CBDT extends Timeline to update UDIN
The Central Board of Direct Taxes ( CBDT ) has extended the timeline to update the Unique Document Identification Number(UDIN) for practising Chartered Accountants till 30th June 2022, to give more time to CAs to correctly verify and upload UDINs.
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Central Board of Indirect Taxes & Customs, GST Policy Wing has issued a Circular No.169/01/2022-GST dated March 12, 2022, amending paragraphs 6 & 7 of Circular No. 31/05/2018-GST, dated February 09, 2018, consequent to Notification No. 02/2022 –Central Tax dated 11thMarch 2022 specifying the appointment of Common Adjudicating authority for adjudicating the show cause notices issued by DGGI under GST.
The Ministry of MSME makes registration of existing MSME enterprises valid till June 30, 2022. Notification No. S.O. 2134(E) of 6.5.22.
Board of Studies of ICAI invites Your comments on the Proposed Scheme of Education and Training at https://boscret.icai.org/
Team BOS, ICAI
The Ministry of Corporate Affairs has accorded its in-principle approval on the *Proposed Scheme of Education and Training and draft amendments in the Chartered Accountants Regulations related thereto*.
In terms of the requirement of sub-section (3) of Section 30 of the Chartered Accountants Act, 1949, the notification containing draft amendments has been published in Part III Section 4 of the Gazette of India, Extraordinary, dated 2nd June, 2022 seeking comments from the persons likely to be affected thereby.
The said Notification has also been hosted on the website of the Institute. The link to reach the same is https://resource.cdn.icai.org/70622council56556.pdf. The link for the Booklet “The Proposed Scheme of Education and Training” is Proposed Scheme of education and Training.pdf
The stakeholders may send their suggestions/objections in regard to the aforesaid proposed scheme latest by 1st July, 2022 for consideration of the Council by visiting the following link: https://boscret.icai.org/
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👉Gst Module wise new Functionalities deployed on The Gst Portal For Taxpayer
https://www.gst.gov.in/newsandupdates/read/544
👉DPT-3 Return of Deposit Due date 30-06-202
👉CSR-2 Report on CSR Extended due date 30-06-2022
👉LLP-11 Annual Return Extended Due date 30-06-2022 (Additional Fees shall be count from 31-05-2022)
👉All Other LLP Forms Due Date falling b/w 25-02-2022 to 31-05-2022 extended due date 30-06-2022
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CBDT is currently preparing guidelines Ahead of the first due date of advance tax payment on June 15, to release guidelines on what will be covered within the ambit of virtual digital assets (VDA).
The commodity ‘Diesel’ is covered under Entry 54 to the List II of the Schedule VII to the Constitution of India and therefore it is excluded from levy of GST and hence beyond the scope of Chapter XVII of the CGST Act, 2017.
Health check-ups of employees organised by companies and conducted by doctors and nurses should be regarded as a medical service and should not face GST, an Appellate Authority of Advance Ruling (AAAR) has said. The AAAR modified an earlier ruling by the Gujarat (AAR) that had said 18% GST would be applicable on such health services.
Supreme Court held that when 90% or more of the creditors decide that it will be in the interest of all the stake¬holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate Insolvency Resolution Process as per Section 12A of IBC, 2016, NCLT or NCLAT cannot sit in appeal over such commercial wisdom of Committee of Creditors.
Employees' Provident Fund Organisation (EPFO) is weighing a proposal to raise its investment limit in equities to as much as 25% of incremental flows from the existing 15%. The higher exposure to stocks is aimed at helping the apex retirement body bridge the shortfall in returns with investment in debt securities struggling to help it reach targets.
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✅ Important due dates for the GST Returns in the Month of June 2022
10.06.2022 GSTR 7 May 2022 GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST
10.06.2022 GSTR 8 May 2022 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.06.2022 GSTR 1 May 2022 Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
13.06.2022 GSTR 1 IFF (QRMP) May 2022 GST return for the taxpayers who opted for QRMP scheme (Optional)
13.06.2022 GSTR 6 May 2022 Input Service Distributors
20.06.2022 GSTR 5 & 5A May 2022 Non-Resident Taxpayers and ODIAR services provider
20.06.2022 GSTR 3B May 2022 The due date for GSTR-3B having an Annual Turnover of more than 5 Crores or Opted for monthly filing
25.06.2022 GST Challan (Qrmp)
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Central Board of Indirect Taxes and Customs had issued Instruction No. 1083/04/2022-CX9 dated May 23, 2022, regarding standard Operating Procedure for NCLT cases in respect of the Insolvency and Bankruptcy Code.
Finance ministry is working on a detailed mechanism that can resolve goods and services tax (GST) disputes raised by states while avoiding distortions in the tax regime. The mechanism may be discussed with the states at the next GST Council meeting, expected sometime in June.
GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹ 37469 crore collected on import of goods) and cess is ₹10,502 crore (including ₹931 crore collected on import of goods).
GST Portal started functionalities pertaining to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well as informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for the benefit of the stakeholders.
Central Board of Indirect Taxes & Customs had issued Notification No. 07/2022-Central Tax dated May 26, 2022, regarding seeks to waive off late fee under Section 47 for the period from May 01, 2022 till June 30, 2022 for the delay in filing FORM GSTR-4 for FY 2021-22.
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The Income Tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal. “Issue relating to the search functionality of the e-filing website has come to our notice.
Delhi High Court quashes penalty levied under section 270A. AO fails to specify the limb of section 270A(9) under which allegation of misreporting of income has been levied . Directs AO to grant immunity under section 270AA.
No cancellation of trust registration just because it received donations from an entity providing accommodation entry. [CIT (Exemption) v. Mayapur Dham Pilgrim and Visitors Trust (2022) 138 taxmann.com 502 (Cal.)]
