TAG Tax

Pursuant to the 47th Goods and Services Tax Council meeting held on June 28 and June 29, 2022, significant amendments and clarifications have been issued by the Central Board of Indirect Taxes and Customs, India.

Kochhar & Co. has published a GST Alert Newsletter providing a summary of changes brought in by the recent notifications and circulars along with comments from their Indirect tax practice group to help you better appreciate the significance of such changes. Some of the topics covered include:

• Benefit of Inverted Duty Structure Refunds extended to credit on input services
• Transfer of credit between distinct persons allowed
• Concessional rate supplies made eligible for inverted duty refunds
• No Interest liability on availment of credit without utilisation
• Time limits for demands and recovery extended till September 2023 for 2017-18
• Penalty applicable on all involved in the issuance and credit on fake invoices
• Various Clarifications relating to credit availment
• Relaxation in compliances for composition dealers
• Other Clarifications and Changes

View the newsletter.