🔮 Ethics of the Day🕵🏻
🏵️ FAQ :Whether a member holding CoP, who is an employee in a CA Firm, can be enrolled as GST practitioner?
👉 Ans : Yes, he can enrol as GST practitioner (as this is not an attest function), subject to contractual obligations, if any, with the employer.
🏵️ FAQ: Whether a member holding CoP on part time basis, working as an employee in an entity other than a CA Firm, can be enrolled as GST practitioner?
👉 Ans :A member holding CoP on part time basis and working as an employee in an entity other than a CA Firm can enrol as GST practitioner, subject to contractual obligations, if any, with the employer.
🏵️ FAQ:Whether it is permissible for a member to mention himself as “GST Consultant”?
👉 Ans :No, in terms of provisions of Clause (7) of Part ActI of First Schedule to , it is not permissible for a member to mention himself as GST Consultant.
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GST Updates
1️⃣ Minutes of 43rd & 44th Meeting is available now, link is below below, cannot share due to size. http://gstcouncil.gov.in/meetings
2️⃣ Maharashtra AAR: Only supplier of goods or services can apply for a GST advance ruling.
3️⃣ Gujarat AAR: GST is not applicable on the amount collected from the employees towards canteen charges.
4️⃣ Telangana AAR: e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST.
5️⃣ TSAAR: Arbitration award to attract GST even if infra project was completed under earlier.
6️⃣ National Informatics Centre (NIC) has issued a list of GSTINs updated till October 18, 2021 generating IRN.
The List of GSTINs can be accessed at: https://einvoice1.gst.gov.in/Others/GSTINsGeneratingIRN.
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⚫Niti Aayog VC urged US-based Tesla to manufacture its iconic electric vehicles in India, while assuring the company that it will get the tax benefits it wants from the Govt.
⚫The Cabinet Committee on Economic Affairs approved Gati Shakti, or the national master plan for multimodal connectivity, which includes the institutional framework as well as the implementation.
⚫The credit dispensed by commercial banks in India rose by 6.47% on a YoY basis to Rs 110.3 trillion as on October 08, 2021:RBI.
⚫Strong Q2 seen for capital goods co's as project execution picks pace. This is helped by the easing of the second wave, and as a result ironing out of supply chain issues, improving labour availability as vaccination picks pace and timely customer collections.
⚫The Supreme Court said farmers are entitled to protest against the Govt over three new agricultural laws but protesters cannot block a road indefinitely.
⚫India completed vaccination of 100 crore doses on October 21, 2021, in just about nine months since starting vaccination. This has been a tremendous journey in dealing with Covid-19, especially when we recall how things stood in early 2020. We remember how unpredictable the situation appeared then, as we were faced by an unknown and invisible enemy mutating rapidly.
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✅ Minutes of 43rd & 44th Meeting is available now, link is below below, cannot share due to size. http://gstcouncil.gov.in/meetings
✅ICAI- Exam Observers Empanelment
Re-opening of Online Empanelment of Members to act as Observers for December 2021 Examinations up to 26th October 2021
https://www.icai.org/post/re-opening-of-online-empanelment-of-members-dec2021
✅Electronic Credit Ledger cannot be used in respect of payment of pre-deposit for the purpose of filing appeal under GST Law - In Jyoti Construction v. Deputy Commissioner of CT & GST, Jajpur, the Hon’ble High Court of Orissa has pronounced its order.
✅MSME Samadhaan Portal – Ease of filing application under MSEFC, an Initiative from Ministry of MSME, GOI
https://samadhaan.msme.gov.in
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⚫The Govt expects the Indian electronics manufacturing sector to grow to around Rs 22.5 lakh crore by 2024-25. The govt is looking beyond devices and communication, with expansion plans looking at equipment and systems, and further to automotive and medical equipment.
⚫A four-layered scale based approach to regulate NBFC in the country will kick in from October 1, 2022 to ensure tight oversight of the sector. The RBI has set a limit of Rs 1 crore per borrower for financing subscriptions to IPO.
