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This website contains information about recent changes mainly in GST laws. It also contains Articles on various topic in GST. Please visit the website and read.
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Hi Reader,
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Please find tax updates in Newsletter 18 dated 09.12.2021 as below:
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Index
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GST E-Way Bill
1) 02.12.2021 : E-Way Bill Notification is amended in Madhya Pradesh - E-way bill for intra-state movement of goods is exempt except for 11 items mentioned in the notification no. F-A-3-08-2018-I-V(43), Bhopal, dated 24.04.2018. Now, this notification is amended vide Notification no. F-A-3-08-2018-I-V(85) dated 02.12.2021 to include 30 more items which means e-way bill is required for 41 items in total when it is transported within the state of Madhya Pradesh. Read more
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GST in Media
1) 08.12.2021 : Pay GST on full sum if society maintenance is over Rs 7,500 a month - In a comprehensive ruling, the GST Authority for Advance Ruling (GST-AAR) Maharashtra bench, has addressed a host of issues, typically faced by co-operative housing societies. In response to questions raised by Bhandup-based Mahindra Splendour Co-operative Housing Socities (CHS), the GST-AAR bench stated that if monthly charges collected from members (flat owners) exceeds Rs.7,500 per month, GST will be levied and collected on the entire sum and not on the differential value which is in excess of this threshold. Read more
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2) 07.12.2021 : Parliamentary panel recommended for more subsidy, GST cut to up Electric Vehicle adoption - A parliamentary committee has recommended to the government to increase the subsidy on buying of private electric 3 and 4 wheelers as has been done for promoting the adoption of electric two wheelers under FAME-II. It has also sought an increase in import duty on child parts i.e. small parts that are assembled together to create vital parts – in a phased manner till these components are manufactured locally, while taking note that some of these items are still imported from countries including China. Read more
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3) 06.12.2021 : Stock broker’s body pleads govt to cut GST for capital markets in Budget - Anmi said that Indian capital market is burdened with numerous transaction cost which includes various direct and indirect taxes, such as STT, GST, and stamp duty. The Association of National Exchanges of Members of India (Anmi), on behalf of its 900 stock brokers, has written to the GST Council on rationalizing goods and services tax (GST) rates for capital markets, and urged the government to consider it in the upcoming Union budget for financial year FY23. Read more
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4) 06.12.2021 : Food delivery apps not to get input tax credit under new GST regime from January 1 - Apps to collect tax, deposit on behalf of restaurants with the government. E-commerce Operators (ECOs) in food delivery space like Swiggy and Zomato will not get input tax credit (ITC) under the new GST mechanism coming into effect from January 1. This will be included in the frequently asked questions (FAQs) expected to be released soon. “We received representation on ITC eligibility and other issues. Since restaurants paying GST at the rate of 5 per cent are not eligible for ITC and the only the onus to deposit the GST has changed there is no possibility of ITC for food delivery… Read more
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5) 06.12.2021 : No proposal under consideration to reduce GST on health insurance premium: MoS Finance - Minister of State for Finance Bhagwat K Karad on Monday said there is no recommendation under consideration of the GST Council to reduce Goods and Services Tax (GST) on health insurance premium. In a written reply to the Lok Sabha, Karad said the GST levied on health insurance premium is 18 per cent. “The rate of GST is decided on the recommendations of the GST Council, which is a constitutional body comprising members from the central government and state governments. At present, no recommendation to reduce the GST rate on health insurance premium is under consideration of the GST Council, ” he said. Read more
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Income Tax in Media
1) 07.12.2021 : The union government has no plans to abolish long term capital gains (LTCG) - The union government has no plans to abolish long term capital gains (LTCG) tax on equities and mutual funds, ministry of finance told Parliament on Tuesday in reply to a question raised in the House. The government has also said it has no plan to increase the period of LTCG from one year to two years for mutual funds and equities. Read more
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2) 05.12.2021 : Use GST data to raise direct tax revenue - The spurt in both goods and services tax (GST) collections and issuance of e-way bills in November reaffirm economic recovery. GST revenues stood at over Rs 1.3 lakh crore, about 24% higher than those for November 2020, but trailed the April collections of Rs 1.40 lakh crore. A record 7.35 crore e-way bills were generated. However, the government is a long way from achieving the full potential of GST to raise taxes, in particular, direct taxes. This requires completing the GST chain, diligently… Read more
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Press Release
1) 08.12.2021 : CGST Mumbai Central Commissionerate busts a racket of fake ITC generators - The officers of CGST Mumbai Central Commissionerate have smashed a racket of fake Input Tax Credit (ITC) generators, who had been passing this fake ITC to the tune of Rs. 35 crores to various entities. The officers have arrested the kingpin for generating and passing on this fake credit to more than 15 entities in and around Mumbai. Read more
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2) 07.12.2021 : Payment of GST compensation to States in times of COVID-19 pandemic - As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Read more
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3) 06.12.2021 : Income Tax Department conducts search operations in Delhi - The Income Tax Department initiated search action on 24.11.2021 on a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction. The residence and business premises of the assessee were covered in the search action. Read more
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4) 05.12.2021 : More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest - More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal of the Income Tax Department as on 3rd December 2021. The number of ITRs filed per day is over 4 lakh and increasing everyday as the extended due date of 31st December 2021 is approaching. All taxpayers who are yet to file their Income Tax returns for AY 2021-22 are requested to file their returns at the earliest to avoid last minute rush. Read more
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GST Article
1) GST Annual Return for F.Y.2020-21 : Due date is 31.12.2021 - The due date to file GST Annual Return for F.Y.2020-21 is 31.12.2021. The requirement of filing annual return is given u/s 44 of CGST Act, 2017 read with rule 80 of CGST Rules, 2017. The substituted rule 80 effective from 01.08.2021 provides for the filing of annual return and a reconciliation statement on a self-certified basis. Read more
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2) Burning issues in GST Input Tax Credit (ITC) - Respected speaker Mr. Bimal Jain Sir has clarified the following doubts for the benefit of all the recipient in webinar conducted by “Tax Experts’ Pan India and Tax Kerala (Malayalam Business Magazine)” on 23.11.2021. The question are :
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- the condition which states that invoice on which input tax credit is to be claimed has to appear in GSTR-2A is valid?
- rule 36(4) binds on the taxpayer which states that if invoice is not appearing in GSTR-2A then only 5% in excess of the input tax credit populated in GSTR-2A can be claimed.
- Is it not enough to satisfy the four (4) conditions stated above to claim input tax credit.
- What reply should recipient give when notice is received from department for the input tax credit claimed in GSTR-3B which is more than the input tax credit appearing in GSTR-2A. Read more
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Hope the above updates is of use to you. Please share your feedback at [email protected]
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