The Government recently notified the new Foreign Trade Policy (FTP), 2023, which has kicked-in from 1st April 2023. With this new FTP, the Government has taken an unprecedented step to keep it open en...
The Hon'ble Supreme Court vide the recent Judgement pronounced on July 22, 2022, directed the Government to allow the registered taxpayers to file/re-file Form TRAN-1/TRAN-2 for the period between September 1, 2022, to October 31, 2022. This comes in the form of a blanket relief to all taxpayers who missed the opportunity to transition this credit either in part or in full. Trade and Industry should make the most of this one-time opportunity provided by the Apex Court and file their claims within the stipulated timeline. It is expected that the Board will issue appropriate guidelines in respect of the process of filing/refiling to ensure seamless implementation of this one-time scheme. INDUSLAW's Shashi Mathews and Rajitha Nair provide a brief of the key aspects announced.
