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Please find tax updates in Newsletter 30 dated 18.01.2022 as below:

Index

1. Budget in Media
2. GST in Media
3. GST Article

Budget in Media

1) 17.01.2022 : FADA wants 18% GST on two-wheelers, 5% on used vehicles in Union Budget - Federation of Automobile Dealers Association (FADA) has highlighted few issues to Union Finance Minister, Nirmala Sitharaman, which are hurting the growth of the Indian Automobile Industry and Auto Dealerships at large. The Association has bifurcated the recommendation into two different aspects Demand Revival Appeal and Dealer Issue. We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will bring back the sector and the entire automobile industry back on track and the overall economic growth too, said FADA. Read more

GST in Media

1) 17.01.2022 : Bombay HC sets aside rejection of refund claims by GST authorities - The Bombay High Court has quashed an order by the GST authorities that had rejected the refund claim of an assessee because it was filed after two years, a time limit set by the rules. This was done since the authorities have not taken into cognizance the earlier Supreme Court verdict that excluded the period from March 15, 2020 and October 02, 2021 from the time limit due to Covid. However, the high court did not go into the validity of the circular and the question of striking it down. Read more

2) 16.01.2022 : Sale of land with electricity poles, drainage line not to attract GST, says Goa AAR - Selling plots with electric poles, drainage lines and approach roads will be simply selling of land and thus not attract Goods & Services Tax (GST), Goa Authority for Advance Ruling has said. This is contrary to a ruling by Gujarat AAR. “Land is excluded in entirety and in all circumstances whereas building is includable within the scope of supply only upon meeting certain specific criteria,” AAR said in a ruling delivered last year but now made public. Read more

GST Article

1) GST Annual Return for F.Y.2020-21 : Due date is 28.02.2022 - The due date to file GST Annual Return for F.Y.2020-21 is 28.02.2021. Though the due date is extended it is suggested to resume the return preparation task and complete it and file it at the earliest. Following articles may be of use to you in preparing annual return.
  • Optional tables in Form GSTR-9/9C - Read more
  • WORKING FOR GST ANNUAL RETURN - Read more
  • HSN Summary in Table 17 and 18 in GSTR-9 is optional - Read more
  • Table 14 of GSTR-9C – Expense wise ITC Reconciliation - Read more
  • Table 7 of GSTR-9 – Detail of Reversal and Ineligible ITC - Read more
  • Table 5 of GSTR-9C – Reconciliation of Gross Turnover - Read more
2) Due date of GSTR-3B for December, 2021 is 20.01.2022 - As per new section and rule implemented with effect from 01.01.2022 the Input tax credit eligibility is now depend on GSTR-2B. This article may be useful to you. Read more
Hope the above updates is of use to you. Please share your feedback at [email protected]
Thank you,

Regards,
OTU Team

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