CBIC

Got I-T Department’s mail after ITR filing?

If you are among those who have filed income tax return (ITR) for the last fiscal (AY 2022-23) and the department owes you refund, then you might receive an email from the I-T Department asking you to confirm it. As per the email sent by the department to taxpayers, individuals who have claimed tax refunds …

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Breaking: Government Prescribes Manner Of Calculating Interest On Delayed Payment Of Tax

Vide Notification No. 14/2022- Central Tax Dated 5th July 2022, the CBIC has prescribed manner of calculating interest on delayed payment of tax. Rule 88B has been inserted in the CGST Rules 2017 for this purpose. Rule 88B of the CGST Rules as prescribed in the notification is as under: (1) In case, where the …

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Breaking: Due Date For Filing GSTR-4 Of FY 2021-22 Further Extended

Vide Notification No. 12/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing GSTR-4 of financial year 2021-22 to 28th July 2022. Notification States: In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …

Breaking: Due Date For Filing GSTR-4 Of FY 2021-22 Further Extended Read More »

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Breaking: Government Extends Due Date For Filing CMP-08 For 1st Quarter Of FY 2022-23

Vide Notification No. 11/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing Form GST CMP-08 for the first quarter of financial year 2022-23 (i.e. 1st April 2022 to 30th June 2022) to 31st July 2022. Notification States: In exercise of the powers conferred by section 148 of the Central …

Breaking: Government Extends Due Date For Filing CMP-08 For 1st Quarter Of FY 2022-23 Read More »

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Breaking: These Taxpayers Are Not Required To File GST Annual Return For FY 2021-22

Vide Notification No. 10/2022- Central Tax Dated 5th July 2022, the CBIC has exempted taxpayers having aggregate turnover upto Rs. 2 Crore in the Financial Year 2021-22 from filing GST Annual Return for the said Financial Year. Notification states: In exercise of the powers conferred by the first proviso to section 44 of the Central …

Breaking: These Taxpayers Are Not Required To File GST Annual Return For FY 2021-22 Read More »

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Taxpayer is Eligible To Claim ITC As Per Invoice in Absence Of System Based Matching: Gujarat High Court

In the case of M/S New Nalbandh Traders vs State Of Gujarat, the Gujarat High Court has held that: On the perusal of the aforesaid provisions, it can be said that there is a specific mechanism for reversing the credit in the case of a discrepancy in the ITC availed by the recipient, against the …

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Weekly Taxation Newsletter from 15th May, 2022 to 22nd May, 2022 E-Newsletter latest Due Dates, Notifications, Case Laws

We are delighted to share our 75th E-Newsletter “Weekly Taxation Newsletter” dated 23rd May, 2022 from 15th May, 2022 to 22nd May, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …

Weekly Taxation Newsletter from 15th May, 2022 to 22nd May, 2022 E-Newsletter latest Due Dates, Notifications, Case Laws Read More »

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Breaking: Government Suspends Two GST Officials For Illegal Detention Of Chartered Accountants

On 23rd May 2022, Union Minister Smt. Nirmala Sitharaman held a meeting with ICAI delegation in Gurugram GST refund case. CBIC has tweeted the updates of meeting as under: Smt @nsitharaman held a meeting with @theicai delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various …

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Breaking: Government Proposes To Extend April 2022 GSTR-3B Due Date

CBIC has tweeted on 17th May 2022 that: A technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B & auto-population of GSTR-3B on portal. Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest. (1/2) Considering the difficulties …

Breaking: Government Proposes To Extend April 2022 GSTR-3B Due Date Read More »

CBIC: Revised Guidelines For National Risk Management Committee For GST & Customs

Vide circular dated 23rd April 2022, the CBIC has issued revised guidelines for National Risk Management Committee (NRMC) for GST and Customs. CBIC has said in the circular that: The NRMC shall be convened once every year and will have the following main (but not limited to) functions: 1.)  Review the effectiveness of existing Risk …

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CBIC is Organizing Webinar On GST Audit. Check Date And Time

Webinar on GST Audit– Taxpayers Perspective Hosted by DGTS DZU/KZU, CBIC on Tuesday, 19th April, 2022 from 3 PM To join the webinar, Please Click Here Meeting number: 2517 541 0965 Password: 1234 Webinar on GST Audit–Taxpayers PerspectiveHosted by DGTS DZU/KZU, CBIC on Tuesday, 19th April, 2022 from 3 PMJoin through https://t.co/Vvo6ExJNXf Meeting number: 2517 …

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ITR filing to bank KYC: Complete these 8 important tasks by March 31, otherwise you will have a lot of trouble from next month

The current financial year 2021-22 is about to end in a few days. With the end of this financial year, the deadlines of many works are also going to end. These also include some financial work. If you do not complete these works by March 31, then you may have to face trouble. These tasks …

