Tax
Economic Laws Practice in association with Taxsutra, releases its second edition of the tax newsletter ‘Navigating GST 2.0’. In this edition our GST Newsletter focuses on all the happenings in the GST domain on account of the pandemic. We discuss Force Majeure clauses in reference to GST implications in restructuring of such contractual obligations. GST considerations on the various actions of corporates like Corporate Social Responsibility (CSR) initiatives, compensation to supply chain participants and insurance claims on inventory losses to combat the COVID scenario. Our CFO speak section features an interview with Mr. Gopal Balachandran (CFO, ICICI Lombard General Insurance Company) who enounces how the GST law has fastened the additional responsibility as a recipient to ensure compliance by the vendors so that input tax credit (ITC) is reflected online on the GSTN portal, before such ITC can be availed by the recipient.The Newsletter also captures notable judgments and recent rulings from the Supreme Court, High Courts, AARs and Appellate Authorities