News Update

Dy CM of Talangana Mallu Bhatti Vikramarka gets key portfolio of Finance & Energy15th Finance Commission Chairman N K Singh says prevailing geopolitical challenges call for re-inventing MDBsCJI advises Have audacity to listen to others and dismantle own echo-chamberEU builds consensus on bill to regulate AII-T- Re-assessment cannot be resorted to solely on assumption that Assessee did not file ITR for relevant AYs, thus revealing non-application of mind on part of AO: ITATAmidst surging prices, Centre bans export of Onions till March 31, 2024; Wheat stock limits revised to check rising prices & to curb hoardingUS Economy adds 1.99 lakh jobs in Nov monthGovt to infuse Rs 1364 Crores to boost competitiveness in capital goods sectorRussian President Vladimir Putin affirms participation in 2024 elections in bid to retain presidencyCX - Appellant is entitled to take Cenvat credit of inputs used for construction/fabrication of capital goods, including port: CESTATGarba dance included in UNESCO’s Intangible Heritage List; Indian-Americans celebrate by putting up performance at Times SquareGovt to host mega event showcasing textiles; sustainability, resilient supply chains to also be highlightedCanada to double cost-of-living financial requirements for international students from Jan 1, 2024ST - As per settled precedent, construction service provided to Surat Municipal Corporation under Jawaharlal Nehru National Urban Renewal Mission is not taxable: CESTATIsrael resumes Gaza offensive as troops enter southern Gaza; US vetoes UN bid for ceasefireIndia selected to lead IMO's Green Voyage 2050 project; eye on cutting emissions from shipsCus - Charges of mis-declaration do not sustain, where no act of omission or commission on part of Assessee, is established - Confiscation quashed, penalties set aside: CESTATRBI makes no change in Repo rate; projects 7% growth in 2024Goyal hails Indian consumer electronics industry; urges priority for quality & domestic manufacturer collaborationsTelangana former CM KCR suffers hip injury at his farmhouseCus - Filing refund claim before finalisation of assessment, as precautionary measure, is no grounds for rejecting refund claim on limitation: CESTATIndia to host Global Partnership on Artificial Intelligence next week
Untitled Document

Seeks to notify supplies and class of registered person eligible for refund under IGST Route

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NEW DELHI

NOTIFICATION NO

05/2023-Integrated Tax; Dated: October 26, 2023

G.S.R. 797(E). - In exercise of the powers conferred by sub-section (4) of section 16 of Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 01/2023-Integrated Tax, dated the 31st July, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),vide number G.S.R. 578 (E), dated the 31st July, 2023, namely:-

In the said notification, for the portion commencing with the words "all goods or services" and ending with the words "the refund of tax so paid:", the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2023, namely: -

"(i) all goods or services (except the goods specified in column (3) of the TABLE below) as the class of goods or services which may be exported on payment of integrated tax and on which the supplier of such goods or services may claim the refund of tax so paid; and

(ii) all suppliers to a Developer or a unit in Special Economic Zone undertaking authorised operations as the class of persons who may make supply of goods or services (except the goods specified in column (3) of the TABLE below) to such Developer or a unit in Special Economic Zone for authorised operations on payment of integrated tax and on which the said suppliers may claim the refund of tax so paid:

Explanation,.– For the purpose of this clause: -

(i) the term "authorised operations" shall have the same meaning as defined in clause (c) of Section 2 of the Special Economic Zone Act, 2005 (28 of 2005),

(ii) the term "Developer" shall have the same meaning as defined in clause (g) of Section 2 of the Special Economic Zone Act, 2005 (28 of 2005),

(iii) the term "Special Economic Zone" shall have the same meaning as defined in clause (za) of Section 2 of the Special Economic Zone Act, 2005 (28 of 2005),

(iv) the term "unit" shall have the same meaning as defined in clause (zc) of Section 2 of the Special Economic Zone Act, 2005 (28 of 2005).

2. This notification shall come into force on the date of its publication in the Official Gazette.

[F. No. CBIC-20001/10/2023-GST]

(Raghavendra Pal Singh)
Director

Note: The principal notification No. 01/2023- Integrated Tax, dated the 31st July, 2023, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 578(E), dated the 31st July, 2023.

TIOL Tube Latest

TIOL Tax Congress 2023 - Technical Session on 'Taxation of New Age Digital Industry'





Technical Session 5 of TIOL Tax Congress 2023: GST – Second-Generation Reforms, including Technology.




TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.