Indirect Tax Newsletter – October 2023

In the month of October 2023, several key changes in respect of the Indirect tax laws through amendments, notifications, circulars etc. have been announced as follows:

• Taxability and valuation of personal and corporate guarantee.
• Conditions notified in GST rate notification for transportation and renting to carry passengers and circular thereon.
• Notified GST rate for specified actionable claim which inter alia includes gambling from October 01, 2023.
• Amendment in GST rate and GST exemption notifications for Molasses, food preparation of millet flour and spirit for industrial use.
• Extending benefit of export with payment of integrated tax to all the suppliers making supply to a developer or a unit in SEZ undertaking authorized operations.
• Notification of effective rates of customs duty and IGST for goods imported into India via Foreign Going Vessel.
• Amendment in Handbook of Procedures, 2023 and policy conditions.

Additionally, several judgments / advance rulings in the matters related to utilization of the amount deposited in Electronic Cash Ledger towards pre-deposit, Power of the Central Goods and Service Tax auditors under the GST regime to conduct audit under the Finance Act, 1994,amendment to Rule 89(4)(C) of the CGST Rules restricting refund, etc. have been issued.

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