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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 29 dated 16.01.2022 as below:
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Index
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Budget
1) 14.01.2022 : Budget Session to begin on Jan 31, 2022 - The upcoming Budget Session of Parliament will being on January 31, 2022 and conclude on April 8, 2022 as per the recommendations of the Cabinet Committee on Parliamentary Affairs… Read more
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2) 11.01.2022 : Budget 2022 Expectations: ‘Reduce GST to 5% - Health insurance is an essential commodity and needs to be slotted in the 5% GST tax slab to make it more affordable to access quality healthcare. A significant reduction in the GST on all personal lines of products—from the existing 18% to 5% will encourage more people to buy health insurance. For senior citizens, it should be exempted. Read more
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Income Tax in Media
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1) 12.01.2022 : Infosys working very closely with I-T Dept on tax portal: Salil Parekh - Infosys CEO Salil Parekh on Wednesday said the company is working closely with the Income Tax Department on the next set of areas related to the I-T portal as new modules will be added to it. Infosys, in 2019, was given the contract to develop the new portal. It was launched in June last year and stakeholders had reported glitches and difficulties in the functioning of the portal. Read more
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Press Release
1) 14.01.2022 : DGGI Officials bust network involving fake invoices worth more than Rs 4,500 crore; 1 held - Recently a case was booked by DGGI against some fake firms, which were found non existing at their principal place of business. To trace the real persons behind these fake firms, the physical address from where GST returns were actually filed was ascertained. Then search was conducted on 06.01.2022 at that premises in Delhi. During search, it was found that proprietor is engaged in providing services of ‘Cloud Storage’ on his servers to various customers for maintaining their financial accounts. Read more
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2) 14.01.2022 : Govt. of Haryana identified risky taxpayers - The Excise and Taxation Department, Govt. of Haryana identified a list of 81 risky taxpayers exhibiting considerable shortfall in tax paid (25 taxpayers having GSTR-1-GSTR-3B mismatch worth Rs.17.73 crores) and mismatch in Input Tax Credit availed ( 56 taxpayers having GSTR-2A-GSTR-3B mismatch worth Rs.63.64 crores). Source Press Release dated 14.01.2022.
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3) 13.01.2022 : Navi Mumbai CGST Commissionerate busts Input Tax Credit racket of more than Rs. 10 Crores - Acting on the intelligence about the operation of a fake ITC racket , the Officers of Navi Mumbai CGST Commissionerate of Mumbai Zone have arrested a businessman who is the is proprietor of M/s Maharashtra Enterprises . The Central CGST department has busted yet another fake Input Tax Credit racket of 15 fake entities who had generated the fake ITC fraudulently to the tune of Rs 10.28 Crores. Read more
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GST Article
1) Some recent amendments - Notifications dated 28.12.2021 is issued to amend the Notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 which provides the GST rate on supply of goods and more. Read more
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2) Why GST On Renting Of Immovable Property – Issue Pending Before Larger Bench Of Supreme Court - Authored by Sri. S.V.S. RAGHAVENDRA RAO, Advocate & Tax Consultant Every Commercial property owner in India are in quagmire due to contradictory provisions on levy of GST on renting of commercial Property and Landed property. So it is important to examine, the levy of GST on lease of Immovable property under Schedule... Read more
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3) MANDATORY PRE-DEPOSIT FOR FILING AN APPEAL UNDER GST LAWS - Authored 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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4) ALL ABOUT FAKE INVOICE - Authored By, Mr. Ashish Miglani - The GST Law was introduced on 1st July 2017 as per 101 Constitution Amendment Act and it was promised that there would be seamless flow of input tax credit and objective was NO cascading of taxes but if we look at GST as on date you... 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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