Business Concept’s Daily E-News Letter- 02-10-2021 Only for TC VIP Users

Business Concept’s Daily E-News Letter- 02-10-2021

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GST

1. These GST Forms Must Be Filed By 31st October 2021 Using EVC

GST / October 2, 2021

The government had earlier given taxpayers assistance by lowering or waiving the late fee for non-filing FORM GSTR-3B for the tax periods July 2017 to April 2021 if the returns are filed between June 1, 2021 and August 31, 2021. However, the deadline to apply for the late fee amnesty scheme has been postponed from …

2. CBIC notifies GST hike on green gear including solar panels

GST / October 2, 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified changes in the Goods and Services Tax (GST) rates for a host of products with effect from Friday, including solar modules, fruit-based aerated drinks, medicines and drugs. Renewable energy devices including solar panels and modules, bio-gas plants, solar power generators, windmills, solar lamps, tidal waves …

3. GST Revenue collection ₹ 1,17,010 crore gross GST revenue collected in the month of September 2021

The gross GST revenue collected in the month of September 2021 is₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore…

4. E-way Bill Portal and E-Invoice Portal will Not be Available on This Date. Make Necessary Arrangements

E-way Bill Portal has posted an update that: This is to inform to all E Way Bill & E Invoice users that downtime of all the E Way Bill &…

INCOME TAX

1. Planning to file ITR? Know how to prepare yourself for Income Tax Return filing for AY 2021-2022

INCOME TAX / October 2, 2021

ITR Filing Tips for FY 2020-21 (AY 2021-2022): The deadline to file the income tax return for salaried or small business individuals has been further extended to 31st December 2021. ITR Filing Tips for FY 2020-21 (AY 2021-2022): The deadline to file the income tax return for salaried or small business individuals has been further extended …

2. Following Gujarat Model, CBDT Issues SOPs for Income Tax Investigations

INCOME TAX / October 2, 2021

Impressed by the ‘Gujarat model’ of income tax investigation, the Central Board of Direct Taxes (CBDT), Delhi, has issued guidelines for all director generals of the income tax investigation department, asking them to follow a standard operating procedure (SOP) that includes certain procedures right from the preparation stage of a search and seizure action, until …

3. Grasim Industries slapped with Rs 8,334-crore income tax demand

INCOME TAX / October 2, 2021

The Income-Tax (I-T) department has raised a demand of Rs 8,334 crore against Grasim Industries as capital gains tax in a transaction related to the demerger of its financial services business. The Aditya Birla Group company, however, said it would take “appropriate action” against the order, which was “against the spirit of tax laws”. Grasim referred to its earlier …

Judgment

1. Assessing Officer Withheld the Refund Without Assigning the Reason Which is Required by Law. So the Petition of the Assessee is Allowed: Calcutta High Court

In the case of Mcnally Sayaji Engineering vs Assistant Commissioner, Calcutta High Court has held that:

Following the principle laid down in the judgment reported in Nazir Ahmad vs. King Emperor AIR 1936 PC 253, “if a statute provides an act to be done by a particular authority and in a particular manner, it should only be done by that authority and in that manner or not at all.”, the Competent Officer being authorised under the statute to withhold the refund if he has reasons to believe that the same will adversely affect the revenue can or could have withheld the refund after the same had been declared only after assigning reasons and not otherwise. In the instant case, the Assessing Officer withheld the refund without assigning any reason though the statute mandates for recording the same. Having not done so the officer concerned has acted arbitrarily. The procedure followed by the Assessing Officer does not also show the proper application of two independent provisions as in Section 241A and Section 143 wherein once a refund is declared after scrutiny proceedings and such refund is WPO 81 of 2020 withheld, a reasoned order has to follow because the assessment is done after production of materials and evidence required by the Assessing Officer.

BUSINESS & ECONOMY

1. UIDAI plans to open 166 stand-alone Aadhaar Enrolment & Update Centres in 122 cities across country

Unique Identification Authority of India(UIDAI) has opened 55 Aadhaaar Seva Kendras (ASK) as part of its plan to open 166 stand-alone Aadhaar Enrolment & Update Centres in 122 cities across the country. These are in addition to about 52,000 Aadhaar enrolment centers run by Banks, Post Offices and State Governments.

These ASKs which are open on all days of the week, have so far catered to over 70 Lakh residents including Divyang persons.

2. Extension of Date for Mandatory electronic filing of Non-Preferential Certificate
of Origin (CoO)

Extension of Date for Mandatory electronic filing of Non-Preferential Certificateof Origin (CoO) through the Common Digital Platform to 31st October 2021

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