TaxPod: September 2021

• Government unveils Remission of Duties and Taxes on Export Products Scheme, to be applicable from 1 January 2021.
• The Supreme Court holds refund of accumulated ITC on services under inverted duty structure not available, directs the GST Council to reconsider the formula
• Rules for withdrawal of retrospective application of indirect transfer provisions released for public comments

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 TaxPod series aims 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.