CA. Praveen Sharma GST Mitra

Namaskar🙏 🇮🇳 GST Updates 31.07.2021 1️⃣ NN 29/2021-CT, GSTR9C update The provisions of Sections 110 and 111 of the Finance Act, 2021 shall come into effect from 1st August 2021. The amended provisions will omit Section 35(5) of the CGST Act which mandated the certification of GSTR-9C by the Chartered Accountant or a Cost Accountant and will substitute Section 44 of the CGST Act so as to require a self-certified reconciliation statement in place of an audit report. 2️⃣ NN 30/2021-CT, Amend  Rule 80 provides for exemption from GSTR-9C to taxpayers having AATO upto Rs. 5 crores. Composition- GSTR-9A E-Commerce- GSTR-9B 3️⃣ NN 31/2021-CT, Exempt taxpayers having AATO upto Rs. 2 crores from the requirement of furnishing annual return for FY 2020-21. 4️⃣ Delhi Assembly passes GST Amendment Bill to smoothen tax filing process. 5️⃣ Rationalisation of GST structure into 3 slabs should happen soon: KV Subramanian. Ask your GST Query❓ gstmitraapp@gmail.com Ask Live on GSTMITRA YouTube htt...

The Income Tax Department on Friday carried out a search operation on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A total of 31 premises were searched spread across Kanpur, Noida, Ghaziabad, Delhi and Kolkata. In a detailed statement, the Ministry of Finance informed that the group had been earning huge amounts through unaccounted sale of Pan Masala and through unaccounted real estate business. "This unaccounted income was laundered back into the concerns through a vast link of shell companies," it said. Digital and paper evidence found during search revealed a nation-wide network of such paper companies created by the group, the ministry further said. During the search operation, the department found that the directors of these companies were persons of no financial means. "While some of these persons are not even filing income tax returns, some others who file returns do so of extremely meagre am...

  अगर आप Income tax रिफंड का इंतजार कर रहे हैं तो CBDT ने आपके लिए जरूरी संदेश भेजा है। आयकर विभाग ने कहा कि उसने चालू वित्त वर्ष में 43,991 करोड़ रुपये करदाताओं को रिफंड किये हैं। इसमें व्यक्तिगत आयकर मद में 13,341 करोड़ रुपये और कंपनी कर मद में 30,651 करोड़ रुपये की रकम वापस की गई। आयकर विभाग ने Tweet किया-केंद्रीय प्रत्यक्ष कर बोर्ड ने 1 अप्रैल, 2021 से 26 जुलाई, 2021 के बीच 21.03 लाख से ज्‍यादा Taxpayer के 43,991 करोड़ रुपये लौटाए हैं। इसमें 19,89,912 व्यक्तिगत आयकरदाताओं को 13,341 करोड़ रुपये और कंपनी कर के तहत 1,12,567 इकाइयों को 30,651 करोड़ रुपये जारी किए गए हैं। इसके साथ ही CBDT ने बताया है कि Income Tax Department की नई वेबसाइट में सुधार किया गया है। बीते कुछ दिनों में इस पर 25 लाख से अधिक इनकम टैक्स रिटर्न (Income Tax Return) भरे गये हैं। इस पर 3.57 करोड़ से अधिक विशिष्ट Login हुए। इस पर 7.90 लाख से अधिक ई-पैन (E-PAN) जारी किये गये हैं। इनकम टैक्स डिपार्टमेंट ने बीते महीने अपना नया पोर्टल लॉन्च किया था। तब इस पोर्टल में कई तकनीकी गड़बड़ियां पकड़ी गई थीं। पोर्टल 7 जून को ...

  The Delhi Assembly on Friday passed the Goods and Services (Amendment) Bill 2021, which the government claimed is aimed at smoothening the taxpaying process, strengthening accountability and minimising room for tax evasions, amid protests from the BJP legislators. One of the key features of this amendment is the removal of the requirement of compulsory submission of audited annual accounts and reconciliation statements for the registered taxpayers, which had earlier made traders dependent on chartered and cost accountants. Further, in case of detention, seizure of goods..., the goods can now be released on the payment of penalty, as against the earlier practice of paying up the tax too. Third, the interest charged in case of delay in filing GST was previously charged on gross amount which has now been changed retrospectively (from 1.7.2017) to the net amount,” said deputy chief minister Manish Sisodia, who tabled the Bill on Friday -- the last day of the Monsoon session of the As...

