Income Tax Interest @ 1% pm u/s 234A for late filing of ITR payable for ITRs of AY 21-22 filed after 31.7.21 if self assessment tax exceeds Rs. 1 lac.
Supreme Court urged the GST Council to reconsider the computation of input tax credit in value chains involving inverted tax structures formula and take a policy decision on the matter. However, the SC upheld the Madras HC judgment in favour of Central GST (CGST) rules that inverted duty refund is admissible only with respect to inputs for goods and not for input services.
GST Council meeting on Friday, the first physical meeting in more than 20 months, will deliberate on levying the Covid cess on pharmaceuticals and the power sector for intra-state supplies in Sikkim besides extending the states compensation period beyond 2022.
UCO Bank invites online application from practicing firms of Chartered Accountants in India for engagement as Concurrent Auditors to undertake Concurrent Audit assignment in designated branches/ offices through computerized application package and RLHs/AMBs/Service branches. No documents need to be submitted with online application. The online application portal will remain open from 13.09.2021 to 18.09.2021.
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⚫The Union Cabinet approved a production linked incentive scheme with a budgetary outlay of Rs 25,938 crore to boost domestic manufacturing capabilities of the automobile industry, including electric and hydrogen fuel cell vehicles.
⚫The Union Cabinet approved four year moratorium on spectrum related payments to telecom co's.The relief package is expected to give a boost to the current players, besides attracting international investment. 100% FDI under the automatic route has been permitted in the telecom sector, with all safeguards.
⚫The Union Cabinet cleared a production linked incentive scheme to make India a drone hub by 2030.
⚫The Govt will sell up to 10% stake in Hindustan Copper through an OFS in a move that would help the exchequer garner about Rs 1,120 crore in divestment receipts.
⚫The new i-tax e-filing portal, is not completely glitch-free even as the deadline set for Infosys to fix the problems expired on Wednesday.
⚫Centre set to resume tourist visas after 1.5 yrs of suspension due to Covid.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a Chartered Accountant who is appointed as tax auditor for conducting special audit under the Income-tax Act by the IT Authorities is required to communicate with statutory auditor?
👉 Ans :Yes, Council direction mentioned in Paragraph 2.14.1.8(xiii) under Clause (8) of Part I of First Schedule to the Act, appearing in Volume II of the Code of Ethics, prescribes that it would be a healthy practice if a tax auditor appointed for conducting special audit under the Income-tax Act, communicates with the members who has conducted the statutory/tax audit.
🏵️ FAQ: Whether communication with previous auditor is necessary in case of appointment as statutory auditor by nationalized and other Banks?
👉 Ans :Yes, Clause (8) of Part I of the First Schedule to the Act is equally applicable in case of nationalized and other Banks and also to Government agencies.
🏵️ FAQ: Whether communication by the Incoming auditor is mandatory with the previous auditor in respect of various audit assignments, like the concurrent audit, revenue audit, tax audit and special audits etc.?
👉 Ans :Yes, the requirement for communicating with the previous auditor would apply to all types of audits viz., statutory audit, tax audit, GST audit, internal audit, concurrent audit or any other kind of audit. The Council has laid down detailed guidelines in this regard and the same are appearing in Paragraph 2.14.1.8(xiv) to 2.14.1.8(xvii) under Clause (8) of Part I of First Schedule to the Act, appearing in Volume II of the Code of Ethics.
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✳️DIRECT TAX CASE LA
Teleperformance Global Services Private Limited vs. ACIT (Bombay High Court)
WRIT PETITION No. 950 OF 2020
▶️Article 226/ s. 147: (i) A Writ Petition can be filed in the Bombay High Court against an order passed in Delhi if the assesse is based in Mumbai. The litigant has the right to go to ‘a Court’ where part of cause of action arises. (ii) A s. 148 notice & s. 147 reassessment order passed against an amalgamated (non-existing) company is without jurisdiction. The defect cannot be treated as procedural defect. Mere participation of the assesse in the assessment proceedings is of no effect as there is no estoppel against law. Such a defect cannot be cured by invoking section 292B (All imp judgments referred)
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🛡️Ethics A Day🛡️
🎯FAQ: What is an Administrative Services? What are the examples of Administrative Services?
✍️Ans: As per paragraph 602.3 A1 of Volume-I of Code of Ethics,
Administrative services involve assisting clients with their routine or mechanical tasks within the normal course of operations. Such services require little to no professional judgment and are clerical in nature.
