Newsletter/Booklets 18th Sep 2023
In the month of August 2023, several key changes to the administration of indirect tax laws through amendments, notifications, circulars etc. have been announced as follows:
-Clarification on the taxability of supply of food and beverages in cinema hall as a restaurant service
-Revision of import policy from free to restricted for laptops, tablets, all-in-one personal computers, and ultra small form factor computers and servers
-Introduction of definition of online gaming, online money gaming, specified actionable claims and virtual digital asset into the GST regime
-Amendment in Schedule III of the GST Acts to provide clarity on taxation of supplies in relation to casinos, horse racing and online gaming
-Introduction of system-based intimation in DRC-01C regarding excess availment of Input tax credit in Form GSTR-3B vis-à-vis Form GSTR-2B
Additionally, several judgments in matters related to reversal of credit on mismatch of Input tax credit, refund of pre-deposit, simultaneous investigations, principles of prospective / retrospective amendments under GST, etc. have been discussed