CA. Praveen Sharma GST Mitra

  एक ओर जहां कोरोनाकाल में सभी चीजें ऑनलाइन हाे रही हैं, आयकर विभाग ने इसमें पहल की है। हालांकि आयकर विभाग ने गत वर्ष ही अपने सांगठनिक ढांचे में व्यापक फेरबदल किया था, जिसमें फेस इंटरैक्शन को लगभग समाप्त कर दिया था। अब विभाग आयकर दाताओं के लिए सात जून से नया पोर्टल लांच करने जा रहा है, जिससे लोग अपने मोबाइल फोन से ही इनकम टैक्स रिटर्न फाइल कर सकेंगे। इस पोर्टल का नाम ‘ई-फाइलिंग 2.0’ रखा गया है। इसके साथ ही विभाग का ई-फाइलिंग के लिए चल रहा पुराना पोर्टल बंद कर दिया जाएगा। इस पोर्टल के माध्यम से आयकरदाता मोबाइल फोन पर आसानी से आयकर विवरणी या इनकम टैक्स रिटर्न फाइल कर सकेंगे। इस पोर्टल पर आपको पहले भरे गए आयकर रिटर्न के फार्म भी दिखाई तो देंगे ही, कई सुविधाएं भी उपलब्ध होंगी। ऐसे भर सकते रिटर्न इसके लिए आपको सबसे पहले पर जाना होगा। यह नई वेबसाइट का लिंक है, जबकि इससे पहले http://incometaxindiaefilling.gov.in पर चल रहा था। इस पुराने वेबसाइट से रिटर्न फाइल करने की सुविधा छह जून से समाप्त हो जाएगी। इसे विभाग बंद कर देगा। इस वजह से आप एक से छह जून तक आयकर रिटर्न फाइल नहीं कर सकेंगे, क्यो...

  The government needs to urgently resolve the confusion over the GST rate to be levied on oxygen concentrators imported for personal use, tax experts said on Saturday. While the import of such concentrators was permitted under the foreign trade policy and the Integrated GST (IGST) levy reduced from 28% to 12%, the Delhi High Court had set aside the relevant notification and said the GST levy on such imports was “unconstitutional”, following a writ petition from a senior citizen whose nephew had gifted him a concentrator. Revenue Secretary Tarun Bajaj said on Friday that the judgment meant concentrators received as “gifts” from abroad would not be taxed, but those purchased from abroad will now attract a 28% levy. The GST levy on concentrators imported for commercial purposes is 12%. While a senior lawyer said this may not be the correct interpretation as the Court had only ruled on the issue of “gifts” and not on the entire text of the concerned notification, tax experts differ. “...

Two important demands of the trade and industry were not discussed at the GST Council meeting on May 28, said AgroFood Chamber of Commerce and Industry. Its president S. Rethinavelu said in a press release that there was no discussion on tax exemption for essential branded food items such as rice, wheat and pulses as unbranded tax products were exempted from taxes. Also, simplification of GST tax rate classification by levying same tax rate for all products covered under one Chapter of The Harmonised System of Nomenclature Code (HSN Code) was not discussed. The GST council was not able to take decisions even on crucial matters such as rate revision on COVID-19 products The GST implementation, by and large, had gone to the control of bureaucrats, which was not acceptable. In this procedural hiccup, the long-pending demands of the trade and industry had been sidelined. Finance Minister P.T.R.P. Thiagarajan had given an elaborate memorandum covering the demands of the trade and industry. ...

  Key Opposition-ruled states have strongly contested the Centre's goods and services tax (GST) shortfall estimation for FY22 and claimed an underestimation of at least Rs 55,000 crore in the projections. They have also sought an additional compensation of Rs 65,000 crore for FY21. The states argue that the actual revenue growth in the 10 months of April-January was negative against a 7 per cent expansion estimated by the Centre last year. “We do not agree with the Centre’s estimation related to the GST compensation requirement for FY22. It has underestimated the compensation requirement by at least Rs 55,000 crore and it must be reviewed at the earliest,” said a state finance minister. He said according to the state’s assessment, the compensation requirement in FY22 will be Rs 3.23 trillion. “This means that the borrowing requirement is not Rs 1.58 trillion, but Rs 2.13 trillion as the remaining is expected to be met from cess collection.” The finance ministry on Friday proposed m...

