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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 39 dated 31.05.2022 as below:
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Index
6. GST Notes by CMA Anil Sharma
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GST Update
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1. 20.05.2022 : CGST Rates Notification updated as on 01.05.2022
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CGST Rates on goods -taxable, exempt and compensation cess updated as on 01.05.2022 is published by CBIC. The GST rates on certain goods have under gone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time.
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2. 25.05.2022 - CBIC has waived late fee for filing GSTR-4
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The notification issued by CBIC provides that “the late fee payable for delay in furnishing of FORM GSTR-4 for the Financial Year 2021-22 under section 47 of the said Act shall stand waived for the period from the 1st day of May, 2022 till the 30th day of June, 2022.”
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GST in Media
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The investigation officers or GST officers were visiting the premises of the taxpayers and forcefully asking them to pay tax voluntarily without any tax calculation and without assigning any basis thereof with the coercion of arrest, the issue was taken up with the CBIC and therefore, it has been clarified that voluntary payment can be made by the taxpayer himself …
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The Madras High Court (HC) has observed that the procedure laid down under Rule 96 of CGST Rules, 2017 cannot be applied strictly to deny legitimate export incentives that are available to an exporters. In this connection, a reference was made to the decision of the Hon’ble Supreme Court in the case of Commissioner of Sales Tax, U.P. Vs. Auriya …
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CBIC has waived the late fee applicable for filing of GSTR-4 till 30th June 2022. GSTR-4 is a return which is required to be filed by a composition dealer. A dealer opting for the composition scheme is required to furnish a single return in Form GSTR 4 once in a year by 30th of April, following a financial year. The …
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In the past week, officials of the Director General of GST Intelligence, sub-national unit (east), busted two rackets of fake invoicing involving tax evasion of nearly Rs 380 crore. On Wednesday night, GST officials arrested a person running 28 shell companies. He had allegedly defrauded through fake invoicing worth Rs 240 crore. The businessman had opened a chain of shell …
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The Gujarat Authority of Advance Ruling (AAR) has ruled that the air circulation fans supplied to poultry houses for the purpose of providing ventilation to livestock shall attract18% GST. The applicant, M/s. Star Enterprise is in the business of supplying air circulation fans mainly to poultry houses for the purpose of providing ventilation to livestock, and few fans are supplied …
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GST Law
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The Central Goods and Service Tax, 2017 updated as on 01.01.2022 as published by Central Board of Indirect Taxes and Customs - CBIC is reproduced below for your easy reference and reading. Your suggestion / feedback is welcome at [email protected] THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (OF 2017) AS AMENDED BY THE - THE CENTRAL GOODS AND SERVICES …
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Income Tax in Media
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The team of Anti-Corruption Bureau has taken major action in the capital Jaipur. The team has arrested a chartered accountant taking 2 lakh cash. During interrogation, it came to light that the CA was taking this money for the income tax officers. The Chartered Accountant is being questioned about who this officer is. His phone has also been confiscated. When …
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India's net direct tax collections amounted to Rs. 14,09,640.83 crore for FY 2022, which is the highest collection ever, signaling that the India economy has bounced back after two years of the pandemic, Central Board of Direct Taxes (CDBT) Chairman J.B. Mohapatra said here on Tuesday. "As against Rs. 14.09 lakh crore this year, our collection in 2020-21 was only …
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The Income Tax Department has issued a new form for filing updated IT returns. In this, the taxpayer has to tell the actual reason for filing as well as the income offered for tax. New Form ITR-U will be available for taxpayers to file updated Income Tax Return (ITR) for 2019-20 and 2020-21. ITR-U can be filed within two years …
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Cryptocurrency gains will be taxed at 30 per cent beginning April 1, 2022. It’s the highest tax bracket and the rate is the same as earnings from a lottery. This would apply to all virtual digital assets (VDA) and their earnings, from Bitcoin to non-fungible tokens (NFTs). For example, if an investor purchases a cryptocurrency for ₹ 10,000 and sells …
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As per the recent tweet of Income Tax India, the Central Board of Direct Taxes (“CBDT”) has issued refunds of over Rs. 1,93,720 crore to more than 2.26 crore taxpayers from April 01, 2021 to March 20, 2022. Income tax refunds of Rs. 70,977 crore have been issued in 2,23,99,122 cases & corporate tax refunds of Rs. 1,22,744 crore have …
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The Hon'ble Delhi High Court has held that under Section 148A(b) of the Income Tax Act, a minimum time of seven days has to be granted to the assessee to file reply to the show cause notice. The petitioner/assessee has challenged the Notice issued under Section 148A(b) of the Income Tax Act, 1961 and the consequential order issued under Section …
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The Delhi Bench of Custom, Excise & Service Tax Appellate Tribunal (CESTAT) has ruled that no service tax is payable on the service charges collected by the Rajasthan Cooperative Dairy Federation from the milk unions or district cooperative societies for the services rendered to them. The Bench, consisting of Justice Dilip Gupta (President) and technical member P.V. Subba Rao, held …
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The Hon’ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd. upheld the judgement given by the Hon’ble Gujarat High Court to hold that no IGST is payable on ocean freight under Reverse Charge Mechanism (“RCM”) for Cost, insurance, and freight (“CIF”) imports as Indian importer is liable to pay IGST on the ‘composite supply’, …
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The Allahabad High Court bench of Justice Devendra Kumar Upadhyaya and Justice Brij Raj Singh, while dealing with the issue of the applicability of GST on royalties on mining, has directed the assessee to reply to the show cause notice issued by the department. The petitioner/assessee is in the business of mining sand from the sites licenced to them by …
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In a significant ruling, the Apex Court today held that the recommendations of the GST council are not binding on the Union and the State Governments. A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value. Importantly, the Court held that both the States and Centre can …
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GST Notes by CMA Anil Sharma
1) CGST Act in Slides form: Respected Shri CMA Anil Sharma, Shri CMA Gurdev Singh Saini and Respected Smt. CMA Bhawna Sharma presenting CGST Act / IGST Act in simple language in PPTs to make dealers, professionals, academicians, students etc. understand the basics of GST laws. Each Chapter in CGST Act, 2017 is explained in the form of Slides as given below for easy understanding of the Act:
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