Monday, 14 June 2021

GST Council decides to reduce tax rates on items related to Covid relief


 

This Tax Alert summarizes a recent press release1 issued by the Ministry of Finance. The 44th meeting of Goods and Services Tax (GST) Council was held on 12 June 2021. 

The Mockery of ease of doing business

 


The Chief policymakers of the country are making a sound that they implementing policies to do ease of doing business in the country but we find every time the bureaucrats who draft these policies are actually making a mockery of the term ease of doing business.  This statement becomes more true when we can see the hardship to the business by the following change in TDS rules from July 2021.

The Mockery of ease of doing business

 

The Chief policymakers of the country are making a sound that they implementing policies to do ease of doing business in the country but we find every time the bureaucrats who draft these policies are actually making a mockery of the term ease of doing business.  This statement becomes more true when we can see the hardship to the business by the following change in TDS rules from July 2021.

Monday, 7 June 2021

Guidelines and FAQs About E-Filing applications before a Bench of Income Tax Appellate Tribunal



1.    E-Filing is the process of electronic online filing of appeals and applications before a Bench of Income Tax Appellate Tribunal.  An Assessee or Assessing Officer or any other person, who is entitled to file an appeal, cross objection or application before the Tribunal u/s. 253 of Income Tax Act, 1961, can file the same through e-Filing Portal.  This provision will apply to appeals under other enactments mutatis mutandis.

Thursday, 3 June 2021

GST RELATED STATUTORY COMPLIANCE DUE DATES - JUNE-2021

 

Due Date

Statutory Compliance

Description

 

4

 

GST

GSTR-3B

GSTR-3B April-2021 - Extended Due date for Taxpayers having Turnover more than 5.0 crores in the previous FY (With reduced rate of Interest @ 9% p.a.on the Tax Payable and without late filing fees).

The flaws of faceless appeal scheme

 

The flaws of faceless appeal scheme.

FAS has been introduced in September 2020, by the government to  eliminate the  face to face contact between the taxpayer and tax department and to run government administration with the help of technology. The new FAS is a digital communication process between NFAC, RFAC & AU.   The relevant provisions dealing with the appeal process are contained in S-249 and S-250 read with  Rules 45, 46 and 46A. Within the framework of these Sections, the FAS seeks to introduce digital authorities to coordinate and deal with the appeal process viz. NFAC, RFAC and the AU. The sum and substance of the FAS is the prescription and description of the communication process between these various digital authorities (including the National e-assessment Centre and the Assessing O๏ฌƒcer under the Faceless Assessment Scheme) and the assessee and referring the draft appeal orders - mandatory in case the sum involved exceeds a threshold -initially to a second appeal unit for review and to a third appeal unit in case any variations proposed by the second appeal unit are to be con๏ฌrmed and thereafter to the assessee, for comments.

Saturday, 29 May 2021

GST Council Meeting Key decisions

 

 

COVID Equipments

ร˜  As a COVID-19 relief measure, specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency. This exemption shall be valid upto 31.08.2021. Hitherto, IGST exemption was applicable only when these goods were imported “free of cost” for free distribution. The same will also be extended till 31.8.20201. It may be mentioned that these goods are already exempted from Basic Customs duty.

 

Thursday, 27 May 2021

Which tax deadlines not extended

 


The CBDT  vide circular no. 9 dated May 20, 2021, extended the number of Income tax due dates for the financial year 2021 to provide some relief to the taxpayer during the second wave of covid and lockdown in the country. However, we find that following CBDT gas not extended the due dates for the following compliances and this will continue the hardship to the taxpayer.

Wednesday, 26 May 2021

Tax challenges of CSR trust during Pandemic

I am a CSR trust of a company whose main purpose is to serve society. During this pandemic era, I am also required to help people in need and I am doing that. However, while performing my duty I found a few challenges and some of them are mentioned below.

Legal Maxims in GST

 

Legal Maxims simple meaning is legal phrase and in the Latin language, these are used to interpret or explain a legal principle. Though there are plenty of legal maxims, here are 5 commonly used Legal Maxims with meaning & application in GST

1. ๐˜•๐˜ฐ๐˜ฏ-๐˜ฐ๐˜ฃ๐˜ด๐˜ต๐˜ข๐˜ฏ๐˜ต๐˜ฆ
Means ‘Notwithstanding’, used for overruling sections
Provision of blocked credit [Section 17(5)] is a non-obstante clause
 
2. ๐˜”๐˜ฐ๐˜ฅ๐˜ถ๐˜ด ๐˜–๐˜ฑ๐˜ฆ๐˜ณ๐˜ข๐˜ฏ๐˜ฅ๐˜ช
Refers to a specific mode of operation
Normally, used to describe the method of working of fictitious firms
 
3. ๐˜”๐˜ถ๐˜ต๐˜ข๐˜ต๐˜ช๐˜ด ๐˜”๐˜ถ๐˜ต��๐˜ฏ๐˜ฅ๐˜ช๐˜ด
Means making necessary changes without affecting the main point
Provision of refund, audit, ITC, etc., from the CGST Act are applicable under the IGST Act as well [Section 20]
 
4. ๐˜˜๐˜ถ๐˜ช๐˜ฅ ๐˜—๐˜ณ๐˜ฐ ๐˜˜๐˜ถ๐˜ฐ
Favour granted in return for something
Generally, used in the context of supply being made in exchange of consideration
 
5. ๐˜ˆ๐˜ถ๐˜ฅ๐˜ช ๐˜ˆ๐˜ญ๐˜ต๐˜ฆ๐˜ณ๐˜ข๐˜ฎ ๐˜—๐˜ข๐˜ณ๐˜ต๐˜ฆ๐˜ฎ
Means the other side be heard as well; indicates principles of natural justice
‘Opportunity of being heard given to a person before passing an order  

GST Council decides to reduce tax rates on items related to Covid relief

  This Tax Alert summarizes a recent press release 1 issued by the Ministry of Finance. The 44 th meeting of Goods and Services Tax (G...