Key highlights of the publication
- Important updates/announcements: The Central Board of Indirect Taxes has issued comprehensive guidelines for strengthening the verification process of registration applications under Goods and Services Tax (GST), to prevent the menace of bogus registrations. The approval process will be more precise and will emphasise applications rated as ‘High Risk’ by the Directorate General of Analytics and Risk Management.
- Key judicial pronouncements: On the judicial front, the Bombay High Court (HC) has concluded the proceedings emerging from the split verdict by the Division Bench on the constitutional validity of intermediary provisions. The HC has passed the final judgement and held that the intermediary provisions are legal, valid, and constitutional.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has notified the rule for the computation of ‘net winnings’ in the case of online gaming and issued guidelines for tax deducted at source (TDS) on such winnings.
GST Compendium July 2023
The July edition of the GST Compendium analyses various important amendments/updates, key judicial pronouncements and decodes advance rulings.