⏺️ FINAL MEF Panel for 2021-22 HAS BEEN RELEASED
Kindly Check Your Firm RBI Category/UCN as below:-
Online MEF Link:
https://app.meficai.org/panel
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CBIC has set up a ‘GST Refund Help Desk’ for addressing payment related problems faced by the taxpayers. Contact Ms Anita Rawat, Toll Free Number : 1800-11-1424 Mail ID : gstrefunds-helpdesk@gov.in
Supply of food and beverages by the eating joints by way of Dine In, Take Away, Delivery, is classifiable under HSN code 9963 and will be treated as Supply of ‘Restaurant Service’ as per entry 6(b) of Sch.II, GST Act, 2017, liable to 5% GST (without ITC).
GSTN has enabled the feature to withdraw applications for cancellation of GST registration on the GST portal. If the application for cancellation of GST registration is made by mistake and the applicant wishes to withdraw.
The Reserve Bank said the Regulations Review Authority has recommended withdrawing about 100 more redundant circulars, besides elimination of certain paper based returns, a move expected to ease compliance for regulated entities with an objective to reduce the compliance burden on regulated entities (REs).
The Supreme Court upheld Rajasthan High Court judgment and held that RERA would not apply in relation to the transaction between the borrower and the banks and financial institutions in cases where security interest has been created by mortgaging the property. Union Bank of India Vs Rajasthan Real Estate Regulatory Authority.
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⏺️The LUT for FY 2022-2023 can now be filed on the gst portal.
To whomever this is applicable, it must be filed before 31.03.2022
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Rajasthan High Court directs Income Tax department to accept decelaration under Vivad se Vishwas Scheme, 2020. Case Name : Rakesh Garg Son of Shri Kailash Chand Garg Vs PCIT. Appeal Number : D.B. Civil Writ Petition No. 4178/2021 Date of Judgement/Order : 17/02/2022.
Gujrat High Court allows Refund of IGST lying in Electronic Credit Ledger. Case Name : IPCA Laboratories Ltd. Vs Commissioner. Appeal Number : Special Civil Application No. 638 of 2021 Date of Judgement/Order : 18/02/2022
Letter of Undertaking (LUT) for FY2022-23 is now live on the GST Portal. Facility for the same is available under the tab Services>User Services> Furnish Letter of Undertaking (LUT). the validity of LUT for FY 2021-22 will end on 31st March 2022. Further, two witnesses are needed for the filing the said application.
MCA initiates process of De-criminalisation of compoundable offences of LLP Further in continuation of the same Cabinet has passed LLP Amendment Bill, 2021. Finally, on 12th February, 2022 MCA has issued notification that provisions of Section 1 to 29 of LLP Amendment Act, 2021 shall came into effect from 1st April, 2022.
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MCA UPDATE
All the stakeholders are hereby informed that the Registrar of Companies and the Regional Directors of the Ministry of Corporate Affairs at all locations have been directed by the Ministry to enter all cases of complaints against the Companies and the LLPs, Inspections, Inquiries, Investigations and Prosecutions in the MCA Electronic registry i.e., MCA21 before issuing any letter, notice, order etc. Thereafter, a Service Request Number (SRN) is generated. They have also been directed to mention such SRN mandatorily in all such communications to Companies, LLPs, their officers, auditors, etc., on all communications. Therefore, all stakeholders are advised to treat any such communication received without SRN as unauthorised which need not be responded further. Any instance of such communication received without mentioning SRN may be brought to the notice of the Office of the Director General of Corporate Officer (DGCoA) at email dgcoa@mca.gov.in along with the copy of communication.
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Assorted freebies given by pharmaceutical companies to doctors to influence their prescription of medicines can’t be claimed by the firms as ‘business expenditure’ to reduce their tax outgo, the Supreme Court ruled. The court noted that acceptance of these freebies by doctors is punishable by the Medical Council of India. Apex Laboratories’s appeal against the Madras High Court’s judgement.
CWIP write-offs of abandoned pre-operational projects. The assessee, Rediff.com in [2022] 441 ITR 195 (Bom) claimed deduction of CWIP write offs total of more than 8 crores pertaining to abandoned projects in its existing business of website management and online services.
