There is displeasure among traders across the country due to the increase in the rate of GST on all types of clothes and footwear from 5% to 12%. Textile and footwear organizations across the country have decided to organize a national movement against this decision under the banner of CAT. Traders say that the notification […]
Posted inGST
Major Setback To End Consumer: Gold Will Become Expensive!
The price of gold and silver jewelery may increase. The GST Fitment Committee has proposed to increase the rates of GST. The committee has said that the goods on which the rate of GST is currently 5 percent should be increased to 7 percent and the goods on which the rate is 18 percent should […]
Posted inBUSINESS & ECONOMY
Government Plans Further Cut in Compliance Burden: Piyush Goyal
The Government is considering a proposal to trim the frequency of renewals and permits that are to be obtained by companies, commerce and industry minister Piyush Goyal said on Saturday, as he called for further reduction in India Inc’s compliance burden through greater collaborative efforts by both states and the Centre, “Our effort, along with […]
Posted inICAI
Know Your Polling Booth Details For ICAI Elections 2021
To know your polling booth details for ICAI elections 2021: Please visit https://appforms.icai.org/elections/knowyourbooth2021.html Enter your six digits membership number (MRN).
Posted inGST
Learn About The All New GSTR-1 On GST Portal
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 […]
Posted inJUDGEMENT
Time Limit Specified in Section 201(3) & (4) Of IT Act Does Not Apply To These Cases: ITAT Pune
In the case of Atlas Copco (India) Limited vs DCIT, ITAT Pune has held that: In our considered opinion, where the payments are made to the entities/persons other than the persons specified in sub-section (3), the limitation period of one year from the end of financial year in which the proceedings u/s. 201 were initiated, […]
Posted inGST
Complete Analysis Of Changes in GST Rates From 1st January 2022
Changes in GST Rates From 1st January 2022: Notification No. 14/2021- Central Tax (Rate)- Dated 18th November 2021: Following amendments have been made in Notification No. 01/2021- Central Tax (Rate)- Dated 28th June 2017:- Following entries of Schedule-i (GST Rate 5%) have been omitted:- S. No. Chapter Heading/ HSN Description 203 5007 Woven fabrics of […]
Posted inGST
GSTR-1 Dashboard is Improved And More User Friendly. Check it Now
GSTR-1 dashboard is now improved and more user-friendly.
Posted inINCOME TAX
CBDT Issues Further Guidelines On Section 194O, 194Q & 206C Of The Income Tax Act
CBDT issues Circular No. 20 of 2021 dated 25th November, 2021 laying down guidelines for Section(s) 194-O, 194-Q & 206C of the Income-tax Act, 1961, to remove difficulties faced by taxpayers & to ease compliance. To Download the Circular, Please Click Here
Posted inGST
Taxpayers Can Now Withdraw GST Cancellation Application
GST Update: Taxpayers can now withdraw their application for cancellation of registration (filed in Form REG-16) unless the tax officer has initiated action on it.
Posted inTECH
You Tube is Updating Its Terms Of Service. Review Now
Message from You Tube On 5 January 2022, we’re updating our Terms of Service (“Terms“) to help clarify and make it easier to understand what to expect as you use the service. These changes won’t affect the way you use YouTube. You can review a summary of the changes and the updated Terms here. At a […]
Posted inJUDGEMENT
The Fact That Company is Loss-Making Does Not Mean That Shares Cannot Be Allotted At Premium: ITAT Delhi
In the case of India Today Online Pvt. Ltd vs ITO, ITAT Delhi has held that: Rule 11UA will apply only if option is exercised in sub-clause (i), but if the assessee has been able to substantiate the fair market value in terms of sub-clause (ii), then valuation done by the assessee cannot be rejected […]
Posted inGST
GST Update On Taxability Of Job Work in Textile Sector
Recently, lot of amendments have been made in the GST rate of textile and footwear products vide NOTIFICATION NO. 15/2021-CENTRAL TAX (RATE) DATED 18.11.2021 which are to be effective w.e.f. 01.01.2022. In the said notification, amendment has also been made with respect to job work of textile products. The Entry no. 26(i)(b) providing GST rate […]
Posted inBUSINESS & ECONOMY
Bill Seeking Ban On Private Cryptocurrencies Among 26 Proposed Laws Listed By Govt For Parliament’s Winter Session
By: PTI The government on Tuesday listed 26 bills for the upcoming session of Parliament, including one to repeal the three contentious farm laws and another to ban all but a few private cryptocurrencies while allowing an official digital currency by the RBI. According to the Centre’s legislative business list for the upcoming session, three […]
Posted inJUDGEMENT
Assessee is Entitled To Challenge The Correctness Of DVO’s Valuation Before CIT And Tribunal: ITAT Ahmedabad
In the case of Lovy Ranka vs DCIT, ITAT Ahmedabad has held that: It is sufficient, for our purposes, to take note of the fact that the provisions of Section 23A(1)(i) of the Wealth Tax Act, 1957, “shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference […]
Posted inINDIA
Journalist Sudheer Chaudhary Dropped From The Panel Of Speakers At The Abu Dhabi Chartered Accountants
Chairman & the Managing Committee, ICAI Abu Dhabi Chapter Sub: Request to drop Sudheer Chaudhary from the panel of speakers Dear Sirs, Greetings. We, the undersigned members of the Abu Dhabi Chapter of ICAI, writing this note to express our disappointment and disagreement with the decision of including a controversial journalist Sudheer Chaudhary in the […]
