👉Companies (Incorporation) second Amendment Rules 2022, 05-7-2022
https://www.mca.gov.in/bin/dms/getdocument?mds=bcxsyZryNUr31CtqZ3vXtQ%253D%253D&type=open
👉Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO 4-7-2022.
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12348&Mode=0
👉Rescheduled Date for Chartered Accountants Foundation Examination at Silchar (Assam) Examination Centre. - (05-07-2022)
https://resource.cdn.icai.org/70902exam56866a.pdf
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👉🏻Govt aims to move bank privatisation bill in Monsoon session
(The legislation for privatisation of select-public sector banks, which is considered to be in the offing for the past few months, could be introduced in the upcoming Monsoon Session of the Parliament)
👇🏻 👇🏻 👇🏻
https://bit.ly/3uFiKtW
🎯GST Exemption Withdrawn from Pre Packaged and Labelled Items
(The rate changes will be effective July 18, 2022 | Pre-packed labelled food items to now attract GST)
👇🏻 👇🏻 👇🏻
https://youtu.be/nDGaKvg4zF4
👉🏻RBI sets up system to settle trade in Indian Rupees (INR)
(International Trade Settlement in Indian Rupees (INR) - RBI, RBI/2022-2023/90 A.P. (DIR Series) Circular No.10 Dated 11th July 2022)
👇🏻 👇🏻 👇🏻
https://bit.ly/3aC6mUx
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Erroneous refunds of unutilized ITC for zero rated supply and inverted rated turnover and erroneous refunds of IGST paid on export of goods on which benefit of deemed exports was availed may be repaid by the registered person through DRC-03 from cash ledger.
However there was no mechanism to re-credit the refund in credit ledger to the taxpayer, in spite of the refund having been repaid in cash ledger by the taxpayer. Hence repayment of erroneous refund was unfair advantage to the revenue, because though refund received in cash ledger has been repaid back by him from cash ledger but refund auto debited to credit ledger at the time of refund application could not be restored back to the taxpayer.
Hence NN 14/2022 dated 5-7-2022 has inserted rule 86(4B) to provide that if erroneous refund is paid in cash along with interest and penalty, whether on basis on own ascertainment or on being pointed out, the equivalent ITC shall be credited to credit ledger through DRC-03A.
Further as per Circular 174/06/2022 dated 6-7-2022, the taxpayer shall mention in remarks column of DRC-03, while making payment of erroneous refund that payment is on account of erroneous refund of unutilized ITC or erroneous refund of IGST obtained on export of goods on which benefit of deemed exports was availed.
Thereafter Manual request shall be made for re credit of amount in the format provided in the Annexure A to the Circular. Re credit of equivalent amount to the credit ledger shall be done within 30 days preferably. Hence no mandatory time limit for re credit has been laid down in rules or Circular.
Further NN 13/2022 dated 5-7-22 has extended the time of limitation for issuance of order for recovery of erroneous refunds by excluding the time period of 730 days ( from 1-3-2020 to 28-2-2020) during COVID.
Supreme Court, in a recent decision, in the case of PCIT v. Wipro Limited [TS-544-SC-2022], has held that a taxpayer, who wishes to opt-out from claiming exemption under section 10B of the Income-tax Act, 1961 is required to file a declaration on or before the due date of filing the original return of income. As per the Supreme Court, such declaration cannot be filed beyond the timelines prescribed in the statute.
Direct Tax Committee of ICAI has come out with a new publication ‘Handbook on Taxation of Virtual Digital Assets’ (Click on the link - https://drive.google.com/file/d/1nud6FT4JIph2bdfc4xnwvwSdr5001Q_n/view?usp=sharing).
The Income Tax Department releases a brief note on e-proceedings (applicable to international tax and central charges) and faceless assessment; States that e-proceedings facility has been developed to facilitate conduct of assessment proceedings electronically.
Emphasizes on the seamless flow of letters, notices, questionnaires, orders etc. from Assessing Officer to assessees’ e-Filing account, thus saving time and paper and also underscores the importance of digital trail and documents retention through e-proceedings; Lists out the situations in which a physical hearing/attendance may take place in e-proceedings
Books are to be examined,
Section 131 is invoked,
Examination of witness by AO and
Show cause notice contemplating any adverse view is issued and assess requests for personal hearing to explain the matter;
For faceless assessment, the note lists down the salient features of the scheme and details on the procedure to seek personal hearing; Specifies the following steps:
Log on to e-filing portal,
Select “e—proceedings” under “Pending Actions” menu and select applicable tab – Self, other PAN/TAN or as authorized representative,
Click on “View Notice” in respect of concerned AY wherein the details of proceedings, limitation date, closure date, etc. would be visible,
Click on “Seek Video Conferencing” against a particular notice and select appropriate reason from the drop down list and submit; Specifies that once VC is approved, a letter scheduling the VC shall be served on the email id of the Assessee which would contain details of scheduled Date & time and Video conferencing URL; States that the letter can also be downloaded from e-filing portal; Also details the procedure to seek adjournment of VC request.
