Bisht & Association

02/04/2023

HDFC Bank, Punjab & Sind Bank and State Bank of India have been migrated from OLTAS e-Payment of Taxes at NSDL to e-Pay Tax facility at the e-Filing portal for payment of taxes henceforth.
Date 01.04.2023

20/02/2023

GST बैठक ख़त्म. सस्ता हो गया ये सारा समान.कुछ सामान पर Tax हुआ शून्य. कुछ पर अब केवल 5% GST.

जीएसटी मुआवजे की पूरी लंबित शेष राशि जून के लिए कुल 16,982 करोड़ रुपये को मंजूरी दे दी जाएगी। केंद्रीय वित्त मंत्री निर्मला सीतारमण ने जीएसटी काउंसिल की बैठक के बाद ये जानकारी दी। हालांकि यह राशि आज की तारीख में मुआवजा कोष में वास्तव में उपलब्ध नहीं है।
वित्त मंत्री ने कहा, राब (लिक्विड जैगरी) और पेंसिल व शार्पनर पर जीएसटी दरों (GST Rate) में कटौती की गई है। वित्त मंत्री ने कहा, सभी राज्यों को बकाया मुआवजा जारी कर दिया गया है। केंद्र ने राज्यों को 16,982 करोड़ रुपये जारी किए। इसके साथ ही पान मसाला, गुटखा पर जीओएम की सिफारिशें मंजूर कर ली गई है। इनपर कैपेसिटी बेस्ड टैक्सेशन लागू करने का फैसला लिया गया है। इनपर सख्त कंप्लायंस लागू करने की सिफारिश की गई है। जीएसटी अपीलेट ट्रिब्यूनल पर रिपोर्ट को मंजूर कर लिया गया है। राज्यों के कहने पर इसकी परिभाषा में बदलाव किया जाएगा।
जीएसटी काउंसिल ने प्रतियोगी परीक्षा देने वाले छात्रों को बड़ी राहत दी है. वित्त मंत्री ने कहा कि नेशनल टेक्सिंग एसेंजीस पर GST नहीं लगेगा. अब एग्जामिनेशन फीस पर GST नहीं लगेगा. अभी एग्जामिनेशन फीस पर 18% GST लगता है
जीएसटी टैक्स को प्रोडक्शन पर लगाने पर भी फैसला लिया गया. पान मसाला और गुटखा पर अब प्रोडक्शन के हिसाब से जीएसटी लगेगा. कैपेसिटी बेस्ड टैक्सेशन लागू करने का फैसला किया गया.
वित्त मंत्री ने बताया कि राब (लिक्विड गुड) पर टैक्स को जीरो कर दिया है. खुलेज में बेचे जाने वाले राब पर जीएसटी 18 फीसदी से जीरो कर दिया है. यानी इस पर कोई टैक्स नहीं लगेगा. हालांकि, प्री-पैकेज्ड राब पर 18% से 5% किया गया है.
जीएसटी काउंसिल की बैठक में पेंसिल और शार्पनर पर जीएसटी की दरें घटाने का फैसला हुआ है. वित्त मंत्री नेक हा, पेंसिल और शार्पनर पर जीएसटी दरें 18% से घटाकर 12% कर दिया गया है
वित्त मंत्री के अनुासर राब (लिक्विड गुड़) पर जीएसटी की दर शून्य कर दी गई है। खुले लिक्विड गुड़पर जीएसटी 18 फीसदी से घटाकर शून्य कर दिया गया है। यानी इस पर कोई टैक्स नहीं लगेगा. वहीं पैकेट बंद लिक्विड गुड़ पर जीएसटी की दर 18% से घटाकर 5% कर दी गई है। पेंसिल और शार्पनर पर जीएसटी दरें 18% से घटाकर 12% कर दी गईं हैं।

29/07/2022

31/05/2022

🏄🏻‍♀️ CBDT Notifies Form and Manner for filing Updated Return in Notification No. 48/2022 dated 29-04-2022

🚴🏻‍♂️ Updated Return can be filed from the assessment year 2020-21 onwards.
Return shall be filed in form no. ITR-U along-with applicable IT form from ITR-1 to ITR-7.

