GST relief for foreign shipping companies, airlines, and MNCs

By: Admin
July 06, 2024
Categories: GST Recent News
4 Min Read

Sources have revealed to CNBC-TV18 that foreign shipping companies, airlines, and multinational corporations (MNCs) are set to receive significant relief following a recent GST notification.

This development will render the Directorate General of GST Intelligence (DGGI) notices to these sectors null and void.

Foreign shipping lines were facing DGGI notices amounting to an astonishing ₹1 lakh crore.

Similarly, foreign airlines were dealing with notices totalling approximately ₹15,000 crore, while MNCs were confronting notices worth ₹4,000 crore.

All these cases will now be settled on an “as is where is” basis, providing much-needed relief to the affected sectors and simplifying their tax compliance, the sources said.

The sources also mentioned that in another relief for industry, the DGGI would not be able to send notices on interpretation or classification matters without a nod from the finance ministry anymore.

Furthermore, the sources said the DGGI would be able to send tax notices only after receiving approval from the Central Board of Indirect Taxes and Customs (CBIC).

With this, the government seeks to reduce litigations and improve the ease of doing business.

Source from: https://www.cnbctv18.com/economy/

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