INTRODUCTION OF FORM CSR- 2 – Annual reporting
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2022 – INTRODUCTION OF FORM CSR- 2 The Ministry of Corporate Affairs (MCA) vide Notification dated February 11, 2022, has issued ‘Companies (Accounts) Amendment Rules, 2022 the Companies (Accounts) Rules, 2014. The Amendment Rules: Inserts new-sub rule 1A in Rule 12 in Companies (Accounts) Rules, 2014 Adds a new form – form […]
GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]
INTEREST INCOME TAXABLITY AND IMPLICATIONS UNDER GST LAW
TYPES OF INTEREST INCOME AND ITS TAXABLITY As per the provision of GST Law a person is required to take registration if aggregate turnover exceeds the threshold limit. Exempt income is part of aggregate turnover and hence question arise whether all types of interest income is part of aggregate turnover? Meaning of Interest “Interest” means […]
Guidelines for recovery of tax in case of difference in GSTR -1 and GSTR-3B
Tax declared under GSTR-1 but not included in GSTR-3B, will be considered as “Self Assessed Tax” and hence, direct recovery of such tax under Section 79 will be possible even without issuing any Show Cause Notice. (Amendment in Section 75(12)). There may, however, be some cases where there may be a genuine reason for difference […]
Upcoming functionality – Interest Calculator in GSTR-3B
To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Interest computation The interest computed by the system has been aligned with the Section-50 of the CGST Act, 2017, as amended. Consequently, interest […]
Existing GST Rates for Textile Sector to Continue – 46th GST Council Meeting
Key changes in CGST Rules Notified on 29th December, 2021
With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 by the vendors and the availability of ITC has been communicated to the recipient in GSTR-2B. (Rule 36(4)) Due date for furnishing Annual return in Form GSTR-9(mandatory for registered person whose aggregate turnover is Rs. 2 […]
Filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli
The mechanism for filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli New GSTINs with UT Code 26 were created for the taxpayers of erstwhile UT of Daman and Diu w.e.f 1st August 2020 […]
Key Changes in GST – effect from January 1, 2022.
GST Rates/Exemptions Textile Industry (Implementation of new rates deferred by 46th GST Council Meeting on 31-12-2021) At present, tax rate on raw material and final product are not uniform. Apparel and clothing up to Rs 1,000 per piece currently attracts 5 per cent GST. GST rate will be harmonized across the textile chain after amendment […]
Restaurant services provided through E-Commerce Operator will be now taxable in the hands of E-Commerce Operator from 1st Janauary, 2022
Presently, restaurant services provided through E-Commerce Operator were taxed at supplier level. However, vide Notification No.17/2021, dated November 18, 2021, the section 9(5) of the GST Act has been amended to include restaurant services provided through E-commerce operator like ZOMOTO, SWIGY, UBER Eats, and many such food delivery apps. With this amendment, now e-commerce operator will […]