TaxPod: July 2022

What’s new

· The Central Board of Direct Taxes issues guidelines on newly introduced sections 194R and 194S of the Income-tax Act, 1961

· The Central Board of Indirect Taxes & Customs issues various clarifications pursuant to the recommendations of the GST council

· Rajasthan High Court holds that the GST circular denying benefit of refund under the inverted duty structure, in cases where input and output are the same, is contrary to the provisions of GST law

The Indian tax and regulatory space is changing at an unprecedented rate. We are witnessing policy announcements, legislative changes, judicial precedents and clarifications almost daily. This has made it challenging for corporate professionals to stay abreast of relevant developments. The aim of the TaxPod series is to keep you updated with key tax and regulatory developments of the past month in a few minutes. Please do provide your feedback to us about this edition of the taxpod at nto@in.gt.com.