GST Café | Return filing amendments applicable with effect from 1st January 2022: CBIC

The Central Board of Indirect Taxes and Customs (‘Board’), vide Notification No. 39/2021-Central Tax[1]  has  notified that Section 108, 109, 115, 116 and 120 of the Finance Act, 2021 (“the Act”), which seeks to amend various provisions of the Central Goods and Services Act, 2017 (“CGST Act”). These provisions will come into force from 1st […]

GST Café | Service Tax on Interchange fees: Divergent Views by the Supreme Court

A Division Bench of the Hon’ble Supreme Court (“SC”) comprising of Justice KM Joseph and Justice S. Ravindra Bhat, in a recent judgment of Commissioner of GST and Central Excise v. M/s. Citi Bank[1] held that interchange fee is a taxable service covered by the taxing entry for credit card services and under the negative […]

Between the Lines | Karnataka High Court: An application for compounding under Section 15 of the Foreign Exchange Management Act, 1999 cannot be rejected on the basis of Rule 11 of Foreign Exchange (Compounding Proceedings) Rules, 2000

The Hon’ble Karnataka High Court (“KHC”) in the matter of Mrs. Joyce Lynn Peters v. Reserve Bank Of India and others (Writ Petition No. 26425 of 2017) (“Judgement”), held that an application for compounding under Section 15 (Power to compound contravention) of the Foreign Exchange Management Act, 1999 (“FEMA”) cannot be rejected on the basis […]