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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 31 dated 21.01.2022 as below:
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Index
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GST Update
1) 18.01.2022 : List of GSTINs generating IRN as on 18.01.2022 - IRP – Invoice Registration Portal has published the list of GSTINs generating IRN – Invoice Reference Number updated as on 18.01.2022. Download List
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2) 21.01.2022 : E-mail ID and Cell phone no. of GST Officer in GSTN - E-mail ID & Cell phone number of Central and State GST officers is now available on the GST portal. Login and go to Services -> Ledger -> Negative liability statement -> Now go to Services -> User Services -> Contacts
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Budget in Media
1) 19.01.2022 : Govt may offer taxpayers incentives to shift to new income tax regime - The budget may sweeten the optional income-tax regime of lower tax rate without exemptions that it announced in 2020, with most people preferring to continue with the older regime. While a similar tax regime for corporate taxpayers received good response, it hasn’t been the case with individual taxpayers. The matter is being examined by the finance ministry, which might further incentivize taxpayers to move away from old and complicated exemption regime, two people with direct knowledge of the matter said on condition of anonymity. Read more
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2) 19.01.2022 : Home buyers may get higher tax deductions on home loans in Budget next month: Report - Finance minister Nirmala Sitharaman may increase the annual tax deduction limit on principal payment of housing loans under Section 80 C of the Income Tax Act. Currently, the limit is capped at Rs 1.5 lakh which can be raised to Rs 2 lakh in Budget 2023. Read more
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3) 18.01.2022 : Jewellers urge FM to reduce GST rate, increase PAN card limit to Rs 5 lakh in Budget 2022 - All India Gem & Jewellery Domestic Council (GJC), the apex body of gems and jewellery industry, has sought to reduce the GST rate on jewellery to 1.25 per cent from 3 per cent now in the upcoming budget. GJC has also urged FM to raise the PAN card limit from Rs 2 lakh to Rs 5 lakh citing that many households in rural India do not hold PAN cards and face difficulty in arranging minimum required jewellery in times of need especially post pandemic. Read more
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4) 18.01.2022 : Crypto Bill likely to miss Budget session as govt seeks time to build consensus - The Centre is unlikely to introduce the much-awaited cryptocurrency bill in the upcoming budget session of Parliament as it wants to hold more discussions and build consensus on the regulatory framework. No Consensus on Tax Another reason for the delay may be the lack of consensus over the taxation framework for virtual currencies, said people with knowledge of the matter. While the government may give some direction on taxation for investors in crypto assets in the upcoming budget, a full-fledged taxation framework for the cryptocurrency industry is still a work in progress, they said. Read more
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5) 18.01.2022 : MTaI seeks reduction in GST, customs duties on medical devices, cold chain units - The Medical Technology Association of India (MTaI) has urged the government to reduce GST and customs duties on medical devices, cold chain units and spare parts used in the healthcare appliances in the upcoming Union Budget. The organisation noted that the reduction of GST on medical devices and medical cold chain from 12% to 5% would lead the expansion of the healthcare sector through reduced costs improving patient accessibility, MTaI said in a statement. Read more
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GST in Media
1) 21.01.2022 : Allocation of salary of head office employees to its branches liable for GST, says Maharashtra AAAR - Cummins India had approached the AAAR with questions including whether allocation of the cost of employees’ salary by the head /corporate office to a branch would attract GST. The Maharashtra AAAR ruled that they will be subject to the GST. The ruling also said the head office is not entitled to avail of tax credit on tax paid on common services. Noted GST expert, Bimal Jain, said earlier, in pre-GST regime, any supply of service between head office and branch office or vice versa was not taxable thus, it has been a contentious issue since inception of GST, whether any supply of service between head office and branch office or vice versa is chargeable to GST or not. But, in the light of stated rulings affirmed by the AAAR stating inclusion of salary cost also in valuation for cross charge for supply of services between head office and branch office or vice versa, will open up pandora box. Read more
