|
|
|
|
|
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.
|
|
|
|
Hi Reader,
|
Please find tax updates in Newsletter 33 dated 26.01.2022 as below:
|
|
|
|
Index
|
|
|
|
|
Budget in Media
1) 25.01.2022 : Check Budget 2022 date, time here; what individuals can expect from it - The budget will be presented on February 1, 2022. The Union Budget 2022 will be broadcast live on Lok Sabha TV (which will be picked by other news channels) and on social media channels, such as YouTube and Twitter. The FM will present the Budget in the Lok Sabha on February 1 at 11 a.m. Read more
|
2) 25.01.2022 : ‘Tax games of skill differently from games of chance’ - IndiaTech, an industry association representing consumer internet startups, has urged the government to tax games of skill differently from games of chance. In a letter to Finance Minister Nirmala Sitharaman ahead of the Union Budget 2022-23, IndiaTech has proposed that goods and services tax be levied only on the amount received by the platform for providing its services and not on the prize pool kept for distribution among the players. Read more
|
3) 23.01.2022 : Budget 2022: Indian startups seek friendly policies, tax incentives - To further aid small businesses and empower entrepreneurs, the Union Budget 2022-23 should introduce additional startup-friendly policies and tax relaxations to enable spending on innovation, ease-of-doing business and reducing compliance costs, a slew of homegrown startups said New reforms, policy assistance and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy, they stressed. Read more
|
4) 22.01.2022 : Include outbound tours under LTC scheme, provide GST and TCS concession: OTOAI writes - The Outbound Tour Operators Association of India (OTOAI) has written to the Union Finance Minister Nirmala Sitharaman, ahead of Budget 2022, requesting certain relief measures and concessions for the outbound tour operators. The association in its letter has demanded the government to roll back TCS on outbound tour packages, not make Pan Card mandatory for foreign remittanes and relief from GST for a minimum period of two years. Read more
|
|
|
|
GST in Media
1) 25.01.2022 : RTI replies show GST evasion of over Rs 93,000 crore - The government has detected evasion of Goods and Services Tax (GST), which also includes Central Excise and Service tax prior to 2017, to the tune of Rs.93,375 crore. This was revealed in a RTI reply by the Directorate General of GST Intelligence’s (DGGI) various zonal units in major cities across India, including Delhi, Mumbai, Pune, Ahmedabad, Chandigarh and others. Read more.
|
2) 25.01.2022 : ‘Tax games of skill differently from games of chance’ - IndiaTech, an industry association representing consumer internet startups, has urged the government to tax games of skill differently from games of chance. In a letter to Finance Minister Nirmala Sitharaman ahead of the Union Budget 2022-23, IndiaTech has proposed that goods and services tax be levied only on the amount received by the platform for providing its services and not on the prize pool kept for distribution among the players. Read more
|
3) 21.01.2022 : No GST on cash discount for early payments by dealer, rules M.P. AAR - This ruling is contrary to the verdict of Kerala AAR. Incentive for early cash payment by the dealer will not attract GST ruled the Madhya Pradesh’s Authority for Advance Ruling (AAR) as technically, such issue comes under the category of secondary or post-sales discount This is contrary to earlier rulings by Kerala AAR. Read more
|
|
|
|
Income Tax Update
1) 25.01.2022 : Format for sharing queries on helpdesk E-mail IDs - Income Tax Department has issued a Format for sharing queries on helpdesk e-mail ID. Read more
|
2) 23.01.2022 : Statutory Forms & related Services – FAQs - Tax Audit Report (Form 3CA-CB/ Form 3CB-CD)
FAQ 1: While submitting Form 3CB-3CD, “Unique Document Identification Number (UDIN)” page is displayed. Though we have duly taken UDIN before uploading the tax audit report, I am not able to add the UDIN details. Should I select “I do not have UDIN / I will update later” instead?
Ans: This feature is presently not available and will be enabled shortly. You may still go ahead and file the form by selecting “I do not have UDIN / I will update later”. Once the UDIN feature made available for all the forms, you can update the same in the portal.
|
3) 22.01.2022 : AVAILABILITY OF AUDIT REPORTS AND PROCESS FLOW STEPS IN e-FILING 2.0 - Process Flow for Audit Reports. Read more
|
|
|
|
GST Article
1) Power Of Search, Seizure And Arrest Under GST Should Not Be Used To Harass Taxpayers - Authored by Sri Bimal Jain Sir - In any tax administration, the provisions for inspection, search, seizure and arrest are provided to protect the interest of revenue department as well as genuine taxpayers and as a restraint for tax evasion. However, it is ... Read more
|
2) Input Tax Credit (ITC) – New Year – New Method - Now, we have to be very careful to deal with a compliant tax payer alone because the new provision added in the condition to claim input tax credit section just before 10 days requires that our supplier is a GST compliant and he never miss the due date of filing […] Read more
|
|
|
|
|
Hope the above updates is of use to you. Please share your feedback at [email protected]
|
|
|
|
|
|
You wish to publish your Article?
|
If you wish to publish your article with OTU and share your knowledge to maximum readers then please send your article to us at [email protected]. We shall publish it with all due credit to you.
|
|
|
|
Ask GST Query
|
Ask your query on GST in Discuss Query Forum and we shall try to solve them. You may also join the Forum as an Expert and help tax querist in their GST Query.
|
|
|
|
|
|
 
|
Subscribe and support us -
|
Access website + Newsletter for just Rs.99/- for 12 months.
|
|
|
|
|
(Note - the charges is only to mitigate our website maintenance cost)
|
|
OTU provides you
|
- Articles on various topics
|
|
- Media - GST, Income Tax & Press R.
|
|
- Notes / Newsletter etc.
|
|
Visit our website
|
|
|
|
|
|
