Key highlights of the publication
- Important updates/announcements: The Director General of Foreign Trade (DGFT) has announced the procedure related to applying for the amnesty scheme announced last month with regard to the Export Promotion Capital Goods scheme and Advance Authorisation, with the last date of the application being 30 June 2023. The DGFT has further clarified that no interest would be payable on the portion of additional customs duty and special additional customs duty.
- Key judicial pronouncements: On the judicial front, the Supreme Court (SC) has ruled that sans consideration, service tax is not leviable on the corporate guarantee provided by the assessee to its group companies. This is a welcome ruling under the Services Tax regime; however, its implications need to be further evaluated under the GST regime where related party transactions are treated as deemed supplies, liable to GST, even without consideration.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has extended the timeline for linking PAN with Aadhaar and extended the relaxation provided to certain non-residents from e-filing Form No. 10F. The CBDT has also provided clarifications for employers regarding withholding tax under the new tax regime.
