HomeNewsletterJanuary, 2023 – Issue No. II

January, 2023 – Issue No. II

GST
Exemptions granted to services by way of renting of residential dwelling for use as residence except where the residential dwelling is rented to a registered person.

Explanation. – For the purpose of exemption under this entry, this entry shall cover services by way of renting of residential dwelling to a registered person where, –

(i) the registered person is proprietor of a proprietorship concern and rents the residential dwelling in his personal capacity for use as his own residence; and

(ii) such renting is on his own account and not that of the proprietorship concern..

INCOME TAX
Compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Income Tax Act, for which the last date of such compliance falls between 01st April, 2021 to 28th February, 2022 (both days inclusive), may be completed on or before 31st March 2023.
CUSTOMS
Anti dumping duty shall remain in force till 9.7.2013 on fishing nets originating in or exported from China and Bangladesh.
GENERAL

The Union Cabinet has approved National Green Hydrogen Mission.  The Mission will have wide ranging benefits- creation of export opportunities for Green Hydrogen and its derivatives;  Decarbonisation of industrial, mobility and energy sectors; reduction in dependence on imported fossil fuels and feedstock; development of indigenous manufacturing capabilities; creation of employment opportunities; and development of cutting-edge technologies.  The Mission will facilitate demand creation, production, utilization and export of Green Hydrogen.  Under the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT), two distinct financial incentive mechanisms – targeting domestic manufacturing of electrolysers and production of Green Hydrogen – will be provided under the Mission.  The Mission will also support pilot projects in emerging end-use sectors and production pathways.  Regions capable of supporting large scale production and/or utilization of Hydrogen will be identified and developed as Green Hydrogen Hubs.

ESIC eases conditions for women to claim sickness benefits vide Employees’ State Insurance (Central) Amendment Rules, 2022.

Supreme Court has upheld the Centre’s 2016 demonetisation scheme in a 4:1 majority and held that demonetisation was proportionate to the Union’s stated objectives and was implemented in a reasonable manner.

The Indian Tax Advisors