Business Concept’s Daily E-News Letter- 01-10-2021 Only for TC VIP Users

Business Concept’s Daily E-News Letter- 01-10-2021

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GST/ VAT

1. Rajasthan Government Extends Due Dates for ITC Mismatch Demands Verification and VAT Amnesty Scheme

Vide 1st Notification Dated 30th September 2021, Rajasthan Government has extended due date for ITC Mismatch Demands Verification. Notification can be accessed by…

2. GST levy on annuity payments of BOT-HAM projects to have limited impact on project cash flows: ICRA

GST / October 1, 2021

GST levy on annuity payments of BOT-HAM projects will have limited impact on project cash flows, domestic rating agency ICRA on Wednesday. “With NHAI reimbursing additional tax burden on account of GST levy on annuity payments for BOT (build-operate-transfer)-HAM (hybrid annuity model) projects, there would be no impact on the cashflows, project debt coverage and return …

3. No GST input tax credit on CSR expense rules Gujarat AAR

GST / October 1, 2021

The AAR Gujarat bench has recently held that Corporate Social Responsibility (CSR) activities under the Companies (CSR Policy) Rules are excluded from the normal course of business. Thus, the applicant, Adama India, a private limited company, would not be eligible for input tax credit (ITC) under Goods and Services Tax (GST) laws. this ruling is followed by GST …

4. Govt sets up GoM to review GST slabs, rates, exemptions

GST / October 1, 2021

 In what may be a precursor to an overhaul of the GST, the finance ministry has set up a group of ministers (GoM) that will review the current slabs, including a merger, and also suggest measures to expand the base after examining goods and services that are currently under the exempted category. The seven-member panel, …

INCOME TAX

1. Union Finance Minister Nirmala Sitaraman appreciated the efforts of the Income Tax Department

Union Finance Minister Nirmala Sitaraman appreciated the efforts of the Income Tax Department in keeping up the momentum of tax collections even in this difficult year. The Minister had an…

2. Income-tax Return: CBDT Further Extends Time Limit for Verification of ITRs Upto Assessment Year 2017-18 in Non- Scrutiny Cases

CBDT Further Extends Time Limit for Verification of ITRs Upto Assessment Year 2017-18 in Non- Scrutiny Cases

3. Tax on freelancers in India: What you need to know

INCOME TAX / October 1, 2021

Freelancers are the self employed folks who handle variety of projects from the comfort of their home, park, or café for various clients. There are freelancers from various fields like marketing, website designers, consultancies, software designers, social media content writers. But this comfort doesn’t come for free since freelancers are also obliged to pay taxes …

Business & Economy

1. Dhanlaxmi Bank Shareholders Reject Appointment of Statutory Auditors

BUSINESS & ECONOMY / October 1, 2021

Shareholders of Dhanlaxmi Bank have rejected the appointment of statutory central auditors in the annual general meeting (AGM) held on Wednesday, the bank said in a regulatory filing. Incidentally, the Kerala High Court has refrained the bank from concluding the AGM and has adjourned it to a day after one month from September 29th. The …

2. Debit Card, Credit Card, Auto Payment to Fail From Today If You Don’t Follow New Rule

BUSINESS & ECONOMY / October 1, 2021

To ensure the security of transactions, the Reserve Bank of India (RBI) mandated a new rule for the auto-debiting facility of banking transactions that were set to take effect from October 1, Friday. The new RBI mandate indicated that there was to be no more automatics recurring payments for the various services that are associated …

3. TCS, Wipro, HDFC Bank, Deloitee: Work From Home to End, List of Firms Opening Offices

BUSINESS & ECONOMY / October 1, 2021

The Covid-19 cases in India plummeting, pace of vaccination picking up, collectively managed to drive up the positive sentiment in the market and in the corporate world too. With cases diving, the corporate world is gearing up with full force to call employees back to the office; that means the concept of work from home …

4. Aadhaar Card Update: Here’s How to Update Your Name, Mobile Number in Regional Language

BUSINESS & ECONOMY / October 1, 2021

New Delhi: The Unique Identification Authority of India (UIDAI) has recently made a few changes in the Aadhaar card update process to make it easier for cardholders, who don’t know English, to update names and mobile numbers in local languages. Issued by the UIDAI, Aadhaar is one of the most important documents required to avail …

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