🗣️ Income Tax Update:
👉🏻 On consideration of difficulties reported by taxpayers / stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued.
💥 Due Date to file TAR (Tax Audit Report) is further extended to 15/02/22 (Currently 15/01/22)
💥 Due Date to file ITR in such cases further extended to 15/03/22 (Currently 15/02/22)
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ICAI has asked the government to bring back the audit and certification provisions relating to Goods and Services Tax (GST) annual returns, saying that doing away with audit will disrupt compliance.
Functionalities for uploading appeal filed by Taxpayer for GST cases before High Court / Supreme Court and uploading Cross-objections filed by Taxpayer against appeal before Appellate Tribunal for GST cases are available in CBIC-GST application for the officers. Advisory No. 02/2022 dated 03.01.2022 and related user manuals are available in Antarang portal.
Press Information Bureau had issued an update dated January 5, 2021, regarding evasion of Customs duty of Rs. 653 crore by M/s Xiaomi Technology India Private Limited.
As per Section 203 of Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules: Following Companies are required to appoint Full Time Company Secretary:
Every Listed Company
Every public company having a paid share capital of 10 crore rupees
Every private company having a paid share capital of 10 crore rupees.
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Upcoming functionality - Interest Calculator in GSTR-3B
08/01/2022
1.As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers. The interest appliable, if any, on the tax liability declared in the GSTR-3B of a particular tax-period will be computed after the filing of the said GSTR-3B. These system computed interest values will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period. The facility would be similar to the collection of Late fees for GSTR-3B, filed after the Due date, posted in the next period’s GSTR-3B.
2.This functionality has a user-friendly interface, which informs the taxpayers regarding the manner of system computation of interest values for each tax-head. This functionality also assists the taxpayers in doing correct computation of interest for the liability of any past period declared in the GSTR-3B for the current tax period, based on the details furnished by them on the portal.
3.This functionality will further improve ease of filing return under GST and is, therefore, in the direction of further reducing the compliance burden for taxpayers.
-For the detailed advisory regarding the interest calculator in GSTR-3B, is provided
-For Annexure containing a sample computation with screenshots of the upcoming functionality, is provided
This functionality, as and when available on the GST Portal shortly, will be intimated to the taxpayers.
Thanking You,
Team GSTN
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✅The Apex Court restores it's general extension order in suo muyo cognizance 3 of 2029 dated 23.03.2020 in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, directing that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi judicial proceedings. The limitations saved shall be available from 1.3.2022.
This decision shall apply to all Income Tax, VAT, GST, Service Tax appeals/objection limitations falling between 15.3.2020 to 28.2.2022.
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✅ GST Due Dates
11th January 2022 – GSTR–1 Whose Turnover is more than Rs 5 Crore or have opted to file monthly return for the month of December 2021.
13th January 2022 – GSTR-1 Who has opted to file return under QRMP Scheme for the quarter October - December-2021.
13th January 2022 – GSTR-6 for the month of December 2021.
14th January 2022 – GSTR-2B Auto Generated ITC Statement for the month of December 2021.
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The Government has clarified that GST Officer will Give "Reasonable Time" to businesses to explain the mismatch between GSTR 1 and GSTR 3B before initiating recovery action for short payment or non-payment of taxes.
However, if the said businessman either fails to respond within the allowed time or fails to explain the reasons for short payment or non-payment of tax to the satisfaction of the Officer., then the proceedings under section 79 of the CGST Act 2017 will be initiated.
We believe that this Instruction has been issued to the Officers in the light of fear in the business community as Section 75 has been amended with effect from 1st January, according to which GST officers have been allowed to initiate direct recovery action where the monthly payment of GSTR 1 Return shows more sales than GSTR-3B.
E-commerce Operators now being responsible for paying GST on all restaurant services. Speaking of which, whether a business can be considered as ‘Restaurant Service’ or not has been a point of discussion for advance rulings since GST implementation, few cases being Pioneer Bakers [TS(DB)-GST-AAAR(OD)-2021-441] & Sri Venkateshwara Agencies [TS(DB)-GST-AAR(TEL)-2020-209].
Ministry of Textiles, Government of India (‘MoT’) had notified the Production Linked Incentive Scheme for Textiles (‘the Scheme’) in September 2021. The Scheme offers an incentives of ` 10,683 crores to enable the textiles industry to achieve size and scale, to become competitive and create greater employment opportunities.
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