Hi subscriber,

Please find the tax updates as below:

GST Advisory

1) 26.11.2021 : Improvements in GSTR-1 (advisory) - A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. This advisory covers the changes being brought in Phase -1 while the advisory about Phase -2 changes. Read more

GST Media

1) 26.11.2021 : Auto-rickshaw services provided through e-commerce platforms to attract 5% GST - Auto-rickshaw services provided through e-commerce platforms would attract 5 per cent GST from January 1, 2022. The Revenue Department under the Finance Ministry through a notification dated November 18 withdrew the GST exemption available to auto rickshaws providing passenger transport services through e-commerce platforms. Read more

2) 26.11.2021 : CBIC tells officials to help boost November GST collections - The indirect tax authority urged senior officials to guide field officers to gently remind all taxpayers to file returns and deposit the due tax amount in time. The Central Board of Indirect Taxes and Customs (CBIC) has asked field officers to help further improve November goods and service tax (GST) collections from October, which was the second-highest since the government implemented the indirect tax reform in 2017. Read more

3) 25.11.2021 : IT Ministry to meet mobile phone makers, seek Budget inputs - In earlier meetings, phone and allied component makers have in their submissions told the Ministry that the levy of 18% GST on mobile phones had “led to very high costs’, and should be brought down to 12%. The Ministry of Electronics and Information Technology is likely to meet mobile phone and allied component makers again this week to discuss possible steps on rationalisation of levies such as Goods and Services Tax (GST). The meeting will be held before the scheduled meeting of GST Group of Ministers (GoM) meeting on November 27, sources said. Read more

4) 24.11.2021 : GST evaders of Prayagraj zone under scanner of tax department - Over two dozen traders in Prayagraj zone have come under the radar of commercial tax department for allegedly evading goods and services tax (GST) worth several lakhs, said an official. The department is collecting details of purchase and sale data and transactions of bank accounts of these traders following which the GST that has to be deposited by them is being calculated and compared to what the individual firms have deposited in the state exchequer, the official said. Read more

Income Tax - Circular

1) 25.11.2021 : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (I-I) of section 206C of tile Income-tax Act, 1961 – reg. - Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 196 1 (herein after referred to as ” the Act”) which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of services or both, facilitated through its digital or electronic facility or platform. However, exemption from the said deduction has been provided in case of certain individuals or Hindu undivided fam il y subject to fulfilment of specified conditions. This deduction is required to be made at the time of cred it of the amount of such sale or service or both to the account of an e-commerce participant or at the time of payment thereof to such e-commerce participant, whichever is earlier. Read more



GST Article

1) Improvements in GSTR-1 -
A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, changes are being implemented incrementally in a gradual manner, to leverage the familiarity of taxpayer so as to ensure that taxpayers can adapt to the changes smoothly. The changes would be implemented in two phases, to ensure that disruption to the taxpayers is minimal, and valuable feedback received is accounted for in subsequent phase. This advisory covers the changes being brought in Phase -1 while the advisory about Phase -2 changes would follow. Read more
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OTU Team
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