In connection with a case involving more than Rs 1,000 crore of fake GST (Goods and Services Tax) bills in Bhavnagar, the Gujarat government on Friday transferred 36 officials from Bhavnagar ranging from the deputy state tax commissioner to employees as junior as a clerk. The move is to ensure fair probe into the case where 11 persons have already been arrested in last one month. Deputy chief minister Nitin Patel in an official statement made the announcement about the transfers made in Bhavnagar so that the “investigations remain unaffected” and the “records are not tampered with.” A senior official from the state commercial tax department told The Indian Express , “These transfers are part of a fresh case that was detected about a month back where more than Rs 1,000 crore of fake bAbout 11 persons have already been arrested in this case. “They had used fake firms to generate bogus bills and took input tax credit on the same, thus defrauding the state government,” the official added. ...

उत्तर प्रदेश में टैक्स बेस बढ़ाने के लिए वाणिज्य कर विभाग की नजर गांवों के दुकानदारों पर है। विभाग ने 2000 से अधिक आबादी वाले गांवों में जीएसटी में अपंजीकृत व्यापारियों के पंजीकरण के लिए अभियान चलाने का फैसला किया है। इसके लिए विभाग स्तर पर कार्ययोजना तैयार की जा रही है। इसमें ब्लॉकवार अधिकारियों की टीम बनाकर गांवों में भेजा जाएगा। जल्द ही इस कार्ययोजना पर काम शुरू होगा। विभाग की कार्ययोजना के मुताबिक नगर निगम वाले शहरों के अलावा नगर पालिका परिषद और छोटी नगर पंचायतों तक के व्यापारियों को जीएसटी में पंजीकृत कराने का अभियान चलाया जाएगा। इसी कड़ी में विभाग ने गांवों में दुकान या अन्य व्यापार करने वाले व्यवसायियों को भी जीएसटी के दायरे में लाने का फैसला किया गया है। फिलहाल अभियान में 2000 से अधिक आबादी वाले गांवों के व्यापारियों का ब्योरा जुटाया जाएगा। इसके बाद उनका जीएसटी में पंजीकरण कराया जाएगा। वाणिज्य कर मुख्यालय ने इस संबंध में सभी जोनल एडिशनल कमिश्नरों को निर्देश जारी कर दिया है। इसमें गांवों के व्यापारियों का ब्योरा जुटाने के साथ ही विभिन्न सरकारी विभागों में पंजीकृत व्यापारियों का ...

Technical glitches continue to affect the functioning of the new income tax portal, restricting taxpayers and practitioners from carrying out tax-related works. The Income Tax Department had launched the new e-filing portal on June 7. Since then, it continues to face technical issues. Practitioners claim the portal has not been working since its launch in June, the peak time of filing returns. Even as the deadline for filing the I-T returns is September 30, many want to file it well on time to avoid the last minute rush. There are others who want to avail home or other loans for which the latest ITR is mandatory. Also, taxpayers from whom excess TDS was collected usually file their returns early to get refund on time. Keshav Garg, a city-based tax practitioner, said, “Taxpayers, mainly those who need loans, are facing a tough time. They are unable to complete the paper work for processing of their applications.” “I couldn’t file my I-T return owing to technical glitches,” said Ravi Bha...

  Income Tax Return or ITR filing is a crucial task for taxpayers. Income tax Return filing is a very easy process. ITR filing can be via both off line and online. I-T Department has a dedicated portal for income tax return e filing. Meanwhile, the Union Ministry of Finance in June announced income tax exemption and extension in timelines of compliances Income Tax Return ITR E-Filing Direct Link There is a direct link for the e-filing of Income Tax Return. It is the official portal of Income Tax India. You need to visit – www.incometaxindiaefiling.gov.in to file income tax return. Taxpayers can file ITR, verify income tax return, link Aadhaar with PAN, know Aadhaar-PAN link status, e-pay tax, track status of e-filed Income Tax Return status, know tax deductors across India etc. Income Tax Exemption List The Ministry of Finance has announced Income Tax Concession for payment towards the Covid treatment or death. The Ministry of Finance has provided income-tax exemption to the amount...