The GST Council, which met last Friday , could not live up to the expectations of some meaningful relief from the disastrous second wave of the pandemic. The measures unveiled were insipid , be it for the common man hoping to survive while keeping fingers crossed for a vaccination slot or a hospital bed, or businesses hurting from lockdowns, and States grappling with a cash crunch amid a scramble to purchase vaccines. Finance Minister Nirmala Sitharaman announced an elaborate amnesty scheme for small firms pending GST returns, lowered the interest levied on late payments for recent months, and extended several compliance timelines. But there is little respite for businesses with turnover of over ₹5 crore, and industry is underwhelmed. No discussion occurred on bringing fuels under GST, despite the Centre’s noises to that effect amid runaway petrol prices. Taxes on COVID essentials remain unchanged, despite States and industry pressing for waivers. Ms. Sitharaman said the subject domina...

  एक जून से देशभर में कई बदलाव होने वाले हैं। इनका सीधा असर आपकी पॉकेट और जिंदगी पर पड़ेगा। इसलिए जरूरी है कि नियमों की जानकारी पहले ही अपने पास रखें। बता दें कि 1 जून से बैंक ऑफ बड़ौदा में चेक से पेमेंट का तरीका बदलने वाला है। हम आपको ऐसे 5 बदलावों के बारे में बता रहे हैं जिनका असर आप पर पड़ेगा। बैंक ऑफ बड़ौदा में 1 जून से लागू होगा पॉजिटिव पे सिस्टम बैंक ऑफ बड़ौदा में 1 जून से चेक से पेमेंट का तरीका बदलने वाला है। धोखाधड़ी का शिकार होने से बचाने के लिए बैंक के ग्राहकों के ​लिए पॉजिटिव पे कन्फर्मेशन अनिवार्य हो जाएगा। इस सिस्टम को लागू करने का मकसद चेक के जरिए होने वाली धोखाधड़ी को रोकना है। ग्राहकों को पॉजिटिव पे सिस्टम के तहत चेक की डिटेल्स को तभी रिकन्फर्म करना होगा, जब वे 2 लाख रुपए या इससे ज्यादा के बैंक चेक जारी करेंगे। पॉजिटिव पे सिस्टम के तहत चेक जारी करने वाले को उस चेक से जुड़ी कुछ जानकारी इलेक्ट्रॉनिक तरीके से भुगतान करने वाले बैंक को देनी होगी। यह जानकारी SMS, मोबाइल ऐप, इंटरनेट बैंकिंग या ATM के जरिए दी जा सकती है। बदल जाएंगी गैस सिलेंडर की कीमतें बता दें देश की सरकारी...

  The goods and services tax (GST) council on Friday put off key decisions including the widely anticipated tax concessions on Covid-19 related supplies such as vaccines, oxygen concentrators and medicines due to lack of consensus. But it extended the compliance-related relief to taxpayers. The issue of GST rates on vaccines and other Covid-related supplies will be reviewed by a Group of Ministers (GoM). A report will be submitted by June 8. “As a Council, we are responsible to see how this reaches the end user. As there were differing views, a group of ministers will go into details and then decide,” said finance minister Nirmala Sitharaman after the meeting. The goods and services tax (GST) council on Friday put off key decisions including the widely anticipated tax concessions on Covid-19 related supplies such as vaccines, oxygen concentrators and medicines due to lack of consensus. But it extended the compliance-related relief to taxpayers. The issue of GST rates on vaccines an...

  In a move that is likely to help increase availability of critical equipment required in the treatment of Covid-19, the GST Council on Friday extended the GST exemption on import of Covid-related equipment received as relief till August 31. The Council has also included Amphotericin-B, which is used in treatment of black fungus or mucormycosis, in the list of items exempted from GST. The GST Council has however left taxes on Covid-19 vaccines and medical supplies unchanged. Earlier this month, Nirmala Sitharaman ruled out exempting Covid vaccines, medicines and oxygen concentrators from GST, saying such an exemption will make the lifesaving items costlier for consumers as manufacturers will not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent GST while Covid drugs and oxygen concentrators attract a 12 per cent levy. Issues of Covid-related equipment was one of the items on the agenda that had a very d...

  In a series of decisions on Friday, the Goods and Service Tax (GST) Council formed a group of ministers (GoM) to decide on waiving off taxes on Covid-19 essentials such as vaccines, expanded the list of relief items imported without duties to also include drugs for mucormycosis, eased compliance burdens for small businesses, and decided to borrow ₹1.58 lakh crore to compensate states for their revenue shortfall in the 2021-22 financial year. After a nine-hour long meeting of the federal body, Union finance minister Nirmala Sitharaman said that a “protracted discussion” on the issue of tax exemption on individual items for Covid-19 led to the decision that a GoM should be set up, which will submit its report “within 10 days ... on or before 8th June, so that if there are any further reductions which need to be done, will be done”. She said the GoM will be constituted on Saturday. Several states have been demanding GST waivers for Covid essentials. While vaccines and cotton masks a...