🏊🏻‍♀️ Return Can be updated on account of Below:
- Return Previously not filed
- Income not reported correctly
- Wrong heads of income chosen
- Reduction of Carried forward Loss
- Reduction of Unabsorbed Depreciation
- Reduction of Tax Credit
- Wrong rate of tax
- Others

☝️ NEW Section 139(8A) & New Rule 12AC
ITR Form for Updated Return has been notified. Ref. gazette notification dated 29.04.22
ITR - U Form is notified for Updated return u/s 139(8A). Updated return can be filed for A.Y. 2020-21onwards the Notification states.

Regards
Adv vineet singh bisht

22/05/2022

while filing ITR:
✓ Not checking 26AS or AIS data.
✓ Not reconciling the GST Turnover with Income Tax.
✓ Not analyzing the Bank statement before filing ITR.
✓ Not filing Form 10 IE for opting New Tax Regime.
✓ Claiming Relief u/s 89 without filing Form 10E.
✓ Not declaring Income from Interest on Savings Account.
✓ Not declaring Income/loss from shares/mutual funds.
*Better to get file ITR through /Tax Consultant/Practitioner rather facing consequences/notices.

30/01/2022

*GST UPDATEZ ON 30-01-2022:-*

*Alert on the GST portal*

Where the *liability declared* in GSTR-3B *varies significantly* with Form GSTR-1

or

Where *ITC taken* in GSTR-3B *varies significantly* in comparison with auto populated GSTR-2B

indicating a contravention to the provisions in rules, *registration shall be suspended* in terms of Rule 21(2A) of CGST Rules 2017.

If one could remember, as per Notification *94/2020* dated 22nd December 2020, *a new sub-rule 2A* has been inserted in Rule 21A of the Central Goods and Services Tax (CGST) Rules.

Any *significant differences or anomalies* observed between the GSTR-3B and the GSTR-1/2B *could lead to suspension of GST registration*.

Further, if these differences *remain unexplained*, the GSTIN could get *cancelled*.

The tolerence limit has been *kept at 10%* in both cases by GSTN *as per the alert message*.

The taxpayer can *check* the comparison / variances *post login* by navigating through *Services-->Returns--> Tax liabilities-->and ITC Comparison--> Select year (period)*.

This alert will definitely be helpful for the taxpayers to keep a tag on the variance/ anomalies and *take corrective measures in time.*

01/02/2021

*UNION BUDGET 2021 HIGHLIGHTS*
• FM announces new health infra scheme with higher outlay of Rs 61,000 crore
• Rs 35,000 crores have been sanctioned for Covid-19 vaccine
• FY22 capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore.
• Highway infra work proposed include building 8,500-km of highways by March 2022.
• India to spend Rs 1.1 lakh crore for Railways in FY22
• FM proposes to consolidate provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act
• FDI limit in insurance increase to 74% from 49%.
• Govt allots Rs 20,000 crore for bank recapitalisation, as FM emphasizes the need to clean up banks' books
• Divestment target for FY22 at Rs 1.75 lakh cr, FM says
• Government to privatise 2 PSU banks, one general insurance company in FY22
• Government to bring LIC IPO this year
• Government also proposes to reduce margin money requirement from 25% to 15% for start-ups.
• Minimum wages to now apply to all categories of workers. Women to be allowed to work in all categories with adequate protection.
• Rs 1,500 crore for promoting digital mode of payment
• 1st digital census in history of India soon
• FY21 fiscal deficit at 9.5% of GDP; FY22 fiscal deficit target at 6.8% of GDP
• Fiscal deficit will reach below 4.5% by FY26, says Sitharaman.
• Pensioners over 75 years of age are exempt from filing returns.
• Govt to set-up a faceless dispute resolution mechanism for small taxpayers.
• Govt to notify rules to eliminate double tax for NRIs on foreign retirement funds
• Govt to extend eligibility of erstwhile tax sop on home loan up to FY22
• Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014
• FM proposes extension of tax holiday for start-ups by one more year.
• FM proposes to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021.
• Customs duty on Gold and Silver rationalised; Customs duty on certain auto parts increased
• No changes in Income tax slabs.
• Advance tax liability on dividend income to arise only after payment of dividend

10/08/2020

✅ *Extended* due date of filing *Belated/Revised ITR* for FY 18-19 (AY 19-20) *to 30.09.2020*.

✅ *Companies which* have been incorporated *between 01.01.2020 to 31.03.2020* may have their *first AGM till 31.12.2021.*

✅ *31.