Tapping into the burgeoning BFSI market See Overview
The Consumer & Retail sector is growing rapidly and is extremely dynamic. Due to constant disruption, managing business has become complicated and cumbersome. See Overview
Our healthcare and life sciences advisory team brings together a combined experience of over 50 years to help businesses navigate through changes, new... See Overview
At Grant Thornton in India, our automotive team works with a wide variety of clients to help them achieve their goals and increase shareholder wealth. Our... See Overview
M&E practice encompasses team of dynamic professionals with deep technical knowledge and extensive experience of working across segments say television, print,... See Overview
Tailored service offerings to Not for Profit organisations and CSR compliance services for dynamic businesses See Overview
At Grant Thornton, we assist dynamic Indian businesses in the Real Estate & Construction sector throughout their business life cycle by offering robust... See Overview
Key highlights of the publication
- Important updates/announcements: The Finance Bill 2023 has become an Act after the presidential assent received on 31 March 2023. In this edition, we have discussed the key amendments to the Finance Bill 2023. In addition, the government has announced the new Foreign Trade Policy 2023 (FTP) effective 1 April 2023 to provide policy continuity and a responsive framework. An amnesty scheme for the one-time settlement of the export obligation default by the Advance Authorisation and Export Promotion Capital Goods Scheme authorisation holders has been introduced.
- Key judicial pronouncements: The Supreme Court (SC) has held that for claiming input tax credit (ITC), proving the genuineness of the transaction and actual physical movement of the goods are the essential conditions. Therefore, only production of the invoices and/or payment by cheque is not sufficient to prove the genuineness of transaction. Though the judgment has been delivered in the context of VAT laws, it is likely to have an impact under GST, as similar provisions exist under the GST laws.
- Important developments in direct taxes: On the direct tax front, we talk about key amendments relating to the financial services sector in the Finance Bill 2023.
In order to assist our readers in meeting their tax compliances, we present a tax compliance calendar for Financial Year 2023-24, which should act as a ready reckoner.
GST Compendium April 2023
The April edition of the GST Compendium analyses various important amendments/updates, key judicial pronouncements and decodes advance rulings.