The results of Chartered Accountants Final Examination held in the month of May 2022 are likely to be declared on Friday, the 15th July, 2022 (evening) / Saturday, the 16th July, 2022.
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🟢 GST new rates effective from 18.7.2022 vide notification dated 13.07.2022
.Major changes in Exemptions applicable from 18-07-22
(1) Renting of residential dwelling to a registered person is taxable.
(2) Hotels, Inns, Guest house, club or campsite by whatever name called - charging even upto Rs 1000/- per room per day are now taxable at 12%
(3) No exemptions of RCM on GTA where freight is ₹1500 or ₹750. Now Reverse Charge on GTA services will be applicable from ₹1.
(4) Services by RBI, IRDA, SEBI, FSSAI, GSTN and cord blood banks are now taxable.
(5) Services by hospital charging room charges more than Rs 5000/- per day is taxable. But if charges are charged for ICU or CCU or ICCU then no GST is applicable.
(6) Treatment or disposal of common bio-medical waste to clinical establishments are taxable
(7) Now Warehousing Services of Nuts & Vegetables, Spices, Copra, Sugarcane, Jaggery, Raw Vegetables Fibres such as Cotton, flax, jute etc., indigo, unmanufactured tobacco, betel leaves, tendu leaves & coffee withdrawn
(8) Tour Operator Services provided to a foreign tourist for the tour performed in India is proportionately taxed based on the number of days spent in India & Outside India.
(9) Few Exemption withdrawn for Fumigation Services
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MCA Update
In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:
(1).Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.
(2).Offline payments for the above 9 forms in V2 using Pay later option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).
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👉Guidance Note on the Companies (Auditor's Report) Order, 2020 (Revised 2022 Edition) - (14-07-2022)
https://resource.cdn.icai.org/70956aasb56965.pdf
👉ITR-6 is now enabled for e-filing using third party utili… 15-07-2022
https://www.incometax.gov.in/iec/foportal//latest-news#0055234c-2edb-451e-b8c9-fb887f8d94c9
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CBIC has released a Concept Paper dated July 14, 2022 invites for suggestions, views, comments, etc. from stakeholders on comprehensive changes in FORM GSTR-3B to be submitted upto September 15, 2022
A proposal of comprehensive changes in FORM GSTR-3B was deliberated by the GST Council in its 47th meeting held at Chandigarh on 28th and 29th June 2022. The Council recommended that the said proposal may be placed in public domain for seeking inputs and suggestions of the stakeholders.
Accordingly, the general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed.
All members of the trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by September 15, 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter.
Enclosures: Concept Paper along with Annexure-A (FORM GSTR-3B) and Annexure-B (Instructions)
The Concept Paper along with Annexures can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/draft-circ/stakeholder-comprehensive-change-form-140722.pdf;jsessionid=7C70C7BFF81665A78133FA35DBB515B7
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25 July is the last day for Depositories, Registrars etc to file Statement of Capital gains on transfer of listed securities etc in Apr-Jun in Form 61-A.
The Ministry of Corporate Affairs is launching the first set of Company Forms on the MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3 DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:
Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 A M for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.
Offline payments for the above 9 forms in V2 using Pay later option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).
ICAI has hosted the Request For Proposal / Tender in the ICAI Website www.icai.org/tender and published in the Newspaper across India on 6th July 2022 inviting expression of interest from the intending service providers in the ‘call centre industry’ with required details as per the terms and conditions mentioned in the RFP/tender document.
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Central Board of Direct Taxes by Circular No.2/2020 [F.No.197/55/2018-ITA-I] dated 03.01.2020 authorized the Commissioners of Income-tax to admit applications of condonation of delay in filing Form No. l0B for AY 2018-19 or for any subsequent Assessment Years where there is delay of up to 365 days and decide on merits.
Due date to file your income tax return for the year 21-22 is 31st of July 2022. ( For those who are not required to get their books audited).
