TaxPod: August 2021

What’s new

• India withdraws retrospective applicability of indirect transfer provisions - what it means and the likely impact
• Madras High Court gives relief to the manufacturing sector, allows input tax credit on inputs lost during the manufacturing process
• Delhi High Court rules that power of search and seizure in GST is an ‘intrusive power’ which should be wielded with utmost care and caution

The Indian tax and regulatory space is changing at an unprecedented rate. We are witnessing policy announcements, legislative changes, judicial precedents and clarifications almost daily. This has made it challenging for corporate professionals to stay abreast of relevant developments. The aim of the TaxPod series is to keep you updated with key tax and regulatory developments of the past month in around 5 minutes. Please do provide your feedback to us about this edition of the taxpod at nto@in.gt.com