NEWSLETTER - VISION 360: A TREASURY OF TAX AND REGULATORY DEVELOPMENTS - DECEMBER 2022

As we usher into 2023, there is a lot of hope for the economic development of the Nation. With the record collections in GST and the strides towards being an export-centric country, the foreseeable future certainly looks good. Most importantly, with the recent Foreign Trade Agreement entered with the Government of Australia, the exporters of various goods especially that of consumer goods, will enjoy many benefits.

Further, with the Budget 2023 just around the corner, the corporate sector anticipates that uniformity in tax rates should be implemented for India to stand as a center for both the manufacturing and services industries. Furthermore, there have also been ample judicial and legislative growth in the past month. The CBDT has issued Circular for TDS on Salary for FY 2022-23. Furthermore, the CBIC has issued numerous circular/clarifications in line with the recommendation from the 48th GST Council meeting. The CBIC has clarified the much debated issue of ITC difference in GSTR-3B vis-à-vis GSTR-2A for F.Y. 2017-18 and F.Y. 2018-19.

In addition, thereto, true to our view of bringing news which are beyond facts, we have covered all the judicial and regulatory developments in direct and indirect taxes with interesting insights. We have also covered developments of the erstwhile indirect tax laws, which can be helpful precedents for disposing the pending litigations. 

Compiling all such developments, we are glad to bring to you, the 28th Edition of our ‘Vision 360’ Newsletter in association with TIOL. We have covered the key judicial and legislative developments in Direct, Indirect Tax other regulatory areas in the month of December 2022. We hope that reading of the newsletter would bring an enriching experience to you! Your valuable feedback is always welcome at consult@gstlegal.co.in or updates@gstlegal.co.in 

Disclaimer:

The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.