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2) 19.01.2022 : Finance Ministry notifies e-advance ruling scheme, allows filing e-mail application - The finance ministry has notified the ‘e-advance rulings Scheme’, enabling taxpayers to file their application for advance ruling through e-mail, a move that will majorly benefit non-resident assesses in such proceedings. The ‘e-advance rulings Scheme, 2022’, notified by the Central Board of Direct Taxes (CBDT), further provides that hearing before the Board for Advance Rulings will be conducted through video conferencing/ video telephony, where taxpayers would be granted an appropriate opportunity of being heard. Read more
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3) 18.01.2022 : MTaI seeks reduction in GST, customs duties on medical devices, cold chain units - The Medical Technology Association of India (MTaI) has urged the government to reduce GST and customs duties on medical devices, cold chain units and spare parts used in the healthcare appliances in the upcoming Union Budget. The organisation noted that the reduction of GST on medical devices and medical cold chain from 12% to 5% would lead the expansion of the healthcare sector through reduced costs improving patient accessibility, MTaI said in a statement. Read more
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4) 18.01.2022 : Jewellers urge FM to reduce GST rate, increase PAN card limit to Rs 5 lakh in Budget 2022 - All India Gem & Jewellery Domestic Council (GJC), the apex body of gems and jewellery industry, has sought to reduce the GST rate on jewellery to 1.25 per cent from 3 per cent now in the upcoming budget. GJC has also urged FM to raise the PAN card limit from Rs 2 lakh to Rs 5 lakh citing that many households in rural India do not hold PAN cards and face difficulty in arranging minimum required jewellery in times of need especially post pandemic. Read more
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5) 17.01.2022 : CAIT demands removal of GST No. mandate for small traders entering e-commerce - The Confederation of All India Traders ( CAIT) has brought the attention of the Union Finance Minister Nirmala Sitharaman towards an anomaly under GST which runs contrary to the vision of “Digital India “ and urge her to set the things right in consultation with GST Council. CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said that under GST Act a seller who wish to sell products in e-Commerce is invariably required to obtain GST No, said the press release. Read more
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Income Tax in Media
1) 18.01.2022 : CBDT Says ‘No’ To Physical Filing Of ITR, Audit Reports - “Even on 10th of February, just 5 days before the deadline (for ITR, Audit reports filing), if problems are still faced then we will extend the deadline. There will be an issuance of the writ, which will have its effect across the country” : Says Gujarat HC. Read more
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2) 21.01.2022 : CBDT issued refunds of over Rs. 1,59,192 crore - CBDT issued refunds of over Rs. 1,59,192 crore to more than 1.74 crore taxpayers from April 01, 2021 to January 17, 2022 – as per the recent tweet of Income Tax India.
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3) 19.01.2022 : Guidelines under clause 10D section 10 of the Income-tax Act, 1961 - Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions. Refer Circular No. 2 of 2022 dated 19.01.2022. Read more
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Press Release
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1) 20.01.2022 : Mumbai West CGST Commissionerate busts fake GST Input Tax Credit racket - The officers of Mumbai West CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket involving GST of Rs 10.10 Crores. The firm is registered with GST for trading in Ferrous Waste and Scrap etc. It was indulging in fraudulent availment and passing of Input Tax Credit (ITC) to the tune of Rs 10.10 Crores without receiving the goods or services, in gross violation of the provisions of CGST Act 2017. Read more
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GST Article
1) E-Invoice & E-Way Bill in Retail Trade - Authored by CA Akshay Hiregange - Introduction Any large retail trader (goods) falling within the turnover range of Rs. 50-500 crore (or more) would have to comply with the following: ♦ Real time E-invoice instead of tax invoice (B2B, SEZ) ♦ Real time E-invoice – credit note/debit note (B2B, SEZ) ♦ […] Read more
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2) 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.
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- 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
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3) MANDATORY PRE-DEPOSIT FOR FILING AN APPEAL UNDER GST LAWS - By Ramesh Chandra Jena, B.A. (Hons.), M.A. (Eco.), D.M.M., LL.B., ADVOCATE & TAX CONSULTANT - The pre-deposit means certain amount of demand of tax to be deposited by appellant prior to filing of an appeal before the Appellate Authorities. The Provision of pre-deposit is not a new concept under tax laws […] Read more
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