🌀 GST Aaj Tak
There is a total of 15 parameters based on which GST department is issuing notices for scrutiny of returns as follows:
👉In-eligible ITC claimed from non-genuine taxpayers (NGTPs) whose RC is canceled ab-initio
👉Excess outward tax in GSTR-1 compared to GSTR-9 /GSTR-3B
👉Excess Outward tax in E-Way Bills Compared to GSTR-3B
👉In-eligible ITC claimed from GSTR-3B Non-filers
👉Excess ITC claimed in GSTR-9/3B which is not confirmed in GSTR-2A or 8A of GSTR-9
👉In-eligible ITC claimed from RC is canceled suppliers
👉Less turnover is shown in GSTR-1 compared to GSTR-8 (TCS)
👉Less turnover is shown in GSTR-3B compared to GSTR-7 (TDS)
👉Less RCM liability disclosed in GSTR 9/3B/4 than shown by suppliers in GSTR-1
👉ITC claims after the last date of availing of ITC as per section 16(4) GSTR-3B
👉ITC on purchase invoices uploaded by the supplier in GSTR-1 filed after the last date of availing -section 16(4)
Interest on delayed payments made with GSTR 3B
👉Excess IGST on imports shown in GSTR_6E vs. ICEGATE data
👉Excess ISD ITC availed in GSTR9_6G Vs GSTR 2A_ISD
👉Excess RCM ITC GSTR9_6CDF than liability shown in GSTR
9_4G
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Multipurpose Empanelment Form (MEF) – 2021-22
You may be aware that the Professional Development Committee of the ICAI hosts the Multipurpose Empanelment Form every year to be filled by the CA Firms and Members applying for the Bank Audits and other assignments. The form is generally hosted on MEF site in the month of August/ September. For the year 2021-22, we wish to inform that we are in the process of upgrading the said form so as to make it comprehensive and more user friendly.
👉 In view of the above, members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021.
Upon hosting, we will be also sending an email in your mail ID registered with us.
This is for your kind information.
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ICAI - Multipurpose Empanelment Form (MEF) 2021-22 expected to be made live in the month of October
https://www.icai.org/post/mef2021-22-200821
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✅Much Awaited announcement from University of Delhi to recognise CA/CS/CMA equivalence to post graduate degree.
✅ MCA Update on LLP Amendment Act
The Limited Liability Partnership (Amendment) Act, 2021. - The Act of Parliament received the assent of the President on the 13th August, 2021.
https://www.mca.gov.in/bin/dms/getdocument?mds=8ylTG8LOgTgQPakjVO2fRg%253D%253D&type=open
✅ GST Due Dates TODAY
20 August 21 - Due date of filing of GSTR 3B for the month of July 2021 for taxpayer having turnover more than INR 5 Crore.
20 August 21 - Due date of filing of GSTR 5 & 5A by Non-resident taxable person for July 2021.
20 August 21- Due date of filing of GSTR 3B for the month of July 2021 for taxpayer who has not opted for QRMP scheme having turnover less than INR 5 Crore
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⚫The Govt will support the setting up of the semiconductor industry in India, which will also help reduce foreign exchange outflows.
⚫The country’s housing market is expected to overtake the 2015 levels in terms of sales by 2023. The market is set to witness a healthy double-digit growth rate over the next three years. In 2021, new launches are estimated to grow 35%, and sales 30%.
⚫The value of the FPI holdings in the domestic equities reached USD 592 billion in three months ended June 2021, a surge of 7% from the preceding quarter.
⚫The Govt announced an incentive for sugar mills in the form of an additional domestic sales quota to those that export sugar and divert the commodity towards ethanol making.
⚫Chairman of Karvy Stock Broking arrested for defaulting on bank loan.
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🌀 GST Aaj Tak
There is a total of 15 parameters based on which GST department is issuing notices for scrutiny of returns as follows:
👉In-eligible ITC claimed from non-genuine taxpayers (NGTPs) whose RC is canceled ab-initio
👉Excess outward tax in GSTR-1 compared to GSTR-9 /GSTR-3B
👉Excess Outward tax in E-Way Bills Compared to GSTR-3B
👉In-eligible ITC claimed from GSTR-3B Non-filers
👉Excess ITC claimed in GSTR-9/3B which is not confirmed in GSTR-2A or 8A of GSTR-9
👉In-eligible ITC claimed from RC is canceled suppliers
👉Less turnover is shown in GSTR-1 compared to GSTR-8 (TCS)
👉Less turnover is shown in GSTR-3B compared to GSTR-7 (TDS)
👉Less RCM liability disclosed in GSTR 9/3B/4 than shown by suppliers in GSTR-1
👉ITC claims after the last date of availing of ITC as per section 16(4) GSTR-3B
👉ITC on purchase invoices uploaded by the supplier in GSTR-1 filed after the last date of availing -section 16(4)
Interest on delayed payments made with GSTR 3B
👉Excess IGST on imports shown in GSTR_6E vs. ICEGATE data
👉Excess ISD ITC availed in GSTR9_6G Vs GSTR 2A_ISD
👉Excess RCM ITC GSTR9_6CDF than liability shown in GSTR
9_4G
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🎓✒️💡MCA Update on LLP Amendment Act
📜The Limited Liability Partnership (Amendment) Act, 2021.
📍The Act of Parliament received the assent of the President on the
13th August, 2021.
https://www.mca.gov.in/bin/dms/getdocument?mds=8ylTG8LOgTgQPakjVO2fRg%253D%253D&type=open
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⚫The Govt announced the guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products for 8,555 items.The outlay for the scheme is Rs 12,454 crore in the current fiscal.
⚫India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener in world markets.
⚫Retail, recreation visits hit pre-lockdown levels. Power generation also registers a surge; 20% higher than in 2019.
⚫In a partial relief to HDFC Bank, the RBI has allowed the lender to issue new credit cards.
⚫With 8,813,919 more Covid-19 vaccine doses being administered on Monday, India’s total count of vaccine shots reached 55.47 crore.
⚫80% fee cut for recognised institutes applying for patents. In the past, they were available only to recognised educational institutions owned by the govt.
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👉🏻RBI issues revised norms for hiring of bank lockers
(RBI came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees)
👇🏻 👇🏻 👇🏻
https://bit.ly/2XG6gEH
*👉🏻Accounting standards and special courts to be created for LLPs - MCA
(MCA said amendments to the LLP Act passed by Parliament in the just-concluded monsoon session primarily for decriminalizing offences, also provide for a set of changes aimed at making this flexible legal structure of business more popular)
👇🏻 👇🏻 👇🏻
https://bit.ly/2VYdDHb
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👉Safe Deposit Locker/Safe Custody Article Facility provided by the banks - Revised Instructions
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12146&Mode=0
👉RBI announces Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 2.0)
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52077
👉Decline in debit bounce rates hints at pick-up in collections
https://economictimes.indiatimes.com/industry/banking/finance/banking/decline-in-debit-bounce-rates-hints-at-pick-up-in-collections/articleshow/85446105.cms
👉Affordable housing to be fulcrum of recovery for housing finance companies: Report
https://economictimes.indiatimes.com/industry/banking/finance/affordable-housing-to-be-fulcrum-of-recovery-for-housing-finance-companies-report/articleshow/85432733.cms
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