Allowing such deduction the Bombay High Court held that since it has not resulted in bringing any new asset into existence, then, such expenditure is an allowable business expenditure.
File Letter of Undertaking (LUT) for FY 2022-23 on GST Portal for Exports /Sales to SEZ etc without payment of GST. Existing LUT to expire on 31.3.2022.
MCA has released a set of FAQs in relation with the LLP e-filing services on the portal. Recently, all the LLP e-filing services are being upgraded and migrated to the MCA V3 portal. However, all the other services will continue to exist at the MCA V2 portal.
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👉🏻RBI amends payments systems rules
(The Reserve Bank of India issued amended Payments and Settlement Systems Regulations that allows companies wanting to run payment businesses to seek licenses from the regulator)
👇🏻 👇🏻 👇🏻
https://bit.ly/3hbUNmP
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📌 *E-invoicing for taxpayers if Turnover crosses 20 Crores
📰 From 01st April 2022, e-invoicing will be mandatory for taxpayers whose aggregate turnover is more than Rs.20 crore Rupees.
Source: NN 01/2022 dated 24.02.2022
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The Supreme Court said an exception or exempting provision in a taxing statute should be construed strictly and it is not open to the court to ignore the conditions prescribed in the policy and notifications issued in that regard. The apex court said the exemption notification should be given meaning according to the legislative intendment and such statutory provisions have to be interpreted in light of the “words employed in them”.
E invoice limit reduced From 50cr to 20 Cr vide Notification 01/2022-CT Dated 24th Feb, 2022 . The change will be effective from 01.04.2022 .
In the interest of Trade and Industry Representation made by ICAI seeking exemption from levy of late fee on GSTR 9 and 9C filed on or before March 31, 2022.
The Central Board of Indirect Taxes & Customs had issued an update dated February 23, 2022, regarding upcoming GSTR-1 enhancements & improvements. Following changes are being done in GSTR-1/IFF:
Removal of ‘Submit’ button before filing : The present two-step filing of GSTR-1/IFF involving ‘Submit’ and ‘File’ buttons will be replaced with a simpler single-step filing process . The upcoming ‘File Statement’ button will replace the present two-step filing process and will provide taxpayers with the flexibility to add or modify records till the filing is completed by pressing the ‘File Statement’ button.
Recipient wise summary : The consolidated summary page will also provide a recipient-wise summary, containing the total value of the supplies & the total tax involved in such supplies for each recipient. The recipient-wise summary will be made available with respect to the following tables of GSTR-1/IFF, which have counter-party recipients.
Russia's Moscow Exchange Thursday said it is suspending all trading in the wake of the launch of a full-scale invasion of Ukraine by Russia. The exchange will announce the resumption of trading at a later date, it said. The Saint Petersburg Stock Exchange also said it was stopping trading.
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CBDT issues refunds of over Rs. 1,82,995 crore to more than 2.07 crore taxpayers from 1st Apr,2021 to 21st Feb,2022. This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities.
Bombay High Court observes that a large number of writ petitions are filed on routine basis challenging reopening of assessments, “despite numerous judgments on this issue, the same errors are repeated by the Revenue authorities - Directs CBDT to issue guidelines for reducing repetition of errors in reassessment proceedings.
The Supreme Court has denied a tax deduction for incentives / freebies which are typically provided by pharmaceutical companies to doctors / medical practitioners.
Any default or delay in the payment of EPF contribution by the employer under the Act is a sine qua non for imposition of levy of damages under Section 14B. [Referred to Union of India v. Dharmendra Textiles Processors & others (2008) 306 ITR 277 : 219 CTR 617 : 174 Taxman 571 (SC)]
Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner.
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👉 RBI Bulletin - February 2022
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53283
👉 New Definition of Micro, Small and Medium Enterprises - Clarification
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12233&Mode=0
👉 Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2022-23
https://www.icai.org/post/pdc-announcement-14022022
👉 Filling up the post of Registrar, National Company Law Tribunal, New Delhi on deputation basis
https://www.mca.gov.in/bin/dms/getdocument?mds=HQELKUpPNwtoEl4X0yqWfg%253D%253D&type=open
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⏺️ Peer Review Mandate - Phase I
“Peer Review Mandate - Roll Out” dated 12.02.2022 hosted at https://www.icai.org/post/peer-review-mandate-roll-out , the firms falling under Phase I of the roll out will be required to submit a declaration form https://forms.office.com/r/AA5Zpgdsrr by March 31, 2022.
