Key highlights of the publication
- Important updates/announcements: The Goods and Services Tax (GST) Council, in its 50th meeting, recommended various legislative and procedural changes. One of the significant recommendations was to levy GST @28% on the total face value of the bets placed in online gaming, casinos, and horse racing. In this regard, in its 51st meeting, the GST Council has suggested amendments in GST law to clarify w.r.t. taxation and valuation of supply in online gaming, casinos, and horse racing.
- Key judicial pronouncements: On the judicial front, the Supreme Court (SC) has upheld the Bombay High Court’s (HC) decision, holding that interest and penalty cannot be levied on short/delayed payment of customs surcharge, additional duty of customs, and special additional duty in the absence of statutory provisions.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has extended the timeline for filing TDS / TCS statements for the first quarter of FY 2023-24.
GST Compendium August 2023
The August edition of the GST Compendium analyses various important amendments/updates, key judicial pronouncements and decodes advance rulings.