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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 38 dated 26.05.2022 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. 23.05.2022 : Press Release
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A meeting was held to discuss the issue relating to evasion of GST in renting of immovable property, other than those rented out for residential purposes. The Haryana Excise and Taxation Department will initiate a special drive against the tax defaulters to recover tax on Commercial Rentals and Leasing.
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2. 25.05.2022 - Search, inspection or investigation
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No coercive actions to be taken for deposit of money during Search & Seizure. Pr. Chief Commissioners/ Chief Commissioners, CGST Zones and Pr. Director General, DGGI are advised that in case, any complaint is received from a taxpayer regarding use of force or coercion by any of their officers for getting the amount deposited during search or inspection or investigation, the same may be enquired at the earliest and in case of any wrongdoing on the part of any tax officer, strict disciplinary action as per law may be taken against the defaulting officers.
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3. 21.05.2022 - GST officials booked for detaining businessman’s wife
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The government officials have been booked under Sections 354 (criminal force to woman with intent to outrage her modesty), 341 (punishment for wrongful restraint) and 506 (criminal intimidation) of IPC. Though the case was registered on May 13, it came to light on Friday. A complaint by a businessman’s wife, the Punjagutta police have registered a criminal case against five Goods and Services Tax (GST) officials on charges of manhandling, harassing and wrongfully detaining a woman.
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3. Guidelines for issuance of FORM GST DRC-07 in case of vehicles detained under E-way bill provisions – by MGST
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To address the issues faced by the proper officer regarding issuance of FORM GST DRC-07 online on BO, where the taxpayer is not under his jurisdiction and difficulties faced by the taxpayer while filing an appeal against the orders passed by the proper officer, the following guidelines, as scenarios given in the Table No.1
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4. 20.05.2022 : Supreme Court decision will not alter the way GST Council functions, says finance ministry
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The Supreme Court’s decision on Thursday that the recommendations of the GST Council are not binding on the Centre and the state governments will not impact the functioning of the council in any manner, a finance ministry official told CNBC-TV18.
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5. SC: No IGST on Ocean Freight under RCM for CIF Import
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The Hon’ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd. [Civil Appeal No. 1390 of 2022 dated May 19, 2022] 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’, comprising of supply of goods and supply of services of transportation, insurance, etc. in a CIF contract; a separate levy on the Indian importer for the ‘supply of services’ by the shipping line would be in violation of Section 8 of the Central Goods and Services Tax Act, 2017 (“the CGST Act”).
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6. Due date for furnishing Form GSTR-3B for April, 2022 extended till May 24, 2022
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The CBIC vide Notification No. 05/2022- Central Tax dated May 17, 2022 extended the due date for furnishing Form GSTR-3B for the month of April, 2022 till the May 24, 2022 due to the non-availability of Form GSTR-2B for the month of April, 2022 on time i.e. by May 14, 2022.
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7. Due date of payment of tax for April 2022 extended under QRMP scheme
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CBIC has extended the due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06 till 27th May, 2022 vide notification No. 06/2022-Central Tax dated 17.05.2022.
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GST in Media
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A meeting was held between Sh. Pranab Kishore Das, ACS and FCR & Sh. Anurag Rastogi, ACS (E&T) to discuss the issue relating to evasion of GST in renting of immovable property, other than those rented out for residential purposes. Under the GST Act, any renting of immovable property, other than those rented out for residential purposes, are chargeable to …
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The Central Bureau of Investigation (CBI) said on Thursday it has arrested a superintendent, CGST and Central Excise, Bhopal (Madhya Pradesh) for demanding and accepting a bribe of Rs 2 lakh.
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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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During the course of search, inspection or investigation, sometimes the taxpayers opt for deposit of their partial or full GST liability arising out of the issue pointed out by the department during the course of such search, inspection or investigation by furnishing DRC-03. Instances have been noticed where some of the taxpayers after voluntarily depositing GST liability through DRC-03 have …
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Following a complaint by a businessman’s wife, the Punjagutta police have registered a criminal case against five Goods and Services Tax (GST) officials on charges of manhandling, harassing and wrongfully detaining a woman. The government officials have been booked under Sections 354 (criminal force to woman with intent to outrage her modesty), 341 (punishment for wrongful restraint) and 506 (criminal …
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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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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 Excise and Taxation Department hosted a conference to discuss the re-engineering of internal processes to improve taxpayer experience of GST taxpayers and the launch of Haryana GST return Scrutiny Manual. The meeting was chaired by Sh. Dushyant Chautala, Hon’ble Dy. Chief Minister, Haryana along with Sh. Anurag Rastogi, IAS, ACS (E&T) and Sh. Shekhar Vidyarthi, IAS, Excise and Taxation …
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The article throws light on the applicability of provisions of reversal of Input Tax Credit on account of non-payment of consideration to the supplier within 180 days of raising of the invoice in case of retention of money by the Recipient. Second proviso to Section 16(2) of CGST Act, 2017 is being reproduced hereinbelow- Provided further that where a recipient …
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Author: CA Dr Arpit Haldia
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The manner of adjudication proceedings is laid down under the statutory provisions of tax. The starting stage of adjudication proceedings is the scrutiny of returns or records of the taxpayers. If any discrepancy observed or found in the returns then it is required to be intimated to the taxpayers for clarification thereafter a show cause notice may be issued. The …
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The Kerala GST Department vide Circular No 8/2022 dated April 23, 2022 issued clarification regarding the extension of limitation under GST Law in terms of the Hon’ble Supreme Court’s Order in the reference Order in Miscellaneous Application No. 21 of 2022 in Miscellaneous Application No. 665 of 2021 in Suo Motu Writ Petition (C) No. 3 of 2020 of the …
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The CBIC issued revised guidelines vide Instruction No. 3/2022-Customs dated April 23, 2022 for the National Risk Management Committee (“NRMC”)/Local Risk Management Committee (“LRMC”) for effective implementation of the Risk Management System in Customs and GST. Kind attention is invited to the Board’s Circular No. 23/2007-Customs dated June 28, 2007 and Circular No. 43/2005-Customs dated November 24, 2005 on Risk …
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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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