⚫The Indian Govt remains committed to bring the economy on the path of fiscal consolidation in the near to medium term, setting the target to reduce fiscal deficit to 4.5% by 2025-26, FM said.
⚫FM met the Director General of WTO in the US amidst India's proposal for a temporary waiver of intellectual property rights on COVID-19 vaccines and medicines worldwide.
⚫Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus related travel restrictions spurs demand.
⚫The country's foreign exchange reserves rose by USD 2.039 billion to USD 639.516 billion in the week ended October 8,
⚫IL&FS seeks NCLT approval to place Rs 4,000 crore of assets in InvIT. With the NCLT approval, a total of 11 projects would be ready for monetisation through the InvIT route
⚫US will lift curbs on vaccinated foreign travellers on Nov 8.
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Availability of Input Tax Credit (ITC) for FY 2020-21-17/10/2021
1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for the GSTR-3B for September 2021 is either 20th October 2021 for monthly filers and 22nd or 24th October 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted:
i) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.
ii) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.
2. It is requested that the taxpayers may take note of the above and ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021, or for the quarter of July to September 2021 in case of quarterly GSTR-3B filers. Availment of ITC by the recipients contrary to the legal provisions in GST may entail action by the tax administrations in accordance with law.
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GSTN: Advisory w.r.t. availability of Input Tax Credit for FY 2020-21
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated October 17, 2021 for taxpayers regarding the availability of Input Tax Credit (“ITC”) for Financial Year 2020-21.
As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for the GSTR-3B for September 2021 is either October 20, 2021 for monthly filers and October 22, 2021 or October 24, 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted:
i.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.
ii.) Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.
It is requested that the taxpayers may take note of the above and ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021, or for the quarter of July to September 2021 in case of quarterly GSTR-3B filers. Availment of ITC by the recipients contrary to the legal provisions in GST may entail action by the tax administrations in accordance with law.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ :Can a member act as an Insurance Surveyor?
👉 Ans : As per Appendix (9) of CA Regulations, a member of the Institute in practice is generally permitted to act as a Surveyor and Loss Assessor under the Insurance Act, 1938 , provided he is otherwise a member can perform attest functions.
🏵️ FAQ: Whether the members are required to intimate his website address to the Institute?
👉 Ans :No, members are not required to intimate the Website address to the Institute. However, the Website has to comply with the Guidelines issued by the Institute.
🏵️ FAQ:Can a member act as a Tax Auditor and Internal Auditor of an entity?
👉 Ans :No, the Council has decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his tax auditor.
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⚫The Govt's National Telemedicine Service, eSanjeevani, has clocked 1.4 crore consultations so far. eSanjeevaniAB- HWC & eSanjeevaniOPD has over the time gained immense popularity in being able to deliver healthcare services through digital platforms.
⚫Equity investors saw their wealth rise by more than Rs 12.49 lakh crore as markets continued their rally for the seventh straight session on Monday. In the last seven sessions, the benchmark has rallied 2,575.86 points
⚫ The Centre has infused Rs 1,31,000 crore to boost agriculture and allied sectors with special emphasis on becoming an export oriented economy as India has tremendous potential to satiate global demand.
⚫BPCL privatisation likely to face a bump on rising fuel prices in India. A major chunk of the auto fuel price in the country consists of state and central taxes.
⚫The retail price of tomatoes rose to Rs 93 per kg in metros on sluggish arrival in mandis amid reports of crop damage, owing to unseasonal rains.
⚫The first term board exams for class 10 will begin from Nov 30, and the exams for class 12 from Dec 1: CBSE
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