Direct Tax
CBDT introduces Form 69 for application u/s 155 (18)
Notification G.S.R. 733(E)[NO. 111/2022/F. NO.370142/32/2022- TPL Dated 28 September 2022
- An application requesting for recomputation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which has been claimed and allowed as deduction under Section 40 in the said previous year, shall be made in Form No. 69 on or before 31 March 2023.
- This form has to be furnished electronically to the principal director general of Income tax.
Central Government specifies two pension funds in line with Section 10 (23FE)
Notification No. 114/2022/F. No. 500/ PF3/S10(23FE)/FT&TR-II-Part(2) Dated 13 October 2022
Notification No. 115/2022/F. No. 500/SWF5/S10(23FE)/FT&TR-IIPart(2) Dated 14 October 2022
- In the exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of Section 10 of the Income-tax Act, 1961, the Central Government specified the following pension fund and sovereign wealth fund as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31 March 2024.
- Name of two notified funds:
- 2589555 Ontario Limited (PAN: AABCZ1393D).
- Norges Bank On Account Of The Government Pension Fund Global (PAN: AACCN1454E).
Indirect Tax
GST Updates
Major changes under GST Act made effective from 1 October 2022
To enthrone the efforts of ‘Make in India’ objective along with various changes towards GST procedures and compliances, the amendments to CGST Act proposed vide Finance Act, 2022 have been notified with effect from 1 October 2022. Some of the key amendments have been enclosed at the below link: https://bit.ly/3STcWX9
Changes related to GST rates for transportation services
In January 2018, through a notification, the Central Board of Indirect Taxes and Customs (CBIC) provided an exemption on the transportation of goods by aircrafts/vessels from India to a place outside India. At first, this exemption was available only till 30 September 2018 but was subsequently extended up to 30 September 2022. As no further extension has been notified, these services are now taxable from 1 October 2022 onwards. A detailed analysis of the implications of the above taxability has been discussed at the following link: https://bit.ly/3FYDqDI
Customs Updates
Project import benefits no longer applicable to Solar Power Plants / Projects
Notification No. 54/2022-Customs Dated 19 October 2022
Solar power plants and solar power projects have been excluded from the Project Import scheme with effect from 20 October 2022, vide Project Imports (Amendment) Regulations, 2022. Accordingly, the concessional customs duty benefit is no longer available to developers of solar power plants and projects.
Introduction of Customs Broker Licensing Management System (CBLMS) at Mumbai Customs Zone
Public Notice No. 35/2022-23 Dated 1 October 2022 – Pr. Commissioner of Customs (General), Mumbai Zone-I
CBLMS has been launched in Mumbai Customs Zone, aiming to minimize the physical interface between Customs Brokers and the Department, bring uniformity in procedures, process applications on time and bring accountability. Accordingly, the Customs Brokers are required to register their profiles and submit their data on the CBLMS portal.
Paperless Customs compliance for exports
Excerpts from Taxscan.in
The CBIC Chairman, Shri. Vivek Johri has hinted at the development of a new system where web-based registration of export goods would be allowed to facilitate the integration of Customs systems with other regulatory agencies. According to the Chairman, the system for outbound shipments would be consistent with the current clearing procedure for imports and will enable quicker approvals for consignments.