🔮 Ethics of the Day🕵🏻
🏵️ FAQ :Whether a member in practice can hold Customs Brokers Licence under section 146 of the Customs Act, 1962?
👉 Ans : No, in terms of the provisions of Code of Ethics, it is not permissible for the member in practice to hold Customs Brokers License under the Customs Act, 1962 Brokers 172. Licensing Regulations, 2013.
🏵️ FAQ: Can a member in practice print QR (Quick response) code on his visiting cards, facilitating easy access to information?
👉 Ans :Yes, printing of QR Code on the visiting Cards is permissible, provided that it does not contain informatio n that is not otherwise permissible to be printed on a visiting Card.
🏵️ FAQ:What are the Fundamental Principles which a Professional Accountant is required to comply?
👉 Ans :As per paragraph R110.2 of Volume-I of Code of Ethics, a professional accountant shall comply with the following fundamental principles set out in Paragraph 110.1 A1 :
👉🏻 (a) Integrity
👉🏻 (b) Objectivity
👉🏻 (c) Professional Competence and Due Care
👉🏻 (d) Confidentiality
👉🏻 (e) Professional Behaviour.
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MCA Update
Due date of LLP Form - 8 (The Statement of Account & Solvency) is extended from 30/10/2021 to _30/12/2021
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FORM GSTR-2B - ADVISORY
Q.1 What is GSTR-2B?
👉GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). The statement indicates availability and non-availability of input tax credit to the taxpayer against each document filed by his suppliers.
Q.2 When it is generated and made available to taxpayer?
👉It may be noted that process of GSTR-2B generation starts after ending of IFF, GSTR-5 and GSTR-6 due date on 13th midnight and therefore GSTR-2B can be made available to the taxpayer in the afternoon of 14th of the month. Further, GSTR-2B is a static statement and is made available for each month on the 14th day of the succeeding month. For example, for the month of July 2020, the statement was generated and made available to the registered person on 14th August 2020. Details of all the documents in GSTR-2B is made available online as well as through download facility.
Q.3 What are the inputs of GSTR-2B?
👉 All the B2B information/documents filed by suppliers in their monthly or quarterly GSTR-1, IFF and GSTR-5 filed by NRTP taxpayers.
Information filed by ISD taxpayers in their GSTR-6.
Information of ITC of IGST paid on import of goods filed in ICEGATE.
Q.4 What is the cut-off dates for GSTR-2B generation?
👉Cut-off dates for GSTR-2B generation are on the basis of due dates of GSTR-1, GSTR-5 and GSTR-6 as illustrated below.
For monthly GSTR-1 filers, any GSTR-1 filed between the due date of furnishing for previous month (M-1) to the due date of furnishing of GSTR-1 for the current month (M). For example, GSTR-2B generated for the month of Jan, 2021 contains the details of all the documents filed by suppliers in their monthly GSTR-1 from 00:00 hours on 12th Jan, 2020 to 23:59 hours on 11th Feb 2020.
For quarterly GSTR-1/IFF, GSTR-5 and 6 filers, any IFF/GSTR-1/5 and GSTR-6 filed between the due date for previous month (M-1) to the due date of furnishing for the current month (M). For example, GSTR-2B generated for the month of Jan, 2021 contains the details of all the documents filed by suppliers in their quarterly GSTR-1/IFF, GSTR-5 and 6 from 00:00 hours on 14th Jan, 2021 to 23:59 hours on 13th Feb 2021.
The documents furnished by the supplier in any GSTR-1/IFF, GSTR-5 and 6 would reflect in the next open GSTR-2B of the recipient irrespective of the date of issuance of the concerned document.
For example, if a supplier furnishes a document INV-1 dt. 15-5-2020 in the FORM GSTR-1 for the month of July, 2020 filed on 11th August 2020, the details of INV-1, dt. 15-5-2020 will get reflected in GSTR-2B of July 2020 (generated on 12th August 2020) and not in the GSTR-2B of May, 2020.
Q.5 What should be done if IGST of imports is not featuring in GSTR-2B?
👉GSTR-2B also contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. This is made available from GSTR-2B of August 2020. In case any Bill of entry is not being reflected in your GSTR-2B, then you can fetch the missing records from ICEGATE by a self-service functionality provided by GSTN. A detailed advisory is already issued in this respect which can be accessed at https://www.gst.gov.in/newsandupdates/read/505
Q.6 What about reverse charge entries?
