effect from a date to be notified
Expected Changes in GST | Union Budget 2023-24
There was amendment in sec 75(12) of the Central Goods and Services Tax Act, 2017 ("the CGST Act"), which were introduced vide the Finance Act, 2021 but brought into effect only from January 1, 2022 through Notification no. 39/2021-central tax dated December 21, 2021.
We have listed down certain important activities for the smooth amendment/ transition/ closure of FY 2021-22 for GSTR 9 & GSTR 9C
A new table Table 3.1.1 has been inserted as per [Notification No. 14/2022 – Central Tax dated July 05, 2022] in Form GSTR-3B and the same will be available on the GST portal from August 01, 2022 wherein both the ECO and registered restaurant can report supplies made under Section 9(5) of the CGST Act
The GST Council, in its 37th meeting held on 20.09.2019, has recommended introduction of electronic invoice ('e-invoice') in GST in a phased manner. E-invoicing was initially made applicable w.e.f 01.10.2020 for the registered person having aggregate turnover of Rs. 500 crore and above only.
Earlier, there was exemption from GST on Unbranded or Branded Commodities where right on the brand has been foregone which has been done away w.e.f July 18, 2022, and now GST exempted only when it is not a pre-package and labelled commodities.
In the administration of taxation, the provisions for arrests are created to tackle certain situations raised by some unscrupulous tax evaders. Arrest provisions may appear to be very harsh but these are necessary for efficient tax administration and also act as a deterrent and instil a sense of discipline.
The Hon'ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd.[Civil Appeal No. 1390 of 2022 dated May 19, 2022] upheld the judgement given by the Hon'ble Gujarat High Court to hold that no IGST is payable on ocean freight under Reverse Charge Mechanism ("RCM") for Cost, insurance, and freight ("CIF") imports as Indian importer is liable to pay IGST
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