Deadline for Existing Units – Gujarat IT/ITeS Policy – 2022-27
Hello Readers, With an ambitious target to increase exports from the existing Rs 3,000 crore to as high as rs 25,000 crore in the information technology (IT) sector, the Gujarat government rolled out its new Information Technology & Information Technology-enabled Services (IT & ITeS) policy, 2022-2027. The Policy will enable all innovative ecosystem, establish a […]
Special Economic Zone (SEZ) – Recent updates
1. GOVT AMENDS SEZ NORMS TO HELP COMPANIES OPT FOR FLEXIBLE WORK OPTIONS The government has amended the Special Economic Zones (SEZ) Rules, 2006 to accommodate the work-from-home model of employment, a move expected to change the demand for leasing of space at information technology parks. This proposal for working from home will cover a […]
SC directs GSTN to open portal for filing TRAN-1 for all taxpayers
The Revenue filed SLP before the Supreme Court as various High Courts had allowed writ petitions filed by the registered taxpayers seeking directions to avail Transitional Credit beyond statutory time limit. (Union of India vs. M/s Filco Trade Centre Pvt. Ltd. and Anr.) The Apex Court has issued the following Tran-1 directions: Goods and Service […]
FAQs – GST on ‘Pre-packaged and labelled’ Goods : Effective from 18th July, 2022
The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim […]
GST ON PRE-PACKAGED AND LABELLED FOOD ITEMS. EFFECTIVE FROM 18-07-2022
Currently, certain food items are exempt from GST if they are not put up in the unit container or they are unbranded or if the supplier waives the right to the brand through a declaration. The GST council recently recommended revising the scope of GST exemption to exclude the specified food items if the Supplies […]
Changes in GSTR 1 & GSTR 3B – reporting of ITC & other details
Changes in reporting of input tax credit in GSTR-3B [Notification No. 14/2022 – Central Tax dated 5th July 2022 read with Circular No.170/02/2022 dated 6th July 2022] is as below: Changes relating to supplies through E-commerce operators. As per Section 9 (5) of the CGST Act (and the corresponding provisions under the SGST Acts, IGST Act, […]
Implementation Guidelines for Gujarat IT a ITeS Policy (2022 – 27)
Recently, the Gujarat state in India unveiled its new “IT/ITeS Policy 2022-27”, replacing the old IT & ITeS Policy 2016-21. The new policy offers both capital (CAPEX) and operational (OPEX) support to information technology (IT) firms making investments in Gujarat and promises to generate 100,000 direct jobs. We list the various incentives with their timelines […]
Implementation of 47th GST Council Meeting Recommendations – Notifications and Circulars
In the 47th GST council meeting, certain recommendations were given for Refunds of accumulated ITC are not to be allowed in certain cases rate changes on certain goods & services Clarifications on GST rates on certain goods & services Certain trade facilitation measures by way of amendment in CGST Rules like change in the formula […]
Clarification on-demand and penalty in respect of fake GST invoices (Circular No. 171/03/2022-GST )
A number of cases have come to notice where the registered persons are found to be involved in issuing tax invoices, without actual supply of goods or services or both (hereinafter referred to as “fake invoices”), in order to enable the recipients of such invoices to avail and utilize input tax credit (hereinafter referred to […]
Impact on E-commerce sector from 47th GST Council meeting’s recommendations:
E-commerce means the supply of goods or services, or both, including digital items, through a digital or electronic network. (Described in Section 2(44) of the CGST Act, 2017) E-Commerce Operator has been defined as any person that directly or indirectly owns, maintains, or manages a digital or electronic facility or platform for e-commerce (under Section […]
- 1
- 2