📌Examples of administrative services include:
• Word processing services.
• Preparing administrative or statutory forms for client approval.
• Submitting such forms as instructed by the client.
• Monitoring statutory filing dates, and advising an audit client of those dates.
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Goods and Services Tax
👉 Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services.
Dated :16/09/2021
👉1. Representations have been received from various trade bodies stating that they are not able to generate EWB bill for movement of those goods where their principle supply is classifiable as a service, since there is no provision for generating E-way Bill by entering SAC (Service Accounting Code-Chapter 99) alone on the E- way bill portal.
👉2. To overcome this issue, the taxpayers are advised as below:
👉a) Rule 138 of CGST Rules, 2017, inter alia, states “Information to be furnished prior to commencement of movement of goods and generation of e-way bill.-(1) Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees….” Thus, E way bill is required to be generated for the movement of Goods.
👉b) Therefore, in cases where the principal supply is purely a supply of service and involving no movement of goods, the e-way bill is not required to be generated.
👉c) However, in cases where along with the principal supply of service, movement of some goods is also involved, e-way bill may be generated. Such situations may arise in cases of supply of services like printing services, works contract services, catering services, pandal or shamiana services, etc. In such cases, e-way bill may be generated by entering the details of HSN code of the goods, along with SAC (Service Accounting Code) of services involved.
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✅ Advisory issued dated 16.09.2021 for taxpayers regarding generation of EWB where the principal supply is supply of services
✅SEIS applications for FY 18-19 and 19-20 can be filed by 31-12-2021
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether public notice published in the newspaper by a Chartered Accountant individually or jointly with an Advocate in respect of acquisition of land by their client is permitted?
👉 Ans :Yes, in terms of the provisions of Paragraph 3.8.1 of Council Guidelines for Advertisement, 2008, appearing in Volume II of the Code of Ethics, the public notice published in the newspaper in respect of acquirement of land by their client is permissible.
🏵️ FAQ: Whether the members in practice can print their photograph on their visiting cards?
👉 Ans :No, it is not permissible for the members in practice to print their photograph on their visiting cards.
🏵️ FAQ: Whether it is permissible for a member in practice to publish an advertisement in the press for recruiting staff in the member’s own office??
👉 Ans :Yes, in terms of the provisions of Paragraph 3.8.1 of Council Guidelines for Advertisement, 2008, appearing in Volume II of the Code of Ethics, it is permissible for a member in practice to publish an advertisement in the press for recruiting staff in the member’s own office provided that only the name and address of the member or that of his firm, with the description Chartered Accountant(s) is mentioned in such advertisement and the advertisement is not displayed more prominently than is usual for such advertisements or the name of the member or that of his firm with the designation Chartered Accountant(s) appears in type not bolder than the substance of the advertisement.
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The Income Tax e-filing portal developed by Infosys continued to face glitches despite the September 15 deadline set by the government to iron out issues on the platform. The portal, which went live on June 7, has been plagued with technical problems, drawing the ire of the finance ministry as well as taxpayers who have voiced their concerns on social media networks.
The GST fitment panel has specified the size of the container to distinguish between edible coconut oil and hair oil.
The fitment panel has suggested that coconut oil sold in a container of less than 1,000 milliliter may be classified as hair oil, attracting a GST rate of 18 per cent, irrespective of its actual end-use, said sources. Coconut oil sold in a container of 1,000 ml or above would be taxed as edible oil and attract 5 per cent GST.
The Union Cabinet allowed 100% foreign direct investment (FDI) in the country’s telecom sector via the automatic route, adding all safeguards will apply. Till now, only 49% of FDI was allowed through the automatic route and anything beyond this had to necessarily go through the government route.
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45th GST Council approves special composition scheme & capacity-based GST to be levied on certain items.
Council agrees to introduce special composition scheme for brick kiln sector from April 2022
Council prescribes GST rate of 6% without ITC, similar to services sector for brick kiln
Council agrees to raise GST on supply of bricks to 12% from 5% with ITC from April 2022
To bring in GST liability payment under reverse charge mechanism on mentha at 1st stage of supply
Council agrees to block IGST refund route on export of mentha
Council extends GoM’s time period by 3 mths to examine capacity-based levy on pan masala & tobacco products
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CBIC extends 3 due dates- Amnesty Scheme Further Extended and Time Limit for Revocation of Cancelled GST Registrations and GSTR-3B and FORM GSTR-1/ IFF on 29th August 2021
The filing of FORM GSTR-3B and FORM GSTR-1/ IFF by companies using electronic verification code (EVC), instead of Digital Signature certificate (DSC) has already been enabled for the period from 27.04.2021 to 31.08.2021. This has been *further extended to 31st October, 202*. [Refer Notification No. 32/2021- Central Tax, dated 29.08.2021].