  In a bid to provide relief to small and medium taxpayers amid the second wave of coronavirus pandemic, finance minister Nirmala Sitharaman proposed a special amnesty scheme on Friday. The decision was taken at the 43rd Goods and Services Tax (GST) Council meeting. “To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fee," finance minister said. Touting it as the “biggest decision taken today" Sitharaman explained that the new scheme is likely to benefit around 89% of those who pay GST. “Taxpayers can file pending returns and avail benefits of scheme with reduced late fee. Even late fee has been rationalized," she further mentioned. “The maximum amount of late fee has been reduced and will come into effect from future tax periods," FM added. “As expected the GST Council has approved an Amnesty Scheme on waiver or reduction of Late Fees for Late filing of GSTR 1 and GSTR 3B. However it would have been fair if the late fees...

  The CBDT has said the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders’ hassle of deciding TDS deductibility on various payments to their customers. In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included ‘scheduled commercial banks’, listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information. CBDT is the apex tax body on personal income tax and corporate tax. Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies. Nangia Andersen LLP Partner Sandeep Jhunjhunwala said the addition of these banks in the list of bodies with which the tax authorities can share information received from the taxpayers should ease a lot of administrative hassles currently faced by the banking industry in the country. “This addition to Section 138 of Income Tax A...

  The Consortium of Indian Associations (CIA) has urged the Centre to increase the turnover threshold limit for micro enterprises to facilitate their exemption from the Goods and Services Tax (GST). The second wave has wiped out more than 40% of MSMEs involved in various sectors, said CIA convenor K.E. Raghunathan, adding that the need of the hour was to save micro enterprises from the hassle and help them to survive the present crisis by increasing the turnover threshold limit to ₹5 crore for FY22. Secondly, COVID-related materials such as hand sanitisers, masks, medicines, oxygen cylinders, medical treatments and PPE kits must be exempted from all forms of GST, both for input and output, till March 2022, Mr. Raghunathan said. “If the above two requests are not considered, it would amount to killing the goose that lays golden eggs in one stroke,” the CIA convenor added. Source :https://www.thehindu.com/business/Industry/exempt-micro-enterprises-from-gst/article34652786.ece Downloa...

  Federal indirect tax body, the Goods and Services Tax (GST) Council , which meets later today, is expected to consider tax rate changes on medical supplies needed in prevention and treatment of covid, but correcting tax anomalies in a host of sectors is likely to remain a work in progress. The problem of inverted duty structure or raw materials attracting higher taxes higher than finished products is a major issue in sectors like fertilizers, footwear and textile industry, which officials believe affects producers without any benefit to consumers. It also makes domestic industry less competitive against imports. The Council is likely to take up a proposal to correct the inverted duty structure of footwear valued upto ₹1,000 by raising the GST rate from 5% to 12% but a decision is expected to be political as it is a mass consumption item. More expensive footwear items are taxed at 18% now. While economics and business realities support a rate increase for correcting the tax anoma...

  जीएसटी परिषद की शुक्रवार यानी आज होने वाली बैठक में कारोबारियों को बड़ी राहत मिल सकती है। इस जुड़े सूत्रों ने बताया कि जीएसटी परिषद छोटे कारोबारियों को ध्यान में रखकर देरी से रिटर्न भरने पर लगने वाले जुर्माने में बड़ी कमी कर सकती है। जीएसटी परिषद को सलाह देने वाले केंद्र और राज्य के अधिकारियों के एक पैनल ने पाया है कि देरी से बिलंब शुल्क का बोझ बड़े कारोबारियों के मुकाबले छोटे कारोबारियों पर अधिक पड़ता है। पैनल ने जो सुझाव दिए है उसके अनुसार, देरी से रिटर्न (फॉर्म 3बी) भरने पर लगने वाला अधिकतम शुल्क 10,000 रुपये से घटाकर 500 रुपये कर दिया जाए। यह बड़े से छोटे टर्नओवर वाले कारोबारियों पर लागू होगा। सूत्रों के अनुसार, 28 मई को जीएसटी परिषद की बैठक में जीएसटी रिटर्न को लेकर एक एमनेस्टी स्कीम का ऐलान किया जा सकता है। इस स्कीम के दायरे में 1 जुलाई 2017 से लेकर अप्रैल 2021 तक के सभी पेंडिंग जीएसटी आर-3बी रिटर्न को शामिल किया जाएगा। इस स्कीम की सुविधा लेने वालों के लिए अनुपालन विंडो खोला जाएगा। माना जा रहा है कि यह विंडो इस साल 1 जून से 31 अगस्त तक तीन महीनों के लिए खुला रहेगा। जीएसटी व...

