Latest GST News, Information, Notifications & Announcements [Period 27/06/22 to 03/07/22]

GST WEEKLY UPDATE : 14/2022-23 (03.07.2022) GST New Rate & Changes will come into effect from 18th July 2022 subject to CBIC Notification: Description of goods or services Old Rate New Rate Solar water heaters and systems 5% 12% Prepared or finished leather or chamois leather or composition leathers 5% 12% Job work for processing …

Latest GST News, Information, Notifications & Announcements [Period 27/06/22 to 03/07/22] Read More »

Screenshot_2022-06-16-08-05-38-11_4251af1b5b11394b318ec35cda6368c8-404898de

GST Council Gives Relief To Taxpayers Claiming GST Refund

GST Council in its 47th Meeting has provided relief to taxpayers claiming GST refund. The press release states: Time period from 01.03.2020 to 28.02.2022 to be excluded from calculation of the limitation period for filing refund claim by an applicant under section 54 and 55 of CGST Act, as well as for issuance of demand/ …

GST Council Gives Relief To Taxpayers Claiming GST Refund Read More »

Screenshot_2022-06-16-08-06-09-62_4251af1b5b11394b318ec35cda6368c8-0fcd11a3

Breaking: GST Council Proposes Automatic Revocation Of Cancelled GST Registration

In its 47th Meeting, the GST Council has suggested automatic revocation of cancelled GST registration in certain cases. Press Release of 47th GST Council Meeting states: Provision for automatic revocation of suspension of registration in cases where suspension of registration was done by the system under Rule 21A(2A) of CGST Rules, for non-compliance in terms …

Breaking: GST Council Proposes Automatic Revocation Of Cancelled GST Registration Read More »

Screenshot_20220703-163644_Chrome-36b7a87d

Public Debt Management report for the quarter of January-March 2022

Since Apr-June (Q1) 2010-11, Public Debt Management Cell (PDMC), Budget Division, Department of Economic Affairs, Ministry of Finance, has been bringing out a quarterly report on debt management on a regular basis. The current report pertains to the quarter January-March (Q4 FY22). During Q4 of FY22, the Central Government raised an amount through dated securities …

Public Debt Management report for the quarter of January-March 2022 Read More »

Petrol_feb16202202152110012022021703590720220217101454202206030517082022060503_mpRrSK7-c2f5e720

Cess of Rs. 23,250 per tonne imposed on crude; import of crude not to be subject to this cess

Following are the details of the Notifications issued regarding Customs duties on 30th June 2022. The details are as follows: I   INCREASE OF CUSTOMS DUTY ON GOLD Customs duty on gold has been increased from 10.75% to 15%. There has been sudden surge in imports of gold. In the month of May, a total of …

Cess of Rs. 23,250 per tonne imposed on crude; import of crude not to be subject to this cess Read More »

repayment-of-8-08-gs-2022-issue-of-press-communique-3a4bfae3

Repayment of ‘8.08% GS 2022’ – Issue of Press Communique

The outstanding balance of ‘8.08% GS 2022’ is repayable at par on August 02, 2022. No interest will accrue thereon from the said date. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State …

Repayment of ‘8.08% GS 2022’ – Issue of Press Communique Read More »

NPIC-2020511162429-5ac37f6e

DEA empanels Transaction Advisers (TAs) for Public Private Partnership (PPP) Projects

The Department of Economic Affairs, Ministry of Finance has empaneled 12 Transaction Advisers for Public Private Partnership (PPP) Projects to provide necessary support to Project Sponsoring Authorities in transaction of PPP projects. In the Union Budget 2022-23, the Government of India has announced its intention to create an enabling environment for stepping up private investment …

DEA empanels Transaction Advisers (TAs) for Public Private Partnership (PPP) Projects Read More »

Screenshot_2022-06-16-08-05-38-11_4251af1b5b11394b318ec35cda6368c8-31d86dbe

GST Council Gives Big Relief To GST Composition Taxpayers

Waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST CMP-08 for Q1 of FY 2022-23: (1.) To extend the waiver of late fee under section 47 for delay in filing FORM GSTR-4 for FY 2021-22 by approximately four more weeks, i.e. till …

GST Council Gives Big Relief To GST Composition Taxpayers Read More »

Screenshot_2022-06-22-19-58-19-81_4251af1b5b11394b318ec35cda6368c8-cd2153cb

Is A Resident Senior Citizen Exempt From Payment Of Advance Tax?