Notification No. 32/2021 – Central Tax New Delhi, Dated the 29 th August, 2021
G.S.R…(E).- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: —
Short title and commencement. –
These rules may be called the Central Goods and Services Tax (Seventh Amendment) Rules, 2021.
Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette.
In the Central Goods and Services Tax Rules, 2017, —
(i) in sub-rule (1) of rule 26, –
(a) in the fourth proviso, for the figures, letters and words “31st day of August, 2021”, the figures, letters and words “ *31st day of October, 2021” shall be substituted* ;
(b) *with effect from the 1 st day of November, 2021, all the provisos shall be omitted*;
(ii) with effect from the 1st day of May, 2021, in rule 138E, after the fourth proviso, the following proviso shall be inserted, namely: – “Provided also that the said restriction shall not apply during the period from the 1 st day of May, 2021 till the 18th day of August, 2021, in case where the return in FORM GSTR-3B or the statement of outward supplies in FORM GSTR-1 or the statement in FORM GST CMP-08, as the case may be, has not been furnished for the period March, 2021 to May, 2021.”;
(iii) in FORM GST ASMT-14, –
after the words, “with effect from ——”, the words, “vide Order Reference No. ——-, dated ——” shall be inserted;
the words, “for conducting business without registration despite being liable for registration” shall be omitted;
at the end after “Designation”, the word “Address” shall be inserted.
[F. No. CBIC-20006/24/2021-GST]
2. *The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021, This has been further extended (FORM GSTR-3B late fee GST Amnesty Scheme 2021) from 31.08.2021 up to 30.11.2021*. [Refer Not. No. 33/2021- Central Tax, dated 29.08.2021].
Read more for GST Amnesty Scheme 2021 click below link
*COVID-19 Relief in 43rd GST Council meeting Dated 28.05.2021- With Press Release*
Click on Image for more (Magazine on GST Update)……..

Notification No. 33/2021 – Central Tax New Delhi, the 29 th August, 2021 G.S.R…..(E).—
In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 76/2018– Central Tax, dated the 31st December, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1253(E), dated the 31st December, 2018,
namely:– In the said notification, in the ninth and tenth provisos, for the figures, letters and words ―31st day of August, 2021‖, where ever they occur, the figures, letters and words ―30th day of November, 2021‖ shall be substituted.
[F. No. CBIC-20006/24/2021-GST]
3. Extend timelines for filing of application for revocation of cancellation of GST registration to 30.09.2021, where due date for filing such application falls between 01.03.2020 to 31.08.2021, in cases where registration has been cancelled under clause (b) or clause (c) of section 29(2) of the CGST Act. [Refer Not. No. 34/2021- Central Tax, dated 29.08.2021].
Notification No. 34/2021 – Central Tax New Delhi, the 29 th August, 2021 G.S.R…..(E).–
In partial modification of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2020-Central Tax, dated the 3 rd April, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 235(E), dated the 3 rd April, 2020 and No. 14/2021-Central Tax, dated the 1 st May, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 310(E), dated the 1 st May, 2021, in exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Government, on the recommendations of the Council, hereby notifies that where a registration has been cancelled under clause (b) or (c) of sub-section (2) of section 29 of the said Act and the time limit for making an application of revocation of cancellation of registration under sub-section (1) of section 30 of the said Act falls during the period from the 1 st day of March, 2020 to 31st day of August, 2021, the time limit for making such application shall be extended upto the 30th day of September, 2021.
[F. No. CBIC-20006/24/2021-GST]
Click below link for View Procedure for Revocation of cancellation GST Registration
Revocation of cancellation of GST registration with Procedure for revocation of cancellation-With Fourth Amendment-2021 of CGST Rules
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UDIN - ICAI Council has decided UDIN can be generated within 60 days (in place of 15 days).
Formal Announcement at this link https://udin.icai.org/announcement/udin_2021-09-17
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