  GST officers of Andhra Pradesh and the Central governments met here on Thursday to discuss ways to plug revenue leak through coordinated efforts and information sharing. They have drawn up an action plan to monitor and pursue cases where GST returns were not filed, particularly in businesses with a turnover of over `5 crore. In the last four years since the implementation of GST, the major source of revenue leakage has been the unlawful or bogus claims related to Input Tax Credit (ITC) with fictitious invoices, according to the officials. They said close coordination between the state and the Central tax departments was vital to identify the sources of these bogus invoices and claimants of false ITC. “All these issues have been thoroughly discussed in the meeting and decisions have been taken on the modalities for sharing data, intelligence, orders, joint investigations, periodic analysis of different sectors,” Special Chief Secretary (Revenue-Commercial Taxes) Rajat Bhargava, wh...

  The rationalization of the goods and services tax (GST) structure into three slabs by merging two existing slabs is on the cards, and progress should be seen soon, chief economic adviser (CEA) in the finance ministry Krishnamurthy Subramanian said on Thursday. It’s something that is definitely going to happen. The three-rate structure is definitely important. Even the inverted duty structure that is there is equally important to actually fix. The government is definitely seized of the matter. You should hopefully see traction on that soon,” he said at an event organised by Assocham. The original plan was to have a three-rate structure of GST, Subramanian said. “However, what we have to be very cognizant about is that often with policymaking, you don’t want perfect to become the enemy of excellent. GST, the way it got created with five rates, was basically an excellent move because now we are seeing the amounts that are coming in. The policymakers must be given credit for being pr...

  The government had extended the date of filing income tax returns for the Assessment Year 2021-22 by two months. One can now file the ITR till 30 September 2021, but earlier it was 31 July 2021. All the important features of the income tax portal available on desktop are made available on the income tax mobile app. The income tax mobile app is enabled subsequently for full anytime access on a mobile network The process of filing the Income Tax return has become more convenient now. The return filing process can be done from one’s mobile phone. The income tax department of India earlier informed about this new development on its Twitter handle, saying income tax e-filing portal 2.0 will have an all-new mobile app also. Along with the new ITR e-filing portal, the mobile app facility also launched on June 7, 2021. The app can be downloaded from the Apple app store and Play store. With phones widely used, the department has claimed that the new IT return e-filing portal and the new...

आयकर अधिकारियों ने एसएनके पान मसाला निर्माताओं के घर, फैक्ट्री, गोदाम समेत 19 स्थानों पर बुधवार को एक साथ छापेमारी की। सुबह सात बजे कानपुर, उरई, दिल्ली और नोएडा में एक साथ कार्रवाई शुरू हुई। अधिकारियों ने अब तक 100 करोड़ रुपये से अधिक की गड़बड़ी पकड़ी है। यह रकम मुखौटा कंपनियों के जरिए कारोबार में लगाई गई थी। ये पान मसाला एजे सुंगधी कंपनी में बनता है। टीम ने कानपुर में निर्माताओं के स्वरूप नगर स्थित आवास के साथ कंपनी के अधिकारियों व कर्मचारियों के किदवई नगर, काकादेव, पांडु नगर, रतनलाल नगर स्थित घरों पर छापे मारे। इसके अलावा एक्सप्रेस रोड स्थित कारोबारी प्रतिष्ठान व पनकी स्थित तीन फैक्ट्रियों में भी जांच की। कानपुर के आयकर अधिकारियों की इस कार्रवाई के तहत ही उरई में भी एक प्रतिष्ठान में भी छापे मारे गए। वहीं दिल्ली में कंपनी के मालिक के घर के अलावा अधिकारियों के घर व अलग-अलग प्रतिष्ठानों पर सात स्थानों आयकर अधिकारियों ने पहले ही दिन जांच में 100 करोड़ रुपये का धन पकड़ा जो मुखौटा कंपनियों से लोन के रूप में कंपनी में लाया गया था। अधिकारियों ने जांच में पाया कि यह कंपनी का ही धन था जो उसने...

  The GST Council has reduced GST rates on goods being used in COVID related management until September 30. The decision came by the council in its 44th meeting on June 12. Mansukh L Mandaviya, Union Minister for Chemicals & Fertilisers in Lok Sabha on Tuesday said that the National Pharmaceutical Pricing Authority (NPPA), on June 15, directed all manufacturers and marketing companies of drugs and medical devices to revise the MRP–maximum retail price of items on which GST and tax rates have been slashed. The reply from Mansukh L Mandaviya came in the backdrop of a question from Congress MP M K Raghavan, who had asked whether the NPPA asked pharma manufactures to slash the pricThe reduction in the price of COVID drugs and other related devices, services comes as a relief to the common man who went through the toughest phase financially since the onset of pandemic in March 2020. The change in prices came into effect on July 20.es of medicines due to GST reduction. Source: https...