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Income Tax Section 68: Assessing Officer cannot inquire source of source. Case Name : DCIT Vs Aarti Catalyst Solutions P. Ltd. (ITAT Ahmedabad) Appeal Number : ITA No.1195/Ahd/2018 Date of Judgement/Order : 16/02/2022
Income from PF Contribution Above Rs 2.5 Lakhs Limit to be Taxable From April 1, 2022. As per new rules a threshold limit of Rs 2.5 lakh has been set on tax-free contributions for non-government employees and Rs 5 lakh for government employees.
GST From April 1, e-invoice mandatory for firms with turnover of RS. 20 Cr+. E-invoicing will be compulsory for all businesses with a turnover higher than RS. 20 crore from April 1, with the Central Board of Direct taxes and Customs lowering the turnover threshold for electronic billing from RS. 50 crore.
From the next fiscal year, taxpayers must generate invoices on their internal systems or billing software and then report them online to the invoice registration portal. This is required to avail of input tax credit (ITC).
GSTN has informed that following Improvements are going to be enabled in the interface of GSTR-1 at GST Portal:
Submit button shall be removed, two-step filing process (‘Submit’ and ‘File) shall be replaced by one-step filing process (only ‘File Statement’).
Now taxpayers can view a table-wise consolidated summary before filing of GSTR-1/IFF.
The consolidated summary page will provide a recipient-wise summary containing the value of supplies and tax. Recipient-wise summary will be available for Table-4A, 4B, 6B, 6C, 9B.
SEBI extended the deadline to May 1 for implementation of the swing pricing mechanism, for mutual fund schemes, aimed at discouraging large investors from sudden redemptions. The new framework, aimed at ensuring fairness in treatment of entering, exiting and existing investors in mutual fund schemes, particularly during market dislocation, was to be applicable from March 1.
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GSTR-9 Annual Return for FY 20-21
28th Feb, 2022 is the due date to file GSTR-9 for the FY 20-21
1️⃣ GSTR-9 Applicable if AATO > Rs. 2 Crores.
GSTR-9C Applicable if AATO > Rs. 5 Crores.
2️⃣ T4A to T4G - Mandatory - Supplies on which Tax Paid in FY 20-21 and Supplies on which Tax Payable. Supplies of FY 19-20 on which tax paid in FY 20-21 not to reported here.
3️⃣ T5A to T5C - Mandatory - Zero Rated Supply.
4️⃣ T6A - Auto-populated from GSTR-3B of FY 20-21.
T6B to T6H - Mandatory - Details of inputs and input services can be reported on a consolidated basis under the head ‘Inputs’ - ITC availed in 3B of FY 20-21 (Books of FY 20-21).
5️⃣ T6M - ITC availed in 3B of FY 20-21 (Books of FY 19-20).
6️⃣ T7A to T7H - Accumulated amount of reversal from 7A to 7E can be filled in 7H.
7️⃣ T8A - Auto-populated from GSTR-2A of FY 20-21 (Eligible ITC).
T8B - Auto-populated from T6B to T6H.
T8C - ITC of FY 20-21 availed in FY 21-22 upto 20/10/21.
8️⃣ T9 - Tax Payable can amend for tax payment.
9️⃣ T10 & T11 - Supplies of FY 20-21 on which GST paid/Reversed in FY 21-22 upto 20/10/21.
1️⃣0️⃣ T12 & T13 - ITC of FY 20-21 availed/Reversed in FY 21-22 upto 20/10/21.
1️⃣1️⃣ T14 - The tax payable as a result of declarations made in T10 and T11.
1️⃣2️⃣ T15 to T18 - Refunds, Demand, HSN Codes Optional.
1️⃣3️⃣ T19 - Late Fees Shall be levied w.e.f. 01-03-2022 at Rs. 200/day.
1️⃣4️⃣ If GST is payable - Report in T4 and T9 (Outward), T7 (ITC Reversal) & DRC-03.
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