Direct Tax

CBDT Releases Draft Common Income Tax Return Form for Public Consultation

Press Release

  • Presently, taxpayers are required to furnish their Income-tax Returns (ITRs) in ITR-1 to ITR-7 depending upon the type of person and nature of income, wherein they are mandatorily required to go through all the schedules irrespective of whether applicable to them or not.
  • To bring the return filing system in tandem with international best practices, CBDT has now released the draft common ITR for public comments.
  • The proposed draft common ITR proposes introducing an ITR by merging all the existing income returns except ITR-7. However, current ITR-1 and ITR-4 will continue, and taxpayers will be able to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR at their convenience.
  • The inputs on the draft ITR may be sent electronically to the email address with a copy to by 15 December 2022.

Indirect Tax

GST Updates

Withdrawal of National Anti-Profiteering Authority (NAA)

Notification Nos. 23/2022-Central Tax and 24/2022–Central Tax, both dated 23 November 2022

The Central Government has empowered the Competition Commission of India (CCI) to examine all the complaints related to GST profiteering, w.e.f. 1 December 2022. Accordingly, the National Anti-Profiteering Authority (NAA) has ceased to operate from the said date and going forward, the Directorate General of Anti-Profiteering (DGAP) will conduct all profiteering investigations and report to the CCI. Relevant amendments have been notified in the CGST Rules, 2017.

Clarification regarding issuance of recurring Show Cause Notices under GST

GST Council Office Memorandum F. No. 757/Follow-up/ GSTC/2018/8198 dated 19 October 2022

The GST Council has issued guidelines to the field formations regarding the issuance of recurring Show Cause Notices (SCNs) as well as other consequential actions in cases where an investigation has been initiated and finalized by Central Tax authorities in respect of taxpayers under State Tax administration, and vice versa.

As per the guidelines, all consequential action relating to an enforcement action against a taxpayer, including appeal, review, adjudication, rectification, and revision, will lie with the authority which had initiated the enforcement action. Refunds, however, can be granted only by the jurisdictional authority administering the taxpayer.

On the other hand, recurring SCNs may be issued by the actual jurisdictional tax authorities administering the taxpayers since they have access to the records and returns of the taxpayers and can check whether the grounds of SCN still exist or not.

Customs Updates

Government withdraws export duty on iron ore and steel products

Notification No. 58/2022-Customs dated 18 November 2022

The government has withdrawn the export duty of 15% to 45% on all iron ore products (except those falling under heading 260111 and 260112) and flatrolled products of stainless steel, bars and rods, w.e.f. 19 November 2022.

Import duty exemption extended to mobile phones flat panel display modules under FTA/PTA route

Notification No. 61/2022–Customs dated 25 November 2022

The CBIC has granted customs duty exemption/tariff concessions on the import of “Flat Panel Display Modules without driver or control circuit for cellular mobile phones” falling under CTH 85241100 or 85241200 or 85241900, from the following countries, under the FTA/PTA.

Sr. No. Notification No. Country
1. Notification No. 73/2005-Customs dated 22 July 2005 Republic of Singapore
2. Notification No. 151/2009-Customs dated 31 December 2009 Republic of Korea
3. Notification No. 46/2011-Customs dated 1 June 2011 Philippines and other ASEAN countries
4 Notification No. 53/2011-Customs dated 1 July 2011 Malaysia
5 Notification No. 69/2011-Customs dated 29 July 2011 Japan

Measures for expediting Customs clearances

Circular No. 23/2022-Customs dated 3 November 2022

Pursuant to the introduction of the Anonymized Escalation Mechanism (AEM), allowing importers to submit their grievances for the delay in clearing their bills of entry under faceless assessment, the CBIC has sensitized the Principal Chief/Chief Commissioners to monitor the grievances lodged so as to expedite their disposal.

Furthermore, as part of the phased implementation of Standard Examination Orders through a Risk Management System (RMS), another Assessment Group, viz. Group 5 (Chapter 84) has been included under the new examination format w.e.f. 15 November 2022.