Key highlights from the publication
Important announcements/updates: On the GST front, effective 1 April 2021, e-invoicing has been made mandatory for taxpayers having a turnover of over INR 50 crore. Recently, the Comptroller and Auditor General of India (CAG) has presented its compliance audit report containing its findings/observations relating to the GST and legacy indirect taxes, viz. Central Excise and Service Tax. The edition features key highlights from the report.
Key judicial pronouncements: The Supreme Court has held that the Directorate of Revenue Intelligence (DRI) officers have no power to issue SCNs under the customs law in case of nonpayment or short payment of duty. The court further held that only “the proper officer” could issue such notice and not “any officer”.
Key direct tax announcements: The apex court’s ruling on taxation of software payments to non-residents has held that such payments are not taxable under the tax treaty.
Experts’ take: Canon judgment - Significant impact on future role of DRI
Compliance Calendar FY 2021-22: To assist our readers to meet their tax compliances, we present a tax compliance calendar for FY 2021-22, which will act as a ready reckoner/guide to meet the compliance requirements.