Admin

The DGFT, through its Notification No. 26/2023 dated 4th August 2023, has amended the Notification No. 23/2023 dated 3rd August 2023 which has been notified for the restrictions on the import of specific items, including Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers, Servers under HSN 8471.   To know more, read in detail the given update […]

The DGFT, through its Notification No. 23/2023 dated 3rd August 2023, has imposed restrictions on the import of specific items, including Laptops, Tablets, All-in-one Personal Computers, and others. To know more, read in detail the given update below: What does this restriction mean? This restriction means placing certain goods under the “Restricted Category,” thereby requiring importers to

GST Council has examined the much debated issues of cross-charge and distribution of ITC in respect of common input services (like advertisement services, marketing services, audit services etc.) by one office of an organization to another office of that organization in another State. This issue has been clarified through the Circular No. 199/11/2023-GST dated 17th July 2017.   To

The GST Council has examined the issue in respect of applicability of e-invoice under rule 48(4) of Central Goods and Services Tax Rules, 2017 w.r.t supplies made by a registered person, whose turnover exceeds the prescribed threshold for generation of e-invoicing, to Government Departments registered solely for the purpose of deduction of tax at source

The GST Council has examined the issue in respect of GST liability as well as liability to reverse ITC against the supplies of replacement of parts and repair services during the warranty period without any consideration from the customers. This issue has been clarified through Circular No. 195/07/2023-GST dated 17th July 2023.   To know more, read in detail the

The GST Council has examined the issue that whether the holding of shares in a subsidiary company by the holding company will be treated as ‘supply of service’ under GST and will be taxed accordingly or whether such transaction is not a supply through the Circular No. 196/08/2023-GST dated 17th July 2023 and clarified the same.   To know more,

The GST Council has examined the issue of chargeability of interest u/s 50(3) of the CGST Act, 2017 in the cases where IGST credit has been wrongly availed and reversed later. The clarification for the same has been issued through the Circular No. 192/04/2023-GST dated 17th July 2023.   To know more about the clarifications, read in detail the

As per the update given on the e-Way Bill portal dated 12th June 2023, NIC has introduced the 2 Factor Authentication for logging onto e-Way Bill and e-Invoice System to ensure a better security system. This would be mandatory from 15th July 2023 for the taxpayers having annual aggregate turnover of more than rupees 100crore.   To know more, read

The issue of fake/ bogus registration has became a menace for the government, regarding which Instruction No. 03/2023 dated 14th June, 2023 has been issued. The main aim of this instruction is to verify the applications for registrations. This would strengthen the process of scrutiny and will enhance the transparency of GST registrations. The emphasis has

CGST ACT Section 62 Notification No. 06/2023 CT dated 31.03.2023 An amnesty scheme has been introduced where best judgement assessment order passed on or before 28.02.2023 under section 62 of the CGST Act can be set aside if valid return is furnished on or before 30.06.2023 subject to compliance with certain other terms of the