​​​​​​​​As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. However, section 207 gives relief from payment of advance tax to a resident senior citizen. As per section 207​ a resident senior citizen (i.e., an …

Is A Resident Senior Citizen Exempt From Payment Of Advance Tax? Read More »

Screenshot_2022-06-22-19-58-59-89_4251af1b5b11394b318ec35cda6368c8-4cee6c32

Income Tax: Webinar On Form 10E

Dear Taxpayer, Please note that a WebEx session is being scheduled on Form 10E to provide assistance or address any technical difficulties being faced while filing/ submitting the form. Date: 1st July 2022 Time: 3 PM to 5 PM  Link: https://cpcincometax.webex.com/cpcincometax/e.php?MTID=ma1d47df3901141408e9b5dc4037b02dc As this session is exclusively for discussion on filing/ submitting Form 10E, if the …

Income Tax: Webinar On Form 10E Read More »

Screenshot_2022-06-22-19-58-39-89_4251af1b5b11394b318ec35cda6368c8-03e1116a

Breaking: Now You Can Pay Income Tax Through These Two Banks

Income Tax E-filing Portal has posted an update that: The e-Filing website now offers e-Pay Tax service through two new Authorized Banks namely Kotak Mahindra Bank and Federal Bank in both pre-login and post-login mode. These two banks are currently accepting payments for taxes in both Over the Counter and Net Banking modes. Tax payment …

Breaking: Now You Can Pay Income Tax Through These Two Banks Read More »

images-ba747b40

NITI Aayog releases ‘Mitigation and Management of COVID-19: Compendium of Ayush-Based Practices from Indian States and Union Territories’

NITI Aayog released a compendium of Ayush-based practices from States and Union territories detailing information about various Ayush-based initiatives and practices adopted by the States and Union territories in India for containing and managing the COVID-19 outbreak. The compendium was released by Shri Suman Bery, Vice-Chairman, NITI Aayog,  and Dr. Munjpara Mahendrabhai Kalubhai, Minister of …

NITI Aayog releases ‘Mitigation and Management of COVID-19: Compendium of Ayush-Based Practices from Indian States and Union Territories’ Read More »

eu-84904262

India-EU conclude 1st round of negotiations for India-EU Trade and Investment Agreements;

India and the European Union concluded the first round of negotiations for India-EU Trade and Investment Agreements, including the Geographical Indicators (GI), in New Delhi last evening. India’s FTA negotiations were led by Chief Negotiator Ms. Nidhi Mani Tripathi, Joint Secretary, Department of Commerce and EU was represented by its Chief Negotiator, Mr. Christophe Kiener. …

India-EU conclude 1st round of negotiations for India-EU Trade and Investment Agreements; Read More »

Screenshot_2022-03-26-08-45-56-39_4251af1b5b11394b318ec35cda6368c8-cf4f717e

Major Relaxation To E-Commerce Operators (ECOs) By 47th GST Council Meeting

In-principal approval for relaxation in the provisions for suppliers making supplies through E-Commerce Operators (ECOs): (1.) Waiver of requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions, such as- (i.) the aggregate turnover on all India basis does not exceed the turnover specified under …

Major Relaxation To E-Commerce Operators (ECOs) By 47th GST Council Meeting Read More »

Screenshot_2022-06-16-08-05-38-11_4251af1b5b11394b318ec35cda6368c8-39139ce3

Clarification On GST Rate Of Services in 47th GST Council Meeting

Clarification On GST Rate Of Services in 47th GST Council Meeting (1.) Due to ambiguity in GST rates on supply of ice-cream by ice-cream parlours, GST charged @ 5% without ITC on the same during the period 1.07.2017 to 5.10.2021 shall be regularized to avoid unnecessary litigation. (2.) Application fee charged for entrance or for …

Clarification On GST Rate Of Services in 47th GST Council Meeting Read More »

Screenshot_2022-06-16-08-06-09-62_4251af1b5b11394b318ec35cda6368c8-f64a4128

Clarification On GST Rate Of Goods in 47th GST Council Meeting

Clarification on GST Rate of Goods in 47th GST Council Meeting (1.) Electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5%. (2.) All fly ash bricks attract same concessional rate irrespective of fly ash content (3.) Stones covered in S. No.123 of Schedule-I (such as …

Clarification On GST Rate Of Goods in 47th GST Council Meeting Read More »

Screenshot_2022-06-22-19-58-59-89_4251af1b5b11394b318ec35cda6368c8-526a81a9

At What Age A Person Will Qualify As A Senior Citizen And Very Senior Citizen Under Income Tax?

​​Before understanding the age criteria, it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen/very senior citizen are available only to resident senior citizen and resident very senior citizens. In other words, these benefits are not available to a non-resident even though he may be of …

At What Age A Person Will Qualify As A Senior Citizen And Very Senior Citizen Under Income Tax? Read More »

Screenshot_2022-06-22-19-58-39-89_4251af1b5b11394b318ec35cda6368c8-d1254257

What Benefits Are Available To Senior Citizen And Very Senior Citizen in Respect Of Tax Rates?

