Magazine on Tax Update Month of Feb-2023 || Online Publication-01.03.2023

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CONTENTS	Page No.
GST Law 1. Important Due Date Calendar	5-7
2. Budget 2023 Few Important Proposed Amendments in GST Amendment of section 10: – Electronic commerce operators under the composition levy Amendment of section 16: – Amendment in ITC reversal disclosure of 180 days to align the sub-sections with return filing status Amendment of section 17: –Restrict Availment of input tax credit- in case of supply of warehouse goods before clearance for home consumption- (section 17(3) Input tax credit not allowed for goods or services or both used for corporate social responsibility expenditures (section 17 (5) Substitution of new section for section 23: –Persons exempt from registration under section 23(1) need not take GST Registration under section 22(1)/24 Amendment of section 37. Amendment of section 39 Amendment of section 44. Amendment of section 52. Filing of belated GSTR-1, GSTR-3B, GSTR-5, GSTR-6, GSTR-7, GSTR-9, GSTR-9C, GSTR-8 NOT ALLOWED TO FILE AFTER EXPIRY OF THREE YEARS- (Section 37, Section 39, Section 44, Section 52) Amendment of section 54: – Refund: – Provisional refund eligible for provisionally accepted Input Tax Credit Amendment of section 56: –Interest on Refund Interest on delayed refunds Amendment of section 122:-New Section for penalty on Electronic Commerce Operator Amendment of section 132:- decriminalise of Offences: – Amendment of section 138:- Compounding of the offences: – section 138 Insertion of Section 158A:- Consent Based Sharing of Information Furnished by Taxable Person on GST Portal	8-19
3. Madras High Court:- Ramanujan Venkatesan Vs Joint Commissioner (Appeals- II):– There cannot be any condonation beyond the cap or belated period (GST Appeal)	20-21
4. Supreme Court of India:- Godrej Sara Lee Ltd Vs Excise and Taxation Officer cum-Assessing Authority & Ors.:– Writ Petition can be Entertained under Article 226 without Relegating the Petitioner to Alternative Remedy	22-26
Income tax Law 5. Important Point on Tax Treatment on Gifts · Tax treatment of monetary gifts received by an individual or Hindu Undivided Family (HUF) Cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax Taxability of monetary gifts received from friends Monetary gifts received from abroad Once the aggregate value of gifts received during the year exceeds Rs. 50,000 then all gifts are charged to tax When immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax Marriage of individual is the only occasion when gift received by him will not be charged to tax	27-31
6. Bombay High Court:- D.K. Realty India Private Limited Vs ACIT:-Reopening unsustainable as post assessment there was no change in law and no new material came on record, No information has been received	32-37

Magazine on Tax Update Month of Feb-2023 || Online Publication-01.03.2023