  Union finance minister Nirmala Sitharaman will chair the first Goods and Services Tax (GST) Council meet of this financial year on Friday. From compensation to states to tax waivers on various medicines, medical devices, and health services amid the second wave of the  coronavirus  pandemic — a host of issues will be discussed at the 43rd  GST Council meet , according to reports. This will be the first GST meet after a gap of seven months. Here are the key things to expect from 43rd GST meet on Friday 1)   GST Compensation to the states The GST Council is expected to discuss the compensation shortfall to the states amid the coronavirus pandemic. The shortfall in GST compensation payable to states in the current fiscal has been estimated at Rs 2.69 lakh crore. Several states want an extension of the GST compensation beyond July 2022 as economic uncertainty continues, according to ANI reports. Source:  https://www.news18.com/news/business/gst-coun...

  Amid, the severe Covid-19 pandemic, the income tax (I-T) department has extended the I-T return filing deadline for 2020-21. The extension in timelines will help ease the pressure in the minds of taxpayers. Archit Gupta, Founder and CEO - ClearTax says that these relaxations will reduce the compliance burden for businesses that have been struggling in the current crisis. "The extension of due dates for various compliances for employers as well extension of tax filing due date for taxpayers is important in the current situation as the second wave of covid is raging through several states in India," Archit Gupta said. As per the income tax law, individual taxpayers filing ITR-1 or 4 are required to file their return for the previous financial year (2020-21), which ended March 2021, by 31 July 2021. The deadline for companies and firms whose accounts are to be audited is 31 October. Individuals can now file their tax returns for income earned during the financial year 2020-...

COIMBATORE: Ahead of the virtual GST council meeting on Friday, members of Coimbatore Tirupur Districts Micro and Cottage Entrepreneurs Association (Cotma)) wrote to state finance minister P T R Palanivel Thiagarajan on Wednesday requesting him to reduce GST slab from 12% to 5% for those who are conducting job works. “At present, if a seller fails to file GST returns on or before 11th of every month for the products sold with 18% GST in that month, buyers cannot claim the input tax credit for that month. How can buyers be responsible for the sellers’ activities? We have been requesting the central government to undo the norms, but they have not paid heed to our request,” said Cotma president C Sivakumar . “We have also been requesting the government to waive interest and heavy penalty slapped on those who had failed to pay the tax on time. Instead of freezing their accounts, the government should waive the penalty and interest, and take steps to collect the whole tax amount,” he said...

In a move that is likely to provide a huge relief to small taxpayers and micro and small enterprises in the country amid the pandemic, the Goods and Service Tax Council is likely to announce an amnesty scheme on late fee in GST return filing in the upcoming meeting on May 28. The scheme will cover all the pending GSTR-3B returns since the launch of GST on July 1, 2017, till the month of April this year. All businesses registered under GST are required to file GSTR-3B, which is essentially a summary return containing the log of all monthly inward and outward supplies. Confirming that a proposal on late fee amnesty will be taken up by the Council, a source close to the development told Business Today, "A compliance window will be provided to the taxpayers for availing the amnesty scheme. The compliance window could begin with effect from June 1 and may last till August 31. Final decision on the proposal and compliance dates rests with the Council." "Representations have be...

  The Confederation of General Insurance Agents’ Associations of India, an umbrella body of non-life insurance agents, on Tuesday urged the government to withdraw the 18% GST on individual health insurance policies so that more people are encouraged to avail these as a measure of social security. The confederation submitted a memorandum to Finance Minister Nirmala Sitharaman with a copy to the GST Council and also to the Parliamentary Standing Committee on Finance. In the memorandum, the confederation has pointed out that it is an anomaly that all insurance policies attract 18% GST. There should have been a differentiation between policies on commercial lines (availed by industry, commerce) and policies on personal lines, availed by individuals. The premium paid for policies catering to industry and commerce gets the input tax credit. But for individuals who avail health, personal accident, household security (fire, theft etc) policies, the premium paid and the high rate of GST a...

