The October edition of the GST Compendium discusses the key aspects of the recently-notified guidelines and rates under the Remission of Duties and Taxes on Exported Products scheme and more.
Key highlights of the publication
- Important updates/announcements: The long-awaited rates for claiming benefit under the Services Exports from India Scheme (SEIS) for the Financial Year 2019-20 have been finally notified. There is an overall reduction in duty entitlement by 2% in comparison with the previous year. Moreover, benefits for certain important services, such as management consulting services and testing services, have also been withdrawn.
- Key judicial pronouncements: The Apex court has affirmed the judgment of the Madras HC that provisions restricting the refund of accumulated input tax credit (ITC) for input services (under the inverted duty structure) are intra vires and do not need to be read down.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has extended the timelines for filing Income-tax returns, furnishing of tax audit and transfer pricing reports and other compliances, such as linking of PAN and Aadhaar card.