Tax Solve

02/02/2022

*Key-highlights of GST Proposals in Finance Bill 2022:*

1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September.

2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B.

3. Composition Tax Payer’s Registration can be cancelled suo-moto if they have not filed their GSTR-4 return beyond 3 months from the due date.

4. Credit Notes in respect of supply made in a financial year can be issued by 30th November of next financial year (currently allowed till 30th September)

5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till 30th November of next financial year (currently allowed till 30th September).

6. The two-way communication process in filing GST returns is scrapped.

7. The due date for filing return by non-resident taxable person is prescribed as 13th day of next month

8. Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a “provisional” basis.

9. Section 47 of the CGST Act is being amended so as to provide for levy of late fee for delayed filing of TCS returns.

10. Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the electronic credit ledger.

11. Section 49 of the CGST Act is being amended so as to allow transfer of amount available in E- cash ledger of a registered person to the E- cash ledger of a distinct person;

12. Section 49 of the CGST Act is being amended so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger.

13. Section 50(3) of the CGST Act is being substituted retrospectively, with effect from the 1st July, 2017, so as to provide for levy of interest on input tax credit wrongly availed and utilized. (Meaning thereby Interest will not be levied if ITC is not utilized)

14. Refund claim of any balance in the electronic cash ledger shall be made available.

15. Rate of Interest u/s 50(3) prescribed as 18% in all cases.

02/02/2022

🆕 * *

👉🏻 Revised Income tax return can be filed within *2 Years* from end of AY

👉🏻 AMT reduced for *Co-Operative Societies* from 18.5% to *15%*

👉🏻 *Surcharge* on Co-Op societies with total income of *1cr to 10Cr* reduced to *7%* from 12%

👉🏻 NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary

👉🏻 Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)

👉🏻 Sec. 115 BAB date of commencement of manufacture extended to 1 More year.

👉🏻 Virtua digital Assets : - Taxed at 30% ,
No expenses allowed,
Loss can not be allowed,
TDS @1% of consideration ; Gifting digital Virtual assets taxable

👉🏻 *AOP* Surcharge reduced to *15%* from 37%

👉🏻 Education cess on income tax not allowable as expense ( Just a clarification)

👉🏻 Undisclosed income during search and survey - Set off of any loss not allowable

👉🏻 TDS on Benefits transferred to agent Exceeding Rs. 20000

🫐- Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of *60 years*

🍒- Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now *extended by 1 year)*

🍎- No repetitive appeals for common question of laws

🍎- Off-shore banking units/ IFSC income to be provided exemptions

🍋- Surcharge on Long Term Capital Gains on any assets to be capped at 15%

30/12/2020

# *GST Updates* : The Due dates of Filing has been extended as follows:

Income Tax Returns Last Date for Tax Audit Assessees – 15th February, 2021

Income Tax Returns Last Date for Non Tax Audit Assessees – 10th January, 2021

Tax Audit Report Last Date – 15th January, 2021

Vivad Se Viswas Last Date – 31st January, 2021

GST Annual Return In GSTR-9 for FY 2019-20 - 28/02/2021

Notification will follow.

30/12/2020

Income Tax Date Extension

1. The Due date of Other ITR for which Audit not required Date extended to 10th January 2021.

2. The Due date of filling of various Audit report including tax audit Date extended to 15th January 2021.

3. Audit Cases ITR Date Extended to 15th Feb 2021

30/12/2020

Extended Due Dates...

30/12/2020

Due Dates of ITR & GST Return.

02/10/2020

GST Collected by Govt.

30/09/2020

CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued.

Link:

“On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued.”

24/09/2020

Relief to Composition Taxpayers.

24/09/2020

*Three Important GST Notifications:*

1.Waiver and Capping of late fees of Rs. 500/- for the registered persons who fail to furnish the return in FORM GSTR-10 (Final Return) by due date but furnishes the said return between the period from 22nd September, 2020 to 31st December, 2020 vide NN. 68/2020-CT dt. 21.09.2020.

2.Waiver of late fees for filing GSTR 4, having NIL tax Liability and Capping of Rs. 500/- for those who are having tax liability for quarters in July, 2017 to March, 2020, if furnishes the said return in a period 22nd Sept to 31st Oct, 2020 vide NN. 67/2020 dt. 21.09.2020.

Time limit for issuing invoice if falls between 20 March, 2020 to 30 October, 2020 in respect of goods sent outside India on approval for sale or return basis, now extended to 31st October, 2020 NN. 66/2020-CT dt. 21.09.2020.

3.Pre-filled GSTR-3B form soon to ease tax payment says GSTN CEO Prakash kumar.

23/09/2020

https://financepost.in/late-fees-waived-for-composition-taxpayers/

Late fees waived for composition taxpayers Quarterly GSTR 4 GSTR 4 was the quarterly return (July 2017 to March 2019) to be filed by a taxpayer who has

22/09/2020

Unfavorable decision for employees taken by Employers decision granted by Central Govt. Where employees strength is only 300.