ITR filing to bank KYC: Complete these 8 important tasks by March 31, otherwise you will have a lot of trouble from next month Read More »

Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19

Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19

Vide Instruction No. 02/2022- GST, Dated 22nd March 2022, CBIC has issued SOP for scrutiny of returns for F.Y. 2017-18 and F.Y. 2018-19. Let us tell you that Section 61 of the CGST Act and Rule 99 of the CGST Rules are dealing with scrutiny of returns. Section 61 of CGST Act (1) The proper …

Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19 Read More »

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Dear Readers,We are delighted to share our 66th E-Newsletter “Weekly Taxation Newsletter” dated 08th March, 2022 from 01st March, 2022 to 07th March, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case …

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc Read More »

Weekly Corporate Compliance Calendar for March, 2022 [Period 01/03/22 to 07/03/22]

Weekly Corporate Compliance Calendar for March, 2022 [Period 01/03/22 to 07/03/22]

1. SEBI UPDATES: [Sl.  Particulars  Link  1  Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd  Click Here  2  Takeover – Eveready Industries Limited  Click Here  3  Adjudication order in respect of ABN Global Securities Private Limited in the matter of dealing in Illiquid Stock Options at …

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Corporate Compliance Calendar for March, 2022

ABOUT ARTICLE:  This article contains various Compliance requirements for the Month of March, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.  If you think compliance is expensive, try non‐ …

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CBIC Issues Big Update On E-Invoice Under GST

CBIC Issues Big Update On E-Invoice Under GST

Vide Notification No. 01/2022- Central Tax, Dated 24th February 2022, the CBIC has reduced the applicability of e-invoice. Now, e-invoice requirements will be applicable to taxpayers whose aggregate turnover above Rs. 20 crore in any of the previous years from 2017-18 till 2021-22. Copy of Notification attached:

CBIC Setups GST Refund Help Desk For Refund Related Issues Faced By Taxpayers

CBIC Setups GST Refund Help Desk For Refund Related Issues Faced By Taxpayers

The office of Pr. CCA, CBIC has setup a ‘GST Refund Help Desk’ for addressing payment related problems faced by the taxpayers. Contact details of the Help Desk is as under: Name of Nodal Officer: Ms Anita Rawat, Accounts Officer Toll Free Helpline Number: 1800-11-1424 Mail ID: gstrefunds-helpdesk@gov.in For payment/disbursement related issues in their refund …

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Reply To RTI Reveals Tax Evasion Of 93000 Crore

Reply To RTI Reveals Tax Evasion Of 93000 Crore

The government has detected evasion of Tax. This includes the pre-2017 central excise and service tax. This tax evasion is of Rs 93,375 crore. This has been revealed in an RTI reply, which has been answered by various regional units of the Directorate General of GST Intelligence (DGGI) in major cities across India (Delhi, Mumbai, …

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Breaking: Government Rescinds Anti Dumping Duty On Colour Coated Steel

Breaking: Government Rescinds Anti Dumping Duty On Colour Coated Steel

Vide Notification No. 2/2022- Customs (ADD), Dated 13th January 2022, Government has rescinded anti dumping duty on colour coated steel. The notification reads as under: In exercise of the powers conferred by sub sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 23 …

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Alert: CBIC Issues Guidelines For Recovery Under Section 79 Of CGST Act

Vide instruction no. 01/2022- GST, dated 7th January 2022, CBIC has issued guidelines for recovery proceedings under section 79 of the CGST Act 2017 where cases are covered under explanation to sub-section (12) of section 75 of the CGST Act 2017. The guidelines read as under: Sub-section (12) of section 75 of the CGST Act, …

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Government Amends Customs Notification Number 36/2001 [Read Notification]

Government Amends Customs Notification Number 36/2001 [Read Notification]

Notification Number 107/2021- Customs (N.T.), Dated 31st December 2021 In exercise of the powers conferred by sub section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, has made the amendments in the …

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Government Amends Customs Notification Number 45/2021 [Read Notification]

Government Amends Customs Notification Number 45/2021 [Read Notification]

Notification Number 61/2021 (Customs), Dated 31st December 2021 In exercise of the powers conferred by sub section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of …

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Government Notifies Sea Cargo Manifest And Transhipment (Ninth Amendment) Regulations 2021

Government Notifies Sea Cargo Manifest And Transhipment (Ninth Amendment) Regulations 2021

Vide Notification Number 109/2021- Customs (N.T.) Dated 31st December 2021, Government has notified Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations 2021 to amend the Sea Cargo Manifest and Transhipment Regulations 2018. In the said regulations, in regulation 15: In sub-regulation (2), for the words, figures and letters, “till 31st December 2021, 2021”, the words, …

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Government Amends Customs Notification Number 07/2020 [Read Notification]

Government Amends Customs Notification Number 07/2020 [Read Notification]

Notification No. 108/2021- Customs (N.T.) Dated 31st December 2021 In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central …

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