CA. Praveen Sharma GST Mitra

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Eight-laning work at Guduvanchery-Chettipuniyam stretch of Chennai's GST Road gains pace

May 11, 2022

Around 25 per cent of the eight-laning of the Grand Southern Trunk (GST) road's 13.5-km stretch between Guduvanchery and Chettipunniyam (Mahindra City) has been completed, said sources in the National Highways wing of the State government. The work began in November last. Widening of the four-lane GST road (Tambaram-Tiruchy NH) from four to eight lanes was necessitated to facilitate the proposed construction of elevated corridor from Tambaram and Chengalpattu. An official from the National Highways Authority of India (NHAI) said if the road wasn't widened, the elevated corridor work would make it narrower. "Given that the road handles over one lakh vehicles a day, it was necessary to widen it before taking up the elevated road project," the official said. The carriageways on both sides of GST road between Tambaram and Chengalpattu are divided by a median of about 2.5-5 m. The width of the road is 35-45 m. Laying two more lanes on either side is expected to create sp

Another shocker for cryptocurrency community in India in the works after 30% income tax: Reports

May 10, 2022

The GST Council is likely to consider imposing 28 percent Goods and Services Tax on cryptocurrencies, various media reports claimed today (May 9, 2022). As per the reports, the GST Council has constituted a committee which will soon take up the proposal to impose 28% GST on all actives and services related to cryptos. The proposal may be tabled before the GST Council in its next meeting. Cryptocurrency activities include sale and purchase of crypto tokens on various exchanges, holding these assets in centralised and decentralised wallets, and staking on various platforms. The GST Council may examine all these activities before arriving at a decision. Reports on imposition of GST on cryptocurrencies have been doing the rounds ever since the Government announced flat 30% tax on income from cryptos and other virtual digital assets. 1% TDS will also apply on crypto transfers from July 1, 2022. Currently 18% tax is levied on service provided by crypto exchanges. New agency PTI had previou

Critics Call Govt’s Move To Levy 28% GST On Crypto ‘Demonic’

May 10, 2022

It will be great if deliberations are made to keep the taxation on VDAs in line with India’s treatment of other regular financial instruments: WazirX’s Aritra Sarkhel - Slowing down disruption forcefully would leave us behind! And taxes cannot be the way to slow it anyway: Unocoin CEO - By imposing GST on crypto, we are going to miss out on a trillion-dollar opportunity in the near future: IB Capital founder WazirX’s director of public policy, Aritra Sarkhel said, “It will be great if deliberations are made to keep the taxation on VDAs (Virtual Digital Assets) in line with India’s treatment of other regular financial instruments and/or evaluate the different use cases of the tokens while making decisions on crypto taxation. It will also be essential to look at global jurisdiction arguments on such tax.” He further added that the industry was open to dialogue with the larger GST council on such matters. According to a report , the GST Council is likely to consider levying 28% GST on c

Sold house at a loss? You still have to report it in ITR

May 09, 2022

While filing a return of income one must disclose income from all sources, irrespective of the amount, else at the time of processing of return, the tax department could raise a question or make adjustment on account of mismatch. You may declare your income from pension and capital gains in ITR 2, which is a simple form. You shall be required to disclose the sale consideration, cost of acquisition and the resultant capital gains on account of sale of property. As per Section 80E, any individual who takes a loan from any financial institution or approved charitable institution for pursuing higher education, whether in India or abroad, can claim deduction on the amount of interest paid for a consecutive period of eight years, beginning from the assessment year in which he has started paying the interest on loan or until the assessment year in which the interest is paid in full, whichever is earlier. Education loan can be taken for self, spouse, children or student for whom you are the

Fault lines expand over GST cess

May 09, 2022

With the GST compensation cess to end in its present form by June, a confrontation between the Centre and the states is looming on reimbursements for anticipated revenue shortfalls. Although the cess will continue, it will be used to pay the sum borrowed by the Centre on behalf of the states during the pandemic. But the states are expected to insist on compensation beyond June 2022 at the GST Council meeting later this month.The Centre, on its part, is likely to dangle the carrot of subsuming the cess as part of the GST after 2026. The states had accepted the GST in 2017 on an assurance by the Centre that they would be given full compensation in the first five years of its introduction, assuming a revenue growth rate of 14 per cent over the base year 2015-16. The compensation is in the form of cess on luxury items and sin goods. The states are demanding the Centre to continue to compensate them as the revenue buoyancy has not been as promised, while Covid-19 had a huge impact on rev

Know the key changes in the income tax rules before investment planning

May 07, 2022

With the commencement of the financial year 2022-23 in April, it is important to consider the new Income Tax rules which would be effective from 1st April 2022 in order to monitor and manage the tax implication on financial transactions effectively. Suresh Surana, Founder – RSM India explained some of the key changes which would be effective from 1st April 2022 are as under:- The Finance Act, 2022 provides for a taxation of virtual digital assets @ 30% u/s 115BBH of the Income Tax Act, 1961 (hereinafter referred to as ‘the IT Act’). The loss incurred from any Virtual Digital asset would not be allowed to be set off against any other profit including that of any other Virtual Digital asset i.e. Intra head adjustment between VDAs is also not possible. Further, no deduction in respect of any expenditure (other than cost of acquisition, if any,) or allowance shall be allowed. However, it has been clarified that Infrastructure costs incurred in the mining of VDA will not be treated as cos

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