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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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Please find tax updates in Newsletter 40 dated 03.06.2022 as below:

Index

1. GST Updates
2. GST Law
4. Income Tax in Media
5. GST Article
6. GST Notes by CMA Anil Sharma

GST Update

E-Invoice System - User manual

E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as the plethora of different, non-standardised formats used in invoice generation. The main objective is to enable interoperability across the entire GST eco-system i.e. an e-invoice generated by one software should be capable of being read by any other software. …

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CBIC has waived late fee for filing GSTR-4

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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Delhi govt proposes tax amnesty scheme for traders

The Delhi government is planning to implement a tax amnesty scheme in a bid to help traders from getting embroiled in unnecessary legal cases related to taxation and to recover pending demands which include outstanding tax, interest and penalty. Officials said the exact details on concessions will be ironed one once the scheme is finalised. Deputy Chief Minister Manish Sisodia …

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GST rules changing from April 1, to impact lakhs of companies in India

Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which …

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ITC-04 a Job work return

Rule 45(3) of CGST Rules, 2017 provides that the details of challans in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another during a period shall be furnished in FORM GST ITC-04 on or before the twenty-fifth day of the month succeeding the said period or within …

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GST Law

CGST Act, 2017

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

CA caught taking bribe for income tax officers

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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CBDT aims to lift tax-GDP ratio to 15-20% form the current 12%

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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Big opportunity to rectify the mistake in Income Tax return file

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 assets sold at a profit will be subject to a 30% tax from April 1, 2022

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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CBDT issued refunds from April 01, 2021 to March 20, 2022

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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GST Article

GST Notices & Possible Solutions

Introduction: In the past 2 years there has been a spike in the number of GST notices. This is on account of completion of audit within time lines, data analytics being performed by the department, the recent slew of fake invoicing/fake ITC claim cases, and many more. Likely to increase due to the poor quality of AAR, Tribunals still to …

Author: CA Akshay Hiregange

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Roadblocks to Diversion - seamless flow of ITC a distant dream

Introduction The Finance Bill 2022 is yet to be passed by both the houses of the Parliament and receive Presidential assent to become the ‘Finance Act, 2022’. Although, for the changes in the CGST Act, additionally, notifications would be required to make them effective. Amendments to notifications under CGST or IGST would be applicable once the Bill becomes an Act. …

Author: CA Akshay Hiregange

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SCRUTINY OF RETURNS UNDER GST – STANDARD OPERATING PROCEDURE (SOP)

Scrutiny means thorough checking of documents, verification of records of business transaction, cross examination of turnover of the taxpayers vis-à-vis payment of tax. Returns means summary of information or statement in prescribed format in nutshell, pertaining to a particular tax period. Section 37 to Section 45 of the CGST Act, 2017 specified the provision of GST returns and Section 61 …

Author: Ramesh Jena

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GST refund cannot be denied for furnishing exports detail in incorrect field in GSTR-3B

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 …

Author: Author

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Minimum 7 days time has to be granted to the Taxpayer to file reply to the SCN: Delhi HC

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 …

Author: Author

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Composite Exempted Supplies under GST

Confusion on Composite Supply under Sec 2(30) and Sec 8(a) is still going on. Sec 2 (30) "composite supply" means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the …

Author: SVS Raghavendra Rao

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No Service Tax payable on service charges collected by Rajasthan Cooperative Dairy Federation from Milk Unions: CESTAT Delhi

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 …

Author: Author

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SC: No IGST on Ocean Freight under RCM for CIF Import

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’, …

Author: Author

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Applicability of GST on Royalty on Mining: Allahabad HC directs assessee to reply to SCN

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 …

Author: Author

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Recommendations of GST Council not Absolutely binding on Central & State: Supreme Court

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 …

Author: Author

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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:

e.g. as given below
Section-01-1 GST-01-01-1-2-When Goods and Service Tax (GST) was implemented in India
Read all Notes at Read more
Hope the above updates is of use to you. Please share your input and feedback at [email protected]
Thank you,

Regards,
OTU Team

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