​​​Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year 2022-23 is as …

What Benefits Are Available To Senior Citizen And Very Senior Citizen in Respect Of Tax Rates? Read More »

niti-aayog_1554011950-f87c52ef

100% Penetration by FY26–27 Forecasted in Optimistic Scenario; 72% by 2031 Where Current Incentives Are Withdrawn by 2024

NITI Aayog and TIFAC launched a report titled ‘Forecasting Penetration of Electric Two-Wheelers in India’, on 28 June. Using a tool made by NITI Aayog and TIFAC, eight scenarios have been developed for analyzing the future penetration of electric two-wheelers in the country. In an optimistic scenario, the report forecasts 100% penetration of electric two-wheelers …

100% Penetration by FY26–27 Forecasted in Optimistic Scenario; 72% by 2031 Where Current Incentives Are Withdrawn by 2024 Read More »

Screenshot_20220628-183542_Chrome-22ca8a55

GST Council Meet: Amidst the discussion of 28% tax on online gaming and casinos, these issues will be looked at

The 47th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and union territories, will continue till June 29. The council meeting is being held after six months. Two reports of the Group of Finance Ministers of the states will also be presented in the GST …

GST Council Meet: Amidst the discussion of 28% tax on online gaming and casinos, these issues will be looked at Read More »

DWPBuuOVoAAqKDX-8b5cf7a4

Auction for Sale (re-issue) of (i) ‘7.38 GS 2027’, (ii) ‘GoI Floating Rate Bond 2028’, (iii) ‘7.54% GS 2036’ (iv) ‘6.99% GS 2051

The Government of India (GoI) has announced the Sale (re-issue) of (i)“7.38%Government Security, 2027” for a notified amount of Rs 9,000 crore (nominal) through pricebased auction using uniform price method; (ii)‘‘GoI Floating Rate Bonds, 2028”for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (iii) “7.54% Government Security 2036” for a notified amount of Rs 10,000 crore (nominal) through price based auctionusing uniform price methodand …

Auction for Sale (re-issue) of (i) ‘7.38 GS 2027’, (ii) ‘GoI Floating Rate Bond 2028’, (iii) ‘7.54% GS 2036’ (iv) ‘6.99% GS 2051 Read More »

Screenshot_2022-06-16-08-04-13-61_4251af1b5b11394b318ec35cda6368c8-5d348595

Breaking: Long Awaited Updated ITR (ITR-U) is Now Live On Income Tax Portal

Income Tax E-filing Portal has posted an update that: E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. …

Breaking: Long Awaited Updated ITR (ITR-U) is Now Live On Income Tax Portal Read More »

Screenshot_2022-04-16-07-44-53-83_4251af1b5b11394b318ec35cda6368c8-814da90a

Long Term Capital Gains Claimed Exempt u/s 10(38) Cannot Be Treated As Bogus Unexplained Income If Paper Work is in Order: ITAT Kolkata

In the case of Surya Prakash Toshniwal HUF vs. ITO, ITAT Kolkata has held that: The lower authorities have not brought on record any concrete evidence for disallowing the long term capital gain of the assessee. The AO should have issued notices and summons to M/s RFL and ACPL under section 133(6) and 131 of …

Long Term Capital Gains Claimed Exempt u/s 10(38) Cannot Be Treated As Bogus Unexplained Income If Paper Work is in Order: ITAT Kolkata Read More »

These rules related to TDS, PAN card, demat account and credit and debit cards Changes from July 1, 2022

From July 1, 2022, there will be changes in many rules related to financial transactions. These rules include rules related to TDS, PAN card, demat account and credit and debit cards. Since the change in these rules will have a direct effect on you, it is important to know about them. Crypto investors will have …

These rules related to TDS, PAN card, demat account and credit and debit cards Changes from July 1, 2022 Read More »

Screenshot_2022-06-22-19-57-23-18_4251af1b5b11394b318ec35cda6368c8-53bc5915

What is Advance Ruling Under Income Tax?

Advance ruling means the determination of a question of law or fact specified in the application in relation to tax liability of an applicant arising out of transactions which have been undertaken or proposed to be undertaken. The Finance Act, 2021 has provided that the Authority for Advance Rulings shall cease to operate with effect …

What is Advance Ruling Under Income Tax? Read More »

Screenshot_2022-06-22-19-58-19-81_4251af1b5b11394b318ec35cda6368c8-c2bc6c20

What Fees is To Be Paid Along With Application For Advance Ruling?

​The fees to be paid along with application shall be as follows: Amount of transaction(s) does not exceed Rs. 100 crore: Rs. 2 Lacs Amount of transaction(s) exceeds Rs. 100 crore but does not exceed Rs.300 crore: Rs. 5 Lacs Amount of transaction(s) exceeds Rs. 300 crore: Rs. 10 Lacs Other Cases: Rs. 10,000 Source: …

What Fees is To Be Paid Along With Application For Advance Ruling? Read More »