⚫The country's foreign exchange reserves rose by $1.492 billion to reach $641.008 billion in the week ended October 15
⚫The Supreme Court slammed the Govt over the delay in appointment of presidents and members in consumer fora, saying if it is not keen on filling up vacancies to allow full fledged functioning, then it can do away with the fora.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ :Whether two or more members can collectively have joint training session for their clients on GST, and share the fees collected from the clients thereof?
👉 Ans : It is *permissible* for two or more members can collectively have joint training session for their clients on GST, and share the fees collected from the clients thereof.
🏵️ FAQ: Whether it is permissible for a Firm of Chartered Accountants to sponsor an event?
👉 Ans :It is *not permissible* for a member in practice or a Firm of Chartered Accountants to sponsor an event. However, such member or Firm may sponsor an event conducted by a Programme Organizing Unit (PoU) of the ICAI, provided such event has the prior approval of Continuing Professional Education (CPE) Directorate of the ICAI.
🏵️ FAQ:Whether members in practice can have a website only for the purpose of Tax services and Consultancy?
👉 Ans :Yes, however it will be governed only by the website Guidelines issued by ICAI, notwithstanding that only tax services and consultancy are being offered.
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CBDT issues refunds of over Rs 92,961 crore to more than 63.23 lakh taxpayers from April 1, 2021 to October 18, 2021. Income tax refunds of Rs. 23,026 crore have been issued in 61,53,231 cases and corporate tax refunds of Rs. 69,934 crore have been issued in 1,69,355 case," the Income Tax department tweeted.
Income Tax Assessing Officer cannot confirm addition merely based on AIR information. Case Name : Shri Rajesh Chunara Vs ITO (ITAT Jaipur)
ADG, DRI cannot Send Notice for Customs Duty or Interest Payment. Case Name : Modern Insecticides Limited Vs Commissioner of Customs (CESTAT Chandigarh)
Maharashtra bench of the GST Authority for Advance Rulings (AAR) has rejected an application filed by a Mumbai-based private company as it was not the supplier of goods or services, but the recipient. Additionally, it related to a supply that had already been completed as on the date of the application instead of being undertaken or proposed to be undertaken.
NIRC of ICAI is inviting applications for the empanelment of faculty for the ITT and Advanced ITT course. The objective of course is to transform our budding Chartered Accountants to refurbish their threats into opportunities and weaknesses into strengths. CA with D.I.S.A. (ICAI) having minimum 3 years’ experience in Information Technology related fields. Candidates who are interested to be empaneled as a faculty for the course may apply by filling relevant information available at the following link latest by 06, November, 2021. https://forms.gle/qSuSMoP6ZqH6kgiCA.
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⚫Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22. Tax revenues may not narrow deficit; food, fertiliser subsidies to overshoot BE
⚫The govt has given nod to 157 new medical colleges in India since 2014 and has invested Rs 17,691.08 crore on these projects. On completion, nearly 16000 medical undergraduate seats would be added.
⚫Rentals of high street retail are inching back to pre-COVID levels in Delhi NCR on the back of revival in business, as rents have risen 11-17% during July-Sept.
⚫As many as 438 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.3 lakh crore.
⚫Of the states without a significant production capacity, Delhi is the only one that sold electricity in October, shows the latest data on power trading at the country’s two power exchanges.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ :Whether a member in practice can act as a mediator?
👉 Ans : Yes, a member in practice can act as a mediator since acting as a ‘mediator’ would be deemed to be covered within the meaning of ‘arbitrator’, which is inter alia permitted to members in practice as per Regulation 191 of the CA Regulations.
🏵️ FAQ: Whether a member in practice who is the statutory auditor of a bank can accept Stock audit/Inspection Audit of the same bank?
👉 Ans :No, it is not permissible since stock audit/inspection audit is kind of management function, which cannot be done simultaneously with the statutory audit.
🏵️ FAQ:Whether a member in service can represent before the Income Tax Authorities on behalf of other employees /colleagues of the company?
👉 Ans :A member in service can appear as tax representative before tax authorities on behalf of employer, but not on behalf of employees/colleagues.
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