09 November 2020
Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the phrase ‘duty of customs’ in Sl. No. 2 of Notification No. 45/2017-Cus. effective from 1 July 2017 and dealing with exemption to certain goods re-imported after repairs abroad, does not cover integrated goods and services tax (‘IGST’ or ‘integrated tax’) and compensation cess.
05 November 2020
The President of India has on 4 November 2020 promulgated Arbitration and Conciliation (Amendment) Ordinance, 2020 to amend the Arbitration and Conciliation Act, 1996 (‘Act’). The Ordinance while amends Sections 36 (Enforcement) and 43J (Norms for accreditation) of the 1996 Act, it also omits the Eighth Schedule to the said Act. The amendments are discussed below.
05 November 2020
The Madras High Court has held that the Proviso to Section 50 of the Central Goods and Services Tax Act, 2017 (‘CGST’) Act is retrospective in operation notwithstanding the notification bringing it into effect from 1 September 2020. Interest for delayed payment is thus leviable, with effect from 1 July 2017, only on that portion of the output GST liability which is discharged belatedly by way of cash.
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