👉It may be noted that reverse charge credit on import of services is not a part of this statement and will be continued to be entered by taxpayers in Table 4(A)(2) of FORM GSTR-3B. However, reverse charge on import of goods is auto populated from ICEGATE.
Q.7 Where does ITC available and not-available summary shown?
👉 ITC Available Summary is captured in Table-3 of GSTR-2B which shows the ITC available as on the date of generation of FORM GSTR-2B. It is divided into following parts:
A. Part A captures the summary of credit that may be availed in relevant tables of FORM GSTR-3B.
B. Part B captures the summary of credit that shall be reversed in relevant table of FORM GSTR-3B.
ITC not-available summary is captured in Table 4 of GSTR-2B which shows the summary of ITC not available as on the date of generation of FORM GSTR-2B, under the specific scenarios detailed at Sr. No. 11 below. Credit reflected in this table shall not be entered in Table 4(A) of FORM GSTR-3B.
Credit shown as "ITC Not available" in Table 4, Part A covers the following scenarios only: -
i. Invoice or debit note for supply of goods or services or both where the recipient is not entitled to input tax credit as per the provisions of sub-section (4) of Section 16 of CGST Act, 2017.
ii. Invoice or debit note where the Supplier (GSTIN) and place of supply are in the same State while recipient is in another State.
However, there may be other scenarios for which Input Tax Credit may not be available to the taxpayers as per other legal provisions. Taxpayers are advised to exercise caution and self-assess & reverse such credit in their FORM GSTR-3B.
Q.8 What does taxpayers need to ensure?
👉Taxpayers are advised to ensure that the data generated in GSTR-2B is reconciled with their own records and books of accounts. Taxpayers shall ensure that
i. No credit shall be availed twice for any document under any circumstances.
ii. Credit shall be reversed as per GST Act and Rules in their FORM GSTR-3B.
iii. Tax on reverse charge basis shall be paid.
Detailed and section wise instructions are provided in GSTR-2B and taxpayers may view the same.
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✅ CBDT enabled Tax Audit Utility (3CA-CD & 3CB-CD) for AY 2020-21 and AY 2021-22
CBDT enabled Tax Audit Utility (3CA-CD & 3CB-CD) for AY 2020-21 and AY 2021-22
👉🏻 The CBDT has enabled common offline utilities for filing statutory Income-tax forms (Form 3CA-CD & 3CB-CD). The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly.
👉🏻 The Offline Utilities can be accessed at: https://www.incometax.gov.in/iec/foportal/downloads/income-tax-forms
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IRB Infra - India’s largest toll road developer
BUY for TP 550 - Bound to get Rerated
BIGGEST DEVELOPMENT
Largest equity fund raise by a listed Indian infrastructure developer in the Roads and Highways Sector
▪️Cintra INR Investments BV, a Subsidiary of Global infrastructure giant Ferrovial S.A would invest equity capital of up to INR 3,180 Cr for 24.9% stake in IRB
▪️GIC through its affiliate, would invest equity capital of up to INR 2,167 Cr into IRB for 16.9% stake
▪️These equity fund raises will help achieve the twin objectives of Deleveraging and Access to Growth Capital to participate in the massive infrastructure development and monetization plan of the Govt. of India
These Transactions will result in a strong balance sheet as well as improved cashflows and profitability at IRB
▫️It will result in Net Debt/EBITDA reduce from 2.1x to just 1.2x
▫️Interest Coverage Ratio will improve from 2x to 2.8x
New entrants will provide Debt at very low interest rates
The National Infrastructure Pipeline has been subsumed under recently announced PM Gati Shakti Master Plan
▪️Roads with 19% has received the lion’s share of allocation among infrastructure sectors
▪️20 Lakh Crore of Capex in the Roads Sector by FY25
▪️2 Lakh Kms of highway length to be achieved by FY25
IRB has approx 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
▪️The Company has strong track record of constructing over 13,095 lane Kms pan India in 2 decades and has an ability to construct over 500 Kms in a year.
Considering the Stature of the new Investors, IRB is bound to get Rerated with much improved financials in the quarters to come.
We advise a strong BUY for TP 550.
Above TP is subject to market conditions. Personal due diligence advised
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👉🏻Tax Audit Utility for Form 3CA-CD & 3CB-CD enabled by CBDT
(Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD )
👇🏻 👇🏻 👇🏻
https://bit.ly/3vQc2Ri
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