Posted inJUDGEMENT
Section 54F is A Beneficial Provision And Should Be Liberally Interpreted: ITAT Delhi
Kapil Kumar Agarwal vs DCIT, ITAT Delhi has held that: In J. R. Suhramanya Bhat (supra). Karnataka High Court noticed language of Section 54 which stipulated that the assessee should within one year from the dale of transfer purchase, or within a period of two years thereafter, construct a residential house to avail of concession […]
Posted inGST
Big Blow To General Public. Buying Readymade Clothes And Shoes Will Be Expensive
Amidst rising inflation, the general public has once again got a setback. After petrol-diesel and ration, now readymade clothes, textiles and footwear will also be expensive. The new rates will be applicable from January 2022. In fact, the government has increased the GST rates on finished products such as readymade garments, textiles and footwear from […]
Posted inGST
Comparison Chart Of GST Rate Change From 1st January 2022
Comparison chart of GST tax rate change on garments/ textile/ articles of appearance from 1st January 2022 Prepared By: CA Swapnil Munot
Posted inJUDGEMENT
Subsidy Received From Government Should Be Reduced From Taxable Value: AAR Gujarat
In the case of Green Brilliance Renewable Energy LLP, AAR Gujarat has held that: The Taxable Value on Tax invoice issued to the Customer shall be arrived after deducting the subject Subsidy from ‘System Cost’ and GST liability is on the Taxable Value. Questions raised by the applicant: 1.) Whether subsidy should be reduced for […]
Posted inJUDGEMENT
The Assessee Cannot Be Kept in Dark: ITAT Kolkata
In the case of Rashmi Metaliks Ltd vs DCIT, ITAT Kolkata has held that: It has to be kept in mind that the AO is empowered to collect materials behind the back of the assessee, however if he intends to use it adversely against the assessee, then it is incumbent upon him to furnish a […]
Posted inINDIA
Centre Withdraws Three Farm Laws
Addressing the nation, Prime Minister Narendra Modi has announced the withdrawal of all three agricultural laws. He said in his address, ‘Today I have come to tell you, the whole country, that we have decided to withdraw all three agricultural laws. In the Parliament session starting later this month, we will complete the constitutional process […]
Posted inGST
Government Issues Various Rate Notifications Under GST
Government has issued various Rate Notifications under GST covering: (1.) Changes in GST rate on textile, footwear, etc. (to mitigate inverted duty structure). Like rates of GST for textile products getting classified under Chapter 54, 55, etc. increased to 12%. (2.) Changes in service rate and exemption (major changes in entries related to governmental authority, […]
Posted inGST
Time Limit For Filing Refund Application is Not Applicable For Refund Of Electronic Cash Ledger (Read Circular)
Circular No. 166/22/2021-GST, Dated 17th November 2021 Issue: Whether the provisions of sub section (1) of section 54 of the CGST Act regarding time period, within which an application for refund can be filed, would be applicable in cases of refund of excess balance in electronic cash ledger? Clarification: No, the provisions of sub section […]
Posted inGST
CBIC Issues Clarification in Respect Of Requirement Of Dynamic QR Code On B2C Supplies (Read Circular)
Circular No. 165/21/2021-GST, Dated 17th November 2021 CBIC stated, it is observed that from the present wording of S. No. 4 of Circular No. 156/12/2021 dated 21stJune 2021, doubt arises whether the relaxation from the requirement of dynamic QR code on the invoices would be available to such supplier, who receives payments from the recipient […]
Posted inINCOME TAX
Must Read: Steps To Upload Income Tax Audit Forms On New Income Tax Portal
Presentation showing step by step guidance to upload income tax audit forms (Form 3CA/ 3CB- 3CD) on new income tax portal:
Posted inJUDGEMENT
Cancellation of GST Registrations on Hyper Technical Grounds Will Lead to Revenue Loss And Unemployment- Calcutta High Court
In the case of M/s. CIGFIL Retail Pvt. Ltd. vs Union of India & Ors., the Calcutta High Court has held that: “Considering these facts as well as in view of the facts and circumstances of the case that it is not a case of tax evasion or causing revenue loss to the Government rather […]
Posted inJUDGEMENT
ITAT Mumbai’s Judgement On Royalty When Payment is Made For Bandwith Services
In the case of DCIT vs Reliance Jio Infocomm Ltd, ITAT Mumbai has held that: The assessee pursuant to the terms of the “agreement‟ had only received standard facilities i.e bandwith services from RJIPL. In fact, as observed by the CIT(A), the assessee only had an access to services and did not have any access […]
Posted inBUSINESS & ECONOMY
Union Minister Piyush Goyal Interacted With Exporters And Artisans in Lucknow
Union Minister Piyush Goyal has Interacted with exporters and artisans in Lucknow on 14th November 2021. Some of his statements during the interaction are as under: The way you illuminate the name of India all over the world with your skills, the economy of the country is not only benefited by it, as well as […]
Posted inINCOME TAX
Income Tax Department Sets Up Taxpayer’s Lounge At New Delhi. Know Details Here
A Taxpayers’ Lounge has been set up by the Income Tax Department in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from 14th – 27th November 2021, for fostering awareness about various services provided by the Income Tax Department to taxpayers and to facilitate compliance with the various Income-tax rules and procedures. Shri […]