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  • 30 Nov 2021
#udin

CBDT extends the last date for updating UDINs till January 31, 2022

The Central Board of Direct Taxes (“CBDT”) has extended the last date for updating Unique Document Identification Numbers (“UDINs”) for all the Income Tax forms at the e-filing portal to January 31, 2022.

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  • 30 Nov 2021
#gstnews

Various measures taken by MCA to ameliorate difficulties faced due to COVID-19

The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (the Act), The Limited Liability Partnership Act, 2008 and The Insolvency and Bankruptcy Code, 2016. MCA does not maintain data on event base. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in reply to a question in Lok Sabha on November 29, 2021.

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  • 30 Nov 2021
#gstcollection

Gross GST Collection in FY 2021 22 shows increasing trend

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha on November 29, 2021.

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  • 30 Nov 2021
#gst

Employees liable to pay GST on salaries received during notice period: AAR

Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period.

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  • 26 Nov 2021
#gst

GST evaders of Prayagraj zone under scanner of tax department

Over two dozen traders in Prayagraj zone have come under the radar of commercial tax department for allegedly evading goods and services tax worth several lakhs, said an official

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  • 26 Nov 2021
#gstnews

Producers’ association writes to Nirmala Sitharaman to abolish GST on film industry

The Indian Motion Picture Producers’ Association (IMPPA) on Wednesday wrote a letter to Finance Minister Nirmala Sitharaman, requesting her to abolish or “substantially reduce” GST on the film and entertainment industry to help revive the sector amid the pandemic.

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  • 26 Nov 2021
#changesingstr1

A revamped and enhanced version of GSTR1 or IFF is being made available on the GST Portal

A revamped and enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly.

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  • 25 Nov 2021
#gst

Govt plans to provide more tax concessions on vehicles bought after scrapping old ones - Gadkari

The government is considering a proposal to provide more tax-related concessions on vehicles that are purchased after scrapping old vehicles under the recently launched National Automobile Scrappage Policy, Union Minister Nitin Gadkari said on Tuesday.

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  • 25 Nov 2021

NOC issued for the alcoholic beverages bottled in origin and in bulk shall have validity of 300 days

The CBIC issued Instruction No. 24/2021-Customs dated November 24, 2021 regarding extension of validity of the NOC for the alcoholic beverages bottled in origin & in bulk under section 16 (5) of Food Safety and Standards Act (FSS), 2006.

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  • 25 Nov 2021
#gstnews

Fast food chain Subway drags taxman to court over GST on intellectual property rights

American fast food chain Subway has dragged the indirect tax department to court over allegedly forcing it to pay differential GST on services before issuing any notices.

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  • 25 Nov 2021
#gstnews

IT Ministry to meet mobile phone makers, seek Budget inputs

In earlier meetings, phone and allied component makers have in their submissions told the Ministry that the levy of 18% GST on mobile phones had “led to very high costs\', and should be brought down to 12%

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  • 24 Nov 2021
#cryptocurrency

Govt lists bill in winter session to ban all private cryptocurrency

The government Introduce bill for prohibit all private cryptocurrencies during the winter session of Parliament.

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  • 24 Nov 2021
#gstnotification

Instruction w.r.t. import of wireless equipment by TSPs on the basis of self declaration

The CBIC issued Instruction No. 23/2021 regarding the import of wireless equipment by TSP on the basis of self-declaration w.e.f. November 15, 2021

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  • 24 Nov 2021
#gst

GoM to meet on Nov 27 to finalise report on GST rate rationalisation

The panel of state finance ministers looking into GST rate rationalisation will meet on November 27 and finalise its report on rate changes to expand the tax base. Sources said the Fitment committee, comprising tax officers from states and the centre, has made many “sweeping” recommendations regarding slab and rate changes and taking items out of the exemption list.

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  • 23 Nov 2021
#gstfraud

18 bogus companies created to claim Rs 13.78 crore GST refund

The Central Goods and Services Tax Commissionerate (Ludhiana) has unearthed a racket involving fake ITC and GST refund to the tune of Rs 13.78 crore. The accused had created 18 fake firms across the country for this purpose

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  • 23 Nov 2021
#gstportal

Taxpayer Withdraw their application for cancellation of registration before initiation of action

The Goods and Services Tax Network says taxpayers can now withdraw their application for cancellation of registration filed in Form REG 16 unless the tax officer has initiated action on it.

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  • 23 Nov 2021
#gst

RAI urges govt to reconsider proposed GST rate hike on textiles, apparels

Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments and GST Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 per cent from January saying it will adversely impact 85 per cent of the sector.

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  • 23 Nov 2021
#gst

12% GST Rate for Govt Contracts from Jan 1st 2022

The CBIC has notified the withdrawal of the 12% GST rate for government contracts and the applicable rate of GST will be 18% from January 1, 2022.

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  • 23 Nov 2021
#gst

Fitment committee proposes raising GST slab of 5% to 7% and 18% to 20%

Goods and Services Tax fitment committee has proposed raising slab of 5% to 7% and 18% to 20%, The feasibility of merging 12 percent and 18 percent to one single slab at 17 percent is, however, yet to be examined, sources said.

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  • 22 Nov 2021
#gst

Industry seeks clarity as GST anti-profiteering regime stays

Industry representatives are seeking more clarity in provisions to cut down litigation as the anti-profiteering provision in GST regime is set to stay longer than anticipated by businesses.

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  • 22 Nov 2021
#gst

GST could see major overhaul; reducing tax slabs, pruning exempt list on table

India could be eyeing a significant revamp of the GST structure as the regime completes five years in July next year when compensation to states is set to come to an end. Tax slab restructuring and reducing exemptions could be considered in the most comprehensive makeover of the single tax that was rolled out on July 1, 2017.

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