Business Concept’s Daily E-News Letter- 06-10-2021 Only for TC VIP Users TAXCONCEPT

Food delivery platforms Zomato and Swiggy could face Goods and Services Tax (GST) related complications on tips given to delivery boys, surge fee, delivery fee and packaging charges charged to customers. Going ahead the additional monies levied on customers could also face GST for the platforms, the Economic Times mentioned in a report citing tax experts. At present, …

2. ‘Defaulters on GST filing cannot raise e-way bills’

GST / October 6, 2021

Goods and Services Tax Network (GSTN), the company that processes GST returns, has said the provision for blocking generation of electronic goods transportation permits or e-way bills by businesses that default on their return filing requirement has been reactivated. GSTN, in a statement, said the feature was suspended by the government at the peak of …

3. How are small businesses accelerating the growth with digital signing

Considering the events taking place from the last two years, it has become essential that small businesses find a new and optimised way of doing business.

As the pandemic has changed the way of carrying out business, the businesses have adapted to the new technologies for an efficient workflow.

One such technology is the Digital Signature.

Digitally Signing PDF has gained immense popularity during the pandemic period and is now known to businesses more than ever.

In this short article, we will submit before you few pointers of how a business can leverage their growth using a Digital Signing Software to close all their important business deals.

Digital Signing Software- 5 benefits to your business…..

4. Resumption of Blocking of E-Way Bill (EWB) generation facility

1. The blocking of E way bill generation facility had been temporarily suspended by Government on account of Covid pandemic. In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08, for consecutive two tax periods or more, whether Monthly or Quarterly.

2. The blocking of EWB generation facility has now resumed on the EWB portal for all the taxpayers. Going forward, from the tax period August, 2021 onwards, the System will periodically check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08 as per the regular procedure followed before pandemic, and block the generation of EWBs as per rule.

3. To avail EWB generation facility on EWB Portal on continuous basis, you are, therefore, advised to file your pending GSTR 3B returns/ CMP-08 Statement on regular basis.

4. For details of blocking and unblocking EWB, Click on below link:

• https://tutorial.gst.gov.in/userguide/returns/index.htm#t=FAQs_unblockingewaybill.htm

INCOME TAX

1. How to pre-validate bank account to receive income tax refund

INCOME TAX / October 6, 2021

IfIf you have an income tax refund due, then you need to make sure that the bank account you wish to receive the refund amount in is pre-validated on the income tax e-filing portal. If your bank account is not pre-validated on the portal, then you will not be able to receive the income tax refund due to you.

Along with the pre-validation of bank account, you will also have to ensure that your PAN is linked with the bank account in which the income tax refund amount has to be credited.

“Pre-validation of bank account and linking of PAN with bank account (in which income tax refund has to be credited) are mandatory for receiving the income tax refund. If anyone of this not done, then the tax refund will not be credited into the individual’s bank account. The income tax department issues only e-refunds which are directly credited into the bank account.”……….

2. Link PAN to Aadhaar Card Online through e-filing Website

Following are the steps to link PAN to Aadhaar card-

Visit the official Income Tax Department e-filing website
Click on ‘Link Aadhaar’
Enter all the details
Tick the box if your date of birth is mentioned in the Aadhaar card
Now, tick the next box and enter the captcha code
Click on ‘Link Aadhaar’
You will be notified of successful Aadhaar linked with PAN Card

Judgement

1. Calcutta High Court Grants Relief in Revocation of Cancelled GST Registration of Taxpayer Who Was Not Able to Carry-Out Business Activities Due to COVID Norms

Calcutta High Court has recently given a judgement in which the court has set aside the order issued by the GST department for rejection of application for revocation of cancelled GST registration which was filed by a taxpayer who was not able to carry-out business activities due to COVID norms.

The court has also directed the GST department to accept fresh revocation application from the taxpayer in accordance with law.

“Departmental officers are duty-bound to examine the ground realities before bringing the businesses to a halt, else it will be a regressive step for the Indian entrepreneurs,” said Rajat Mohan, senior partner at AMRG Associates.

BUSINESS & ECONOMY

1. Sachin Tendulkar and Anil Ambani are the Part of Pandora Papers Leak. Know All Details Here

A team of more than 600 journalists led by The International Consortium of Investigative Journalists obtained 11.9 million confidential files.

It’s the Pandora leak and is the biggest leak of all time.

What does the leak reveal?

The secretive money movements of the rich, which help them save taxes, keep their wealth a secret, and more.

130 billionaires and 330 politicians from over 200 countries have been named. Anil Ambani and Sachin Tendulkar are also on the list.

But, what’s the fuss?……..

2. Ministry of Coal notifies rules for 50% sale of coal from ‘captive mines’

The Ministry of Coal has amended Mineral Concession Rules, 1960 with a view to allowing sale ofcoal or lignite, on payment of additional amount, by the lessee of a captive mine up to 50 percent of the total coal or lignite produced in a financial year, after meeting the requirement ofthe end use plant linked with the mine. Earlier this year, the Mines and Minerals (Development & Regulation) Amendment Act had been amended to this effect. This is applicable for both the private and public sector captive mines.

3. Notification issued on incentives and disincentives pertaining to Vehicle Scrapping Policy

In the Vehicle Scrapping Policy, it is proposed to have a system of incentives and disincentives to nudge vehicle owners to discard old and polluting vehicles, which have higher maintenance and fuel consumption costs.

In this regard, the Ministry of Road Transport and Highways has issued a GSR Notification, 714(E) dated 04.10.2021 in the Gazette of India, which shall come into force from the 1^st day of April, 2022. Details are as below:

As an incentive, there will be waiver of the fee for issue of certificate of registration for a new vehicle, purchased against the authority of the Certificate of Deposit (CoD) issued by a Registered Vehicle Scrapping Facility for a vehicle being scrapped.
As regards disincentives, there will be:

Increase in the fee for conducting fitness test and renewal of fitness certificate for motor vehicles more than 15 years old,
Increase in the fitness certification fee for transport vehicles more than 15 years old, and
Increase in the renewal of registration fee for personal vehicles (non transport vehicles) more than 15 years old.

Click here to open the Gazette notification

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