⚫India has allowed Covid vaccination for all above 18 years of age, starting May 1.
⚫UK, Hong Kong ban travel from India over new Covid-19 variant concerns.
⚫The RBI has formed a six-member panel headed by former ED, to carry out comprehensive review of the working of Asset Reconstruction Co's in the financial sector ecosystem.The panel will recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector.
⚫India reported a slight decline of 256,947 in the number of fresh Covid-19 cases.The Capital is facing an extreme crunch of hospital beds, especially ventilators and ICU beds.
⚫Migrant workers scramble to leave as Delhi goes under lockdown.
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🔰 Odisha AAR: Birthday candles, balloons, snow sprays under GST
✅ If you wish to celebrate someone’s birthday, you may have to shell out a bit more for the paraphernalia since balloons, caps, snow sprays or candles given along with birthday cakes are neither complimentary nor free, as per a recent advance ruling that proposes levying of Goods and Services Tax (GST) on these items.
Read More at: http://www.a2ztaxcorp.com/odisha-aar-birthday-candles-balloons-snow-sprays-under-gst/
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🔰 Gift vouchers are neither goods nor services, but instruments used as consideration for payment – Controversy Saga Continues
✅ The AAAR, Tamil Nadu in the matter of Kalyan Jewellers India Ltd. [Order-in-Appeal No. AAAR/11/2021 (AR), dated March 30, 2021] modified the order passed by the AAR, Tamil Nadu to the extent that vouchers are neither good nor service and the Central Goods and Services Tax Act, 2017 ( “CGST Act” ), recognized it as an instrument of consideration (non-monetary form) for future supply. Further, Held that, Goods and Services Tax ( “GST” ) will be levied at the time of issue of the voucher and not at the time of actual availing of service or time of redeeming the voucher as the supply is deemed to have been made at the time of issue of voucher itself.
The Complete AAAR can be accessed at: http://www.a2ztaxcorp.com/gift-vouchers-are-neither-goods-nor-services-but-instruments-used-as-consideration-for-payment-controversy-saga-continues/
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✅ A proprietary CA firm or an individual CA will no longer find it easy to retain the *audit mandate in a company beyond the stipulated five consecutive years* as allowed under the company law.
https://resource.cdn.icai.org/64473clcgc51714.pdf
✅Section 16 provides that ITC could be availed by the buyer if GST is paid by the seller. Thus, in case of non-payment of GST, who should be questioned, the seller or the buyer?
Madras HC quashed notices issued to the buyers wherein no proceedings were initiated against the sellers for non-payment of tax*
M/s DY Beathel Enterprises Vs State Tax Officer. WP (MD) No.2127 of 2021
_Download full order from here_ https://t.me/Team_CASA
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🔰 India likely to waive customs duty on Covid-19 vaccine imports
✅ The government is likely to waive 10 percent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots ahead of opening Covid-19 vaccination to all citizens over 18 years of age, sources said.
Read More at: httpp//www.a2ztaxcorp.com/india-likely-to-waive-customs-duty-on-covid-19-vaccine-imports/
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🇮🇳 GST Updates 20.04.2021
1️⃣ Today is the due date to file Form GSTR-5A Return for the m/o March-2021.
2️⃣ Today is the due date to file Form GSTR-3B for the m/o March-2021.
3️⃣ Birthday candles, balloons, snow sprays under GST as per schedule rates: Odisha AAR (Pioneer Bakers).
4️⃣ GST applicable on Reverse Charge basis on Amount Paid for Reimbursement of Stamp Tax as Pure Agent: Guj AAR.
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🏵️ The Committee on International Taxation of ICAI (CITAX) issues International Taxation Update-April/2021/13 on various matters:
🪔 Amendment by Income tax (10th Amendment) Rules, 2021 in Rule 2DB & 2DB and substitution of Form 10BBA
🪔 Digital platforms have an important role to play in value added tax policy in the sharing and gig economy
🪔 Making tax dispute resolution more effective: New peer review assessments for Australia, Ireland, Israel, Japan, Malta, Mexico, New Zealand and Portugal
🪔 Italy's Fabrizia Lapecorella appointed next Chair of OECD's Committee on Fiscal Affairs
🪔 For the document click at https://resource.cdn.icai.org/64494citax200421.pdf
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🔰 Union Cabinet approves Amendments to the Finance Bill, 2021
✅ The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on March 28, 2021 as the Finance Act, 2021).
The Press Release can be accessed at: http://www.a2ztaxcorp.com/union-cabinet-approves-amendments-to-the-finance-bill-2021/
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