  Chief Economic Adviser (CEA) K V Subramanian on Thursday said that rationalisation of GST rate structure is on the government's agenda and it is definitely going to happen. Further, he said that a three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned. The Goods and Services Tax (GST), which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, was introduced in July 2017. GST currently has five rate structures -- 0.25 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. To a question if rate structure rationalisation under GST needed, Subramanian said, "I think that's something definitely going to happen. The original plan was to have a three-rate structure. But I think what we have to be very cognizant about is that oftentimes with policymaking you don't want perfect to actually become the enemy of the excellent." A majority of common use i...

  Namaskar🙏 🇮🇳 GST Updates 28.07.2021 1️⃣ GSTN: Portal warning for cancellation of Registration due to non-updation of bank accounts. CGST Rule 10A: Furnishing of Bank Account Details. 2️⃣ GSTN: New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers. https://www.gst.gov.in/newsandupdates/read/492 3️⃣ Gujarat AAR: Papad is papad, irrespective of size and shape. 4️⃣ Haryana GST Dept. issued press release on mismatch of ITC in GSTR-2A vis-a-vis GSTR-3B. https://twitter.com/ETD_Haryana/status/1419622195857264641 5️⃣ 54,439 appreciation certificates given to taxpayers on eve of completion of 4 years of GST for their substantial contribution in payment of GST and filing timely returns. Ask your GST Query❓ gstmitraapp@gmail.com Ask Live on GSTMITRA YouTube https://www.youtube.com/watch?v=aXZSsX-q89M Every Saturday 12:05 PM Join our Telegram Channel📚 https://t.me/praveengst Regards CA. Praveen Sharma Your's GST Mitra www.thegstmitra.com +91 98715306...

  The income earned by a non-resident Indian (NRI) in India is subject to income tax depending on the quantum of income. In income tax parlance a person will be treated as NRI depending on his/her stay in the country. As per income tax rules, an individual will be classified as NRI if he or she fulfills any of the following three conditions. - An individual has stayed in India for less than 182 days and income from India is less than Rs 15 lakh - Physical presence was less than 120 days but the income exceeded Rs 15 lakh - Physical presence in India during the relevant financial year is 120 days or more but less than 182 days and less than 365 days in the preceding four financial years, even if the India-sourced income exceeds ₹15 lakh. Again like resident individuals, different sources of income of NRIs are taxed differently in India. Here are they: Listed equity shares/equity-oriented mutual funds: Short-term capital gains (STCG) are taxed at 15% while long term capital gains (...

There are various sources from which a person gets a pension. Let us discuss the income tax provisions about taxation of pension and annuity in the hands of the recipient. Various sources of pension For those who have joined the government service prior to 1st January 2004 are eligible for pension and those who joined after 1st January 2004 will not get any fixed pension from the government as they have been shifted to the New Pension System (NPS). Under NPS, they will get periodic payments from annuity purchased with the corpus accumulated in their NPS account. Likewise, the employees of private sector who are members of provident fund scheme and who have completed 10 years in private sector also get pension. Some employees get pension from life insurance companies in respect of the superannuation policy purchased by their employer. Likewise, self-employed individuals who have been contributing to NPS will also get an annuity from an insurance company after their retirement. The words...

  Income Tax: हाल ही में ऐसे कई लोग इनकम टैक्स डिपार्टमेंट के रडार पर आए हैं जिन्होंने किसी ने किसी तरह से अपनी कोई न कोई कमाई छिपाई है. तमाम टैक्स अथॉरिटीज के बीच डेटा शेयरिंग, डेटा एनालिटिक्स और मशीन लर्निंग की मदद से की गई जांच के बाद ऐसे लोग के बारे में आईटी विभाग को जानकारी मिली है. सरकार ने ऑडिट चेकलिस्ट तैयारी की Economic Times में छपी खबर के मुताबिक, सरकार ने पिछले दो वित्त वर्ष के आंकड़ों की मदद से एक ऑडिट चेकलिस्ट तैयार की है. टैक्स डिपार्टमेंट ने बीते कुछ सालों में बड़े पैमाने पर डेटा एनालिटिक्स का इस्तेमाल किया है. इनडायरेक्ट टैक्स डिपार्टमेंट ने कई इंडिविजुअल्स और कंपनियों के इनकम टैक्स और इनडायरेक्ट टैक्स फाइलिंग में अंतर मिलने के बाद जुलाई में नोटिस जारी किए हैं. डेटा शेयरिंग पर फोकस बढ़ा यहां ध्यान देने वाली बात ये है कि डायरेक्ट टैक्स और इनडायरेक्ट टैक्स डिपार्टमेंट पहले अलग अलग काम करते थे, और आपस में कोई डेटा शेयर नहीं करते थे. लेकिन बीते कुछ सालों में सरकार की कोशिशों के बाद दोनों विभाग एक दूसरे के साथ डेटा शेयर करने लगे. इसका फायदा भी दिखा. जब गहरी एनालिसिस, टै...

