Key highlights of the publication
- Important updates/announcements: After the expiry of the tenure of the National Anti-profiteering Authority, the central government has appointed the Competition Commission of India as the new anti-profiteering authority under the GST laws with effect from 1 December 2022. Meanwhile, the Directorate General of Foreign Trade has allowed the realisation of the export earnings in Indian currency to avail benefits under different export promotion schemes under the Foreign Trade Policy with effect from 9 November 2022.
- Key judicial pronouncements: Recently, the Punjab and Haryana High Court held that the back-office and other support services provided to an overseas entity on its own account should not be regarded as an intermediary service under the GST law. The court also clarified that the provisions related to the intermediary remain unchanged from the pre-GST to GST regime. We have analysed this ruling in this edition for the benefit of our readers.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes has released the draft of the common income tax return form for public comment. Further, to avoid hardship to stakeholders, the Central Board of Direct Taxes has extended the timeline for filing applications for registration by a charitable trust, research institutes, etc., in certain specified cases.