April, 2022 – Issue No. I


Attention exporters: Renew/furnish Letter of Undertaking (LUT) in form GST RFD-11 for the FY 2022-23 on the GST portal before effecting such supply. Attention GST Taxpayers with aggregate turnover exceeding Rs.20 Crore in any FY – Generating E-invoice for B2B supply of goods or services or both, or for Exports is mandatory w.e.f 01.04.2022.

Building bricks, Fossil meal bricks, Fly ash bricks, Earthen/roofing tiles – supplies to attract 6% GST without ITC; 12% with ITC. Normal composition scheme and threshold limit exemption not available.


CBDT Introduces new ITR forms for AY 2023-24.

TCS provisions under section 206C(1G) shall not apply to an individual who is a non-resident and who is visiting India.

Faceless Inquiry or Valuation Scheme, 2022 introduced.

e-Assessment of Income Escaping Assessment Scheme, 2022 introduced.

Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 introduced.

Time extended upto 30.09.2022 for electronic filing of Form No.10AB for seeking registration or approval under Sections 10(23C), 12A or 80G.


Upto 30.06.2022 – Extension of Integrated Good and Service Tax (IGST) and Compensation cess exemption for goods imported under Advance Authorisation and EPCG scheme.

Integrated Good and Service Tax (IGST) and Compensation Cess Exemption to specified goods imported by EOU’s, STP Units, EHTP units – not applicable from 01.07.2022, subject to certain conditions.

Levy of Anti Dumping Duty on imports of jute products from Nepal and Bangladesh extended upto 31.08.2022.

Payments through electronic cash ledger – effective date 01.06.2022. Customs (Electronic Cash Ledger) Regulations, 2022 issued. Deposits exempted from payments through electronic cash ledger.


Upto 30.06.2022 – Extension of Integrated Good and Service Tax (IGST) and Compensation cess exemption under Advance Authorisation, EPCG and EOU scheme.Import of Urea is also allowed through IPL for a period up to 31.3.2023.

The existing Foreign Trade Policy 2015-2020 is extended upto 30.09.2022.


Manner of books of account to be kept in electronic mode – feature for recording audit changes – time extended till 1.04.2023 for compliance.

For the financial year 2020-2021, Form CSR-2 shall be filed separately on or before 31.05.2022.

The Indian Tax Advisors