SATYAJIT NAIK
A seasoned Indirect Tax Professional
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A seasoned Indirect Tax and Finance professional with over 24 years of extensive experience spanning Manufacturing, Services and Consulting industries. Possess deep domain expertise in GST (Goods and Services Tax) and erstwhile Indirect Tax laws such as Central Excise, Service Tax and State-wise VAT/CST, Works Contracts & Entry Tax.
Customs laws, along with Export-Import Licensing under DGFT, SEZ, 100% EOU and in addition to it, FDCA, Narcotics and Psychotropic Substances, and State Excise laws (including provisions under the Bombay Prohibition Act).
Academic Credentials include M.Com, LL.B. (General & Special) and DBM, forming a strong foundation for both legal and financial interpretation of tax laws.
A passionate writer and in-house trainer with a keen interest in authoring books and articles on Indirect Taxes, and frequently engaged in training sessions and knowledge sharing across organizations.
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Showing 1 to 10 of 10 Results
Union Budget 2026: GST, customs and direct tax reforms prioritize certainty, liquidity and simplified compliance.
Budget 2026 reforms strengthen certainty and liquidity: GST now recognises pre agreed post sale discounts without mandatory ITC reversal, mandates 90% provisional refunds to exporters within seven days, excludes back office services from the intermediary definition, and extends advance ruling validity to five years; customs measures extend advance ruling validity to five years, lengthen duty payment windows for AEOs to 30 days, and allow single declarations for multiple inter warehouse transfers; excise raises NCCD on tobacco by 15% and reduces duty on blended CNG; direct tax changes retain existing slabs, simplify filing, rationalise TCS on foreign remittances, introduce a one time foreign asset disclosure scheme, tighten non resident real estate TDS compliance, and integrate penalty assessment. (AI Summary)
Goods and Services Tax - GST
Anti dumping duties under customs law neutralise injurious foreign pricing while industrial policy builds domestic manufacturing capacity.
The statutory Anti Dumping Duty framework under the Customs Tariff Act and the 1995 Rules prescribes petitioned investigations, tests for dumping, injury and causation, provisional and final duties, exceptions and appeal routes, and anti absorption measures to prevent exporter price manipulation; enforcement and recovery proceed under the Customs Act through import levy, recovery of short levy, confiscation and penalties for wilful mis declaration. (AI Summary)
Customs - Import - Export - SEZ
MOOWR units: IDS GST refunds apply only to input goods ITC; Rule 89(5) formula and 90% provisional relief available.
Refunds under Section 54(3)(ii) read with Rule 89(5) are limited to ITC on input goods where GST on inputs exceeds GST on outputs; the Rule 89(5) formula caps refunds by reference to turnover of inverted-rated supplies, adjusted total turnover and net ITC (goods only), less tax payable. Filing requires RFD-01/RFD-01A, reconciled returns, Statement 1A and prescribed attachments, with a two-year limitation and provisional 90% relief subject to verification. (AI Summary)
Goods and Services Tax - GST
Compensation cess rationalisation reduces import tax burden and aligns IGST with revised GST slabs at import.
Notifications following the 56th GST Council rationalised compensation cess rates-many set to Nil-and amended Customs notifications so IGST at import aligns with revised integrated tax rates, principally effective 22 September 2025; the implementing instruments and Gazette notifications determine cess charging, IGST rates and any exemptions at the point of import. (AI Summary)
Goods and Services Tax - GST
Three-tier GST rate structure simplifies slabs, reclassifies HSN rates and expands nil-rate exemptions for essentials.
The Council reconfigured GST into a three-tier GST structure-merit, standard and demerit-to simplify classification and reduce disputes, paired with HSN-wise rate rationalization that moves many staples, medicines and education items to nil or lower tax treatment while increasing taxation on specified luxury and sin goods; implementation requires HSN reclassification, system upgrades, phased applications for certain items, and concurrent administrative measures including a GST Appellate Tribunal, state compensation extensions, anti-profiteering enforcement and targeted taxpayer support. (AI Summary)
Goods and Services Tax - GST
Duty deferment under MOOWR preserves cash flow and export waiver with perpetual licensing; monitor policy exclusion risks.
MOOWR under Section 65 provides interest-free deferment of Basic Customs Duty, IGST and cesses until domestic clearance, full duty waiver on exported goods, perpetual licences, and no mandatory export obligations; courts have expanded eligibility while limiting depreciation on DTA clearance, and a Finance Bill amendment permitting governmental exclusion of goods/processes by notification creates regulatory uncertainty that businesses must monitor and mitigate through advance rulings, policy tracking, and strengthened compliance protocols. (AI Summary)
Customs - Import - Export - SEZ
Long term residential exemption under Entry 12AA removes GST registration and reverse charge obligations for qualifying PG/hostel stays.
The introduction of Entry 12AA exempts qualifying long term PG and hostel accommodation from GST registration and reverse charge on rent where eligibility conditions-minimum continuous residence and an aggregate tariff ceiling-are met. The exemption was clarified to apply retrospectively for an earlier period and to permit refund claims. Providers must monitor composite supplies and bundled services, since exceeding the tariff threshold or including ancillary services that raise aggregate consideration disqualifies the relief; rigorous documentation and GST compliant invoicing are essential to preserve the exemption. (AI Summary)
Goods and Services Tax - GST
Exclusion of duty credit scrips from exempt supplies prevents proportionate ITC reversal on tax-free scrip sales.
DCS are export incentives exempt from GST and, under amended allocation rules, the value of DCS is excluded from the aggregate value of exempt supplies, removing the basis for proportionate Input Tax Credit reversal on tax-free sale of DCS; taxpayers may reclaim ITC reversed or seek refunds and rely on retrospective clarificatory principles for application. (AI Summary)
Goods and Services Tax - GST
TDS/TCS rationalization eases withholding burdens with consolidated rates and higher thresholds, reducing compliance for taxpayers.
The 2025-26 Budget amends GST to permit Input Service Distributors to distribute input tax credit for inter-state reverse-charge supplies from April 1, 2025, introduces a Track and Trace framework with Unique Identification Marking and penalties, revises credit reversal and return filing mechanics, and classifies certain SEZ/FTWZ warehoused goods as non-supply with refund limits. Customs rationalizes tariff rates and surcharge treatment while granting sector-specific duty exemptions and reductions to promote manufacturing and exports. Direct-tax measures consolidate and reduce TDS/TCS rates, raise thresholds, decriminalize certain defaults, extend updated-return windows, and introduce crypto-asset reporting and property valuation simplifications. (AI Summary)
Budget - Tax Proposals
IGST refund rule omission alters refund eligibility for exporters and reframes administrative reassessment procedures.
Omission of Rule 96(10) eliminates the rule-based prohibition on claiming IGST refunds for supplies benefiting from specified export-related notifications (Advance Authorization, EPCG, EOUs and specified concessional treatments). Previously, enforcement action included summons, show cause notices and recovery with interest and penalties, while a circular granted conditional relaxations requiring amendment of Bills of Entry, payment of applicable IGST and compensation cess, and interest. Judicial challenge found the rule ultra vires the IGST regime, which informed the regulatory amendment. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
06 Feb 2026 
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