INDIRECT TAX NEWSLETTER BY NOVELLO ADVISORS DATED 10-7-2022
EXECUTIVE SUMMARY Notifications: Goods and Service Tax 1) No. 10/2022 – Central Tax dated 05.07.2022 Exemption of registered person whose annual turnover in the financial year 2021-22 is up to two crore rupees from filing annual return for the said financial year. 2) No. 11/2022 – Central Tax dated 05.07.2022…
The 47th GST Council Meeting
The 47th GST Council meeting was conducted on the 28th and 29th of June, 2022 at Chandigarh under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The Council recommended, among other matters, removal of certain exemptions, Change in tax rates and inclusion of certain goods…
INDIRECT TAX NEWSLETTER FOR THE WEEK ENDED 2-7-2022
Here is a short summary of the week that went by : Notifications: Customs, FTP and SEZ Notification No. 32/2022- Customs dated 30.06.2022: By virtue of this notification, Petroleum, Crude and Aviation Turbine fuel has been exempted from levy of Special Additional Excise Duty (SAD). Notification No. 33/2022- Customs dated…
INDIRECT TAX NEWLETTER BY NOVELLO ADVISORS Weekend 25-6-2022
THE WEEK THAT WENT BY NOTIFICATIONS GOODS AND SERVICE TAX Notification No. 01/2022 – Compensation Cess dated 24.06.2022 Summary The period for levy and collection of cess under sub-section (1) of section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 shall be upto the 31st March,…
INDIRECT TAX NEWSLETTER BY NOVELLO ADVISORS
THE WEEK THAT WENT BY Week Ending 18.06.2022 GOODS AND SERVICE TAX Instruction No. 03/2022-GST dated 14.06.2022 Summary Instructions have been laid down to pass speaking orders along with the refund sanction order in Form GST RFD-06. The speaking order should contain details such as the period, date, category for…
M/s Munjal Maneesh Bhatt v. UOI
M/s Munjal Maneesh Bhatt v. UOI May 7, 2022 FACTS OF THE CASE: The applicant is a practicing advocate in the Gujarat High Court. The applicant entered into an agreement dated 29th September 2020 with the Navratna Organisers & Developers Pvt. Ltd., (herein referred to as the Developers or the…
Import of Coal and Coke under AIECTA
Import of Coal and Coke under AIECTA April 22, 2022 EXECUTIVE SUMMARY The Australia India Economic Cooperation and Trade Agreement (AIECTA) is indeed a bonanza for India Inc. This Note addresses the benefit of Import Coal or Coke under the AIECTA arrangement. Heavy metal manufacturing Industries and Power Plants (including…
TELANGANA STATE ONE TIME SETTLEMENT SCHEME
TELANGANA STATE ONE TIME SETTLEMENT SCHEME May 10, 2022 INTRODUCTION The Revenue Department of Government Of Telangana has rolled out the “Telangana State One Time Settlement scheme 2022” vide Letter bearing number G. O. Ms. No. 45 dated: 09-05-2022. As reported by the Commissioner of Commercial Taxes, the arrear amount…
A RESOUNDING NO TO DOUBLE TAXATION – A MILESTONE JUDGEMENT – Union Of India v. M/s Mohit Minerals Pvt. Ltd.
A RESOUNDING NO TO DOUBLE TAXATION – A MILESTONE JUDGEMENT Union Of India v. M/s Mohit Minerals Pvt. Ltd. May 19, 2022 PREAMBLE There are times when a Judgement delivered is so resounding and emphatic that it puts a pause in ones thinking. The order Passed by the Hon’ble Supreme…