The Directorate General of GST Intelligence (DGGI) has detected tax evasion worth Rs 278 crore by bidders who were awarded railway tenders since 2017. The probe by the investigation agency relates to instances of misclassification of rail supplies by winning bidders of railway tenders, the Parliament was informed. In March, Business Standard had reported that DGGI has initiated an investigation into tenders awarded by the Indian Railways since July 2017 after complaints were made by the Central Board of Indirect Taxes and Customs (CBIC) and the Department for Promotion of Industry and Internal Trade (DPIIT) to the Ministry of Railways. It was found that bidders were indulging in the malpractice of quoting low GST rate to win bids and evade GST by misclassifying the supplies to the national transporter. The alleged practice by bidders was to deliberately classify procurement products under Chapter 86 of the GST tariff that attracts a lower tax rate of 5 per cent, against classifying suc...

India levies one of the highest taxes on petrol and diesel in the world. At present, 60 percent tax is being collected on petroleum products. Currently, petrol, diesel and other associated products are not subject to GST (Goods and Services Tax), but are subject to excise tax (by the Union government) and VAT (value added tax levied by each state at different rates). The excise duty from petroleum products contributes up to 90 percent of all excise duty collected by the Centre. The Centre levies an excise duty of Rs 33 on a litre of petrol. VAT varies from state to state. Rajasthan levies the highest local taxes on petrol and diesel, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. Before May 2014, excise duty on petrol was Rs 9.48 per litre - the current rate is almost three times. On diesel, central taxes were Rs 3.56 a litre, prior to 2014. Today they are almost 10 times that. Prices of petrol and diesel in the neighbouring countries of China, Pakistan, Banglad...

  Do you want to open a Public Provident Fund (PPF) account? Here is an important information for you. You can now open a PPF account with Punjab National Bank (PNB) and get attractive returns and tax rebates. "Open a PPF account and get attractive returns as well as tax rebates," PNB said in a tweet. People can know that Public Provident Fund Scheme was introduced by the Government of India on July 1, 1968 and it provides the depositor the twin benefits of attractive return and tax benefit. The Scheme is operational in all branches of PNB. If you are willing to open a PPF account, then you can check the details provided below: Eligibility Resident Individual in his/her own name and as guardian of a minor or a person of unsound mind can open the account. PPF Account cannot be opened in joint names. Non Resident Indians (NRIs) cannot open PPF account w.e.f. 25.07.2003 HUFs cannot open PPF account w.e.f. 13.05.2005. Accounts opened by NRIs and HUFs prior to above mentioned dat...

  The Certificate of Tax Deducted at Source in Form Number 16, required to be furnished to the employee on or before July 31, 2021, the Ministry of Finance said in a statement. The Statement of Income paid or credited by an investment fund to its unit holder in Form Number 64C for the Previous Year 2020-21, required to be furnished on or before July 31, 2021, according to details provided by the central government. The Quarterly Statement in Form Number 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before July 31, 2021, the statement issued by the Ministry of Finance reads. The Equalization Levy Statement in Form Number 1 for the Financial Year 2020-21, which is required to be filed on or before July 31, 2021. The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form Number 3CEK for the Financial Year 2020-21...

  The Centre argued that GST revenues should grow, instead of it paying compensation to the states. Moreover, the Centre pitched that States should revisit rates, correct inverted duties, and increase compliance so that a more long term, stable source of revenue is available to them over a period of time. The States had requested the Centre to extend the GST compensation period by five years, beyond FY22 due to the severe shortfall in revenue owing to disruption in economic activity. The 101st amendment of the GST Constitutional Act of 2016 included a provision to compensate the States for loss of revenue due to the implementation. According to the provision, revenue shortfalls arising from the implementation would be made good from a GST Compensation Fund for a period of five years. This period is set to end in 2022. The States and Centre are already stuck with repayments of possible market borrowings of Rs 2.69 lakh crores by the end of this fiscal. And sources say these repayme...