Key highlights of the publication
- Important updates/announcements: The Central Board of Indirect Taxes and Customs (CBIC) has taken note of the fact that its officers were using force or coercion to recover tax liability during search, inspection or investigation, even after the voluntary deposit of Goods and Services Tax (GST) liability. Therefore, to protect the interest of the taxpayers, the CBIC has instructed the authorities not to make any recovery of GST dues during search, inspection, or investigation proceedings.
- Key judicial pronouncements: The Apex Court has ended the long-drawn litigation by striking down the levy of Integrated Goods and Services Tax (IGST) on ocean freight under the reverse charge mechanism (RCM).
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has issued instructions for implementing the Apex Court’s ruling on the validity of reassessment notices.
Source Grant Thornton