  The GST Council meeting on Friday will discuss the contentious issue of compensation shortfall for 2021-22 with the Centre and the states preparing for another showdown over how it should be repaid. Sources said the Centre may borrow again this fiscal to meet the shortfall and this would be in addition to over Rs 12 lakh crore budgeted this year to bridge the fiscal deficit. The expected shortfall is likely to be about Rs 1.6 lakh crore. However, even this is likely to be subject to discussion on how much can be attributed to Covid and how much to economic slowdo Last year, the Centre had borrowed Rs 1.1 lakh crore. However, it might be hard to do that this year as the govt is expected to raise its own borrowings and the RBI is planning more bond auctions to provide funds to banks and MFIs. Source: https://www.telegraphindia.com/business/gst-council-meeting-to-discuss-compensation-shortfall-for-2021-22/cid/1816839 Download our App to get knowledge updates: https://play.google.c...

  CBDT to consider SC’s order and decide on extending the period of limitation for filing appeal; matter listed for May 27 The Central Board of Direct Taxes (CBDT) has said that taxpayers will get more time for filing appeal beyond May 31. The board is apex policy making body for Income Tax and Corporate Tax. In a circular, the board clarified that if different relaxations are available to the taxpayers for a particular compliance, the taxpayer is entitled to the relaxation which is more beneficial to him. Thus, “for the purpose of counting the period(s) of limitation for filing of appeals before the (CIT-Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and hence the said limitation stands extended till further orders as ordered by the Supreme Court in Suo Motu Writ Petition (Civil) No.3 of 2020 vide order dated April 27, 2021.” On April 30, the board issued a circular providing various relaxations till May 31, including extending tim...

  28 मई को जीएसटी काउंसिल की होने वाली बैठक में पेट्रोल और डीजल के बढ़ते दामों पर भी चर्चा होने की संभावना है। केंद्र सरकार अलग-अलग मोर्चों पर कई बार कह चुकी है कि तेल के दाम काबू में लाने के लिए उसे जीएसटी के दायरे में लाना होगा। वित्तमंत्री इस बारे में राज्यों के विचार जानने के बाद आगे का रोडमैप तय कर सकती है। वहीं राज्यों की तरफ से वैक्सीन और कोरोना के दौरान इलाज से जुड़े दूसरे जरूरी मोर्चों पर जीएसटी घटाने की मांग की गई है जिस पर काउिंसिल की बैठक में खास फोकस किया जाना है। कोरोना के कारण केंद्र को लगातार दूसरे साल जीएसटी नुकसान की भरपाई करनी पड़ सकती है। विशेषज्ञों के अनुसार, केंद्र को 2.7 लाख करोड़ का मुआवजा देना पड़ सकता है। मौजूदा समय में देश की आधी कंपनियां ही ई-वे बिल का इस्तेमाल कर रही है। इससे टैक्स चोरी होने की आशंका है। जीएसटी परिषद के सामने ई-वे बिल का विस्तार कर इसका दायरा बड़ा करने की चुनौती होगी। जीएसटी काउंसिल को कोविड-19 की वैक्सीन को टैक्स में छूट देने के प्रस्ताव पर विचार होगा। अभी वैक्सीन पर 5 फीसदी जीएसटी लगता है। कुछ राज्यों ने कोरोना की वैक्सीन को पूरी तरह ...

  The government may exempt Goods and Services Tax (GST) on essential drugs and other materials used for Covid-19 treatment across their entire value chain on the basis of an end-use certification, which is necessary to check tax evasion through diversion of zero-duty inputs to other industries, two people with direct knowledge of the matter said. As several states have asked to exempt all Covid-essential materials, equipment, medicines and vaccines from GST, the ‘end use-based exemption’ proposal could be placed before the GST Council, which is the competent authority to decided this matter, they said requesting anonymity. The council, an apex federal body on the indirect tax matter, is meeting virtually on Friday after a gap of over seven months. “An end-use certification will be a must to ascertain that tax-free inputs procured to manufacture Covid-essential drugs, vaccines or equipment are actually used for that purpose,” one person said. Several states, including West Bengal a...

  States are once again expected to face a double whammy of a large shortfall in revenues from the goods and services tax (GST) and a widening compensation gap as the second wave of the COVID-19 pandemic disrupted economic activity and damaged consumer sentiment. This would necessarily mean that they will have to depend on borrowings for the second consecutive year to tide over the shortfall in GST revenues and compensation received. The shortfall in GST revenues might rise to Rs 3 lakh crore and the compensation gap to Rs 2 lakh crore in the current fiscal. The compensation gap refers to the difference between the compensation required to be paid to states to make good any shortfall in GST revenue collections and the cess money collected and transferred to them. The Union budget for 2021-22 had estimated the compensation cess collection at Rs 1 lakh crore, about 19% more than Rs 84,100 crore than the revised estimates for 2020-21. A rapid bounceback in economic activity and consu...