Maharashtra AAR has ruled that the amount received under lease rental services for residential purposes will be outside the ambit of GST.
MCA Last date of filing of DPT-3 is 30.06.2022.
Reserve Bank of India (RBI) hikes the policy repo rate by 50 basis points to 4.90 per cent.
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👉🏻RBI increases repo rate by 50 basis points
(Reserve Bank of India (RBI) once again increased its key interest rate (Repo Rate) by 50 bps to 4.90%, in a bid to target rising inflation)
👇🏻 👇🏻 👇🏻
https://bit.ly/3NyhUq3
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Section 37(1) Foreign travel of Directors:
Orissa High Court: Where assessee-company claimed expenditure towards foreign travel of its directors, since assessee had not furnished any details that such foreign travel expenses were incurred wholly and exclusively for business purposes, Assessing Officer was justified in disallowing 20% of such expenditure claimed by assessee.
Indian Metal and Ferro Alloys Ltd. v. CIT 2022
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AAR TELANGANA
Healersark Resources (P.) Ltd., In re 2022
1. Where Applicant is providing boarding and lodging to students undergoing training under healthcare vocational program and 2 supplies are not integrated and not naturally bundled. Thus not composite supply of services.
2. Food Services: Supply of Food services by applicant is covered under Heading No. 99633 and taxable at rate of 12% GST with ITC up to 14-11-2017 and 5% GST without ITC from 15-11-2017 onwards.
3. Accommodation Services: Supply of accommodation services by applicant is covered under Heading No. 99631 and is exempt from GST as per-day rent for accommodation is below Rs. 1,000.
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✅Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022- Strike off rules dated 9th June 2022
✅Waiver of interest for specified electronic commerce operators for specified months.
Notification No. 08/2022 –Central Tax dt. 07.06.2022
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Government in circular, clarified that the rate of TDS on Virtual Digital Assets continues to be 1 per cent, debunking earlier media reports that rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%.
Allahabad High Court disposes writ petition challenging conflicting reassessment orders passed by the NaFAC, grants Assessee the liberty to pursue statutory remedy against the orders; In the course of hearing, High Court had directed the Revenue Secretary to file an affidavit explaining the state of affairs and steps taken by the Government on NaFAC passing conflicting orders; – [Harish Chandra Bhati v. PCIT, Noida – Date of Judgement : 19.05.2022 (All.)]
Varanasi ITAT allows Assessee’s appeal, deletes penalty levied under Section 271C for non-deduction of tax at source under Section 194IA on purchase of property; Observes that provisions of Section 271C are subject to Section 273B which provides that no penalty would be leviable if Assessee is able to prove reasonable cause for failure to deduct tax at source; – [Manish Jaiswal v. Addl.CIT(TDS), Allahabad - Date of Judgement : 31.05.2022 (ITAT Varanasi)]
On meeting with DM and Commissioner by the Chartered Accountants of Gorakhpur, Finally Clarification issued by the GST Addl Commissioner of Gorakhpur that CAs are authorised to Appear before GST Authorities. Source- Social Media and not confirmed Also Read: Gorakhpur advocates not allowing CAs to appear before VAT/State GST Authorities.
Canara Bank proposes to empanel eligible Chartered Accountant Firms for conducting Concurrent / Continuous Audit of select Branches / Units for the period from July 2022 to June 2023. Application is to be submitted online from 08.06.2022 to 22.06.2022.For details,please visit:https://www.pdicai.org/Docs/Canara-Bank862022173035543.pdf You are requested to appropriately submit the same latest by 22nd June, 2022.
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MCA Amends Strike-off Rules Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022
Ministry of Corporate Affairs (MCA) vide circular / notification dated 09th June, 2022 has issued “Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022” further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, in exercise of the powers conferred under Section 248 (1), 248(2), 248(4) read with Section 469 of the Companies Act, 2013.
Applicability:
From the date of their publication in the Official Gazette.
Key Highlights:
a) Ministry has inserted following in rule 4, after sub-rule (3):
· Where the Registrar, on examining the application made in Form STK-2, finds that it is necessary to call for further information or finds such application or any document annexed therewith is defective or incomplete in any respect, he shall inform to the applicant to remove the defects and re-submit the complete Form within fifteen days from the date of such information, failing which the Registrar shall treat the Form as invalid in the electronic record, and shall inform the applicant, accordingly.
After the re-submission of the Form or document, if the Registrar finds that the Form or document is defective or incomplete in any respect, he shall give further time of fifteen days to remove such defects or complete the Form, failing which the Registrar shall treat the Form as invalid in the electronic record and shall inform the applicant, accordingly.
Any re-submission of the application in Form STK-2 made prior to the commencement of the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 shall not be counted for the purposes of reckoning the maximum number of re-submissions of such Form.".
b) The Ministry has also revised MCA E – forms: Form No. STK 1, Form No. STK - 5 and Form No. STK-5A
https://www.mca.gov.in/bin/dms/getdocument?mds=JkKchIdTtvq3RDH8WyFBuw%253D%253D&type=open
Dear ICAI Member, Your comments are invited on the Proposed Scheme of Education and Training at https://boscret.icai.org/ Team BOS, ICAI
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👉Announcement by CL&CGC regarding amendment compaines (removal of name of companies from the register of companies ) rules 2016. (10-06-2022) ICAI.
https://resource.cdn.icai.org/70683clcgc100622a.pdf
👉punjab and maharashtra co- opreative bank limited (amalgamation with unity small finance bank limited ) scheme 2022,- provisioning on interbank exposure and valuation of perpetual non -cumulative preference share (PNCPS ) and equity warrants, RBI .
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12338&Mode=0
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