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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 43 dated 15.06.2022 as below:
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Index
5. GST Notes by CMA Anil Sharma
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GST AAR
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The Gujarat Authority of Advance Ruling (AAR) has ruled that the Input Tax Credit (ITC) is admissible on GST paid on goods transport agency (GTA) service supplied to it, despite refrigerated vehicles travelling empty during the return journey. The applicant, Vadilal, is in the business of supplying ice-cream in various states in addition to the supplies in Gujarat State. For …
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The Maharashtra Appellate Authority of Advance Ruling (AAAR) has ruled that 5% GST is payable on turmeric in its whole form, falling under the definition of “Agricultural Produce”. The two-member bench of Rajeev Kumar Mital and Ashok Kumar Mehta has observed that the first supply of turmeric in whole form by farmers, being supplied by a non-taxable person in the …
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The Telangana Authority of Advance Ruling (AAR) consisting of B. Raghu Kiran and S.V. Kasi Visweswara Rao has observed that GST is payable on medical health insurance premiums for employees. The applicant, M/s. Hyderabad Metropolitan Water Supply and Sewerage Board, has paid medical insurance premiums to provide health insurance to the employees, pensioners and their family members. The vehicle insurance …
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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 Central Board of Direct Taxes (CBDT) will release a list of frequently asked questions (FAQ) on cryptocurrency tax before July 1. During an event hosted by the Income Tax Department as part of the Ministry of Finance’s ‘Iconic Week Celebrations,’ CBDT chairperson Sangeeta Singh said, “We are working on the FAQs for clarity on cryptos, and we will release …
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This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank’s internet banking website and click on the option provided to view Form 26AS. Step – 1 …
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The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to the malfunction of the search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of …
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Source: Twitter/ Taxation updates
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‘Advance Tax’ concept - a person is required to pay income tax in respect of such income during the previous year on an estimated basis. If you are salaried and believe the “Advance Tax” provision does not apply to you, you are mistaken. A person who receives a salary as their main source of income but also receives income from …
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New functionalities on registration, returns and refund - Registration S. No.Form/ FunctionalityFunctionality made available for Taxpayers1.Bank Account Validation of Taxpayers- To establish correctness of the bank account and to verify whetherit matches with the PAN of the business, validation of the bankaccount details provided at the time of GST Registration/ Creationof Temp ID by the taxpayers is being done with …
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The Central Board of Direct Taxes has extended the timeline to update the Unique Document Identification Numbers (“UDINs”) till June 30, 2022 to give more time to CAs to correctly verify and upload UDINs. Source from: https://www.incometax.gov.in/iec/foportal
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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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Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2022-23 is released today on 23.05.2022. Source: https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns
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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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Finance Minister Nirmala Sitharaman said Tuesday she sees possibility of tax revenue generation for the government from crypto assets, days after the government proposed a tax of 30% on income from cryptocurrencies and other digital assets in the Budget. “Many Indians have seen a future in crypto, therefore I see a possibility of revenue in it,” Sitharaman said Tuesday at …
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The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and providing captive software development services, on 15.02.2022. The ultimate shareholding of the group lies with a foreign entity of a neighbouring country. The searches, which were spread across Delhi, Gurugram and Bengaluru covered the main business premises and also the …
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Below discussed case laws are part of article - Show Cause Notice Under GST- a complete analysis SCN can be quashed by HC in certain cases Cases where the Constitutional vires of the very enactment under which the proceedings are initiated is under challenge;Cases where the proceedings have been initiated or concluded in total violation of the principles of natural …
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What is Notice? A Notice is used in the sense of “observe” or “warning”, to bring someone to the attention of. On the other hand, the word “Notification” is used in the sense of “announcement”. Whenever our Clients get notice, we have to refer the Notifications. Notices under GST are communications made by the GST Authorities. A notice so issued, …
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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 …
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Author: CA Akshay Hiregange
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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. …
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Author: CA Akshay Hiregange
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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 …
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The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of Ramesh Nair (Judicial Member) and Raju (Technical Member) has ruled that IT services provided by the assessee to the associate company in the USA amount to an export of services. The Adjudicating Authority demanded the Service Tax, holding that the appellant’s supply of services to …
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The Orissa High Court bench of Justices Jawant Singh and Murahari Sri Raman has held that the Commissioner of CT & GST is not empowered to allow the deposit of interest payments in instalments. The petitioner/assesee contended that, in accordance with Section 39 read with Section 59 of the OGST Act, self-assessment returns on Form GSTR-3B and GSTR-1 were filed …
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The Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of Anil Choudhary (Judicial Member) has ruled that the limitation applicable for refund amount lies with the department having the nature of revenue deposit. The appellant/assessee is in the business of providing services under the category of “Construction Services”, including commercial/industrial building or civil structure, works …
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The Punjab and Haryana High Court bench of Justices Tejinder Singh Dhindsa and Pankaj Jain has held that there should be reason to believe that the input tax credit available in the Electronic Credit Ledger was obtained fraudulently or that the assesses are ineligible. The relevant officer must record the reasons, and a speaking order must be issued. The petitioner/assessee …
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The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the export entitlements and the duty drawback of the promotion scheme are an income assessable under the head “profits or gains from business or profession” as per clauses (iiib) and (iiid) of section 28 of the Income Tax Act, 1961. The two-member bench of Duvvuru Rl Reddy …
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It is not uncommon for co-operative housing societies (CHS) in Mumbai to seek transfer fees on sale of a flat, exceeding the stipulated Rs 25,000. While some societies outright seek a higher transfer fee, others ‘welcome’ an additional payment, which is set aside for future use, such as for carrying out major repairs later. The issue of applicability of goods …
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The Hyderabad Bench of ITAT has ruled that the tuition fee collected in advance is not taxable in the year of receipt and that the tuition fee is taxable only when a corresponding service is rendered by the educational institution. The Bench, consisting of K. Narasimha Chary (Judicial Member) and Rama Kanta Panda (Accountant Member), held that examination fee collected from students on behalf …
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The Delhi High Court, consisting of Justice Manmohan and Justice Manmeet Preetam Singh Arora, has quashed the reassessment order issued without considering the reply filed by the assessee. The petitioner/assessee stated that the reassessment proceedings initiated by the department were void ab initio. The proceedings were initiated in the name of “Damian Estate Developers Private Limited”, which was a non-existent …
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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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Hope the above updates is of use to you. Please share your input and feedback at [email protected]
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