Recommendations by the GST Council in its 52nd meeting held on October 7, 2023

GST on personal guarantee provided by Managing Director of the company

Chennai ITAT rules Cognizant’s Rs. 19,000 Crore buyback through scheme of arrangement to attract DDT

Successor entitled to claim depreciation on actual cost of assets being consideration actually paid to predecessor after revaluation of assets

The Explanation to Rule 89(4) cannot apply retrospectively

ITAT clarifies on scope of the term ‘shares’ in the context of India-Mauritius DTAA, holds that having TRC is sufficient for claiming treaty benefits

Stay granted for proceedings initiated post completion of GST audit, for same period

Interest on late payment of TDS –Definition of ‘Month’ for computing Interest

GST Alert – CGST & IGST Amendment Bills

SCN cannot be kept in abeyance and adjudicated beyond a reasonable time

A genuine buyer cannot be deprived of Input Tax Credit and instead recovery action should be taken against the defaulting supplier

ITC is ineligible where there is delay in filing GSTR 3B beyond the time limit prescribed under Section 16(4) of the CGST Act

Clarifications issued pursuant to the 50th GST Council meeting

Press Release pursuant to the 50th GST Council meeting

Levy of Sales Tax on spares replaced under a Warranty claim

Bombay HC allows benefit of Article 13(4) of India Singapore DTAA on capital gains and rejects Revenue’s contention on application of Article 24 (Limitation of Relief)

Delhi HC: No error committed by Tribunal in law or in facts by following APA approach for non covered years

Indirect acquisition of shares of Target Company through share transfer in promoter entity triggers open offer obligations

Changes w.r.t. Liberalised Remittance Scheme (LRS) and Tax Collection at Source (TCS)

ITAT allows long term capital loss on intra group share transfer claimed through revised return