Whether Balance/trial sheet found during search being a public document is an incriminating material? -no question of law arises for consideration in the present appeal and the same is dismissed. (Favour of Assessee) PCIT (CENTRAL)-3, NEW DELHI Vs. PROMINENT REAL TECH PVT.L TO, 12.07.2022 ( Delhi High Court )
Capital gain not payable on partition or family settlement. Case Name : Sujan Azad Parikh Vs DCIT (ITAT Mumbai) Appeal Number : ITA No. 186/MUM/2021 Date of Judgement/Order : 13/07/2022.
No Section 263 revision if assessee opted for Vivad se Vishwas scheme during pendency of appeal. – [Gopalakrishnan Rajkumar v. PCIT (2022) 140 taxmann.com 394 (Mad.)].
ICAI results of Chartered Accountants Intermediate Examination and PQC Examination ( International Taxation Assessment) held in the month of May 2022 are likely to be declared on Thursday, the21st is July, 2022. With best regards
ASB of ICAI has prescribed Formats for Financial Statements of LLP & Non-Corporate Entities and published Technical Guides for the same. The Technical Guides & Excel files containing Illustrative Formats for Financial Statements can be assessed at:
A) Non – Corporate Entities:
Technical Guide on Financial Statements of Non-Corporate Entities - https://resource.cdn.icai.org/70614asb56545.pdf
Excel file containing Illustrative Formats for Financial Statements of Non-corporate Entities - https://www.icai.org/post.html?post_id=15772.
B) Limited Liability Partnership (LLP):
Technical Guide on Financial Statements of Limited Liability Partnerships - https://resource.cdn.icai.org/70861asb56826.pdf
Excel file containing Illustrative Formats for Financial Statements of LLPs - https://www.icai.org/post.html?post_id=15772.
FAQs on GST Applicability of Prepackaged and labeled Commodity w.e.f. 18-07-2022 has confirmed that single package of items like pulses, cereals like rice, wheat and flour(atta), curd,lassi etc of more than 25 Kgs shall not attract gst.
To mitigate the controversy on gst on prepackaged and labeled food items taxable w.e.f. 18-07-2022* FAQ has been issued by CBIC on 17-07-2022* to clarify the contents of notification dated 13-07-2022 on the above subject.
FAQ has clarified that gst shall be attracted only if *commodities are pre packaged* (i.e. package contains pre determined quantity + packed not in the presence of buyer) + *required to bear declarations* under legal metrology Act and Rules there under
Further it is clarified that *In the context of food items (such as pulses, cereals like rice, wheat, flour etc), the supply of specified pre-packaged food articles would fall within the purview of the definition of 'pre-packaged commodity' under the Legal Metrology Act, 2009, and the rules made thereunder, if such pre-packaged and labelled packages contained a quantity upto 25 kilogram [or 25 litre].
It has also been clarified that for such commodities (food items- pulses, cereals, flour, etc.), *package of commodities containing quantities of more than 25 kg or 25 litre do not require a declaration to be made*.
7. It is also clarified that Supply of pre-packed atta meant for retail sale to the ultimate consumer of 25 Kg shall be liable to GST. However, *supply of such a 30 Kg pack thereof shall be exempt from levy of GST*.
Further It is clarified that a *single package* of these items [cereals, pulses, flour etc.] containing a quantity of more than 25 Kg/25 litre would not fall in the category of pre-packaged and labelled commodity for the purposes of GST and would therefore not attract GST
If several packages intended for retail sale to the ultimate consumer, say 10 packages of 10 Kg each, are sold in a larger pack, then GST would apply to such supply. Such packages may be sold by a manufacturer through a distributor. These individual packs of 10 Kg each are meant for eventual sale to retail consumer
However, *a package of say rice containing 50 Kg (in one individual package) would not be considered a pre-packaged and labelled commodity for the purposes of GST levy*
*When distributor/manufacturer supplies packages up to 25 kgs to retailers, it will attract GST. However, if for any reason, retailer supplies the item in loose quantity from such package, such supply by retailer is not a supply of packaged commodity for the purpose of GST levy*
Supply of packaged commodity for consumption by industrial consumer or institutional consumer is excluded from the requirement of declaration and shall therefore not attract gst.
*Rice miller who sells packages containing 20 kg rice but not making the required declaration under legal metrology Act and the Rules made thereunder(although the said Act and the rules requires him/her to make a declaration), would it still be considered as pre-packaged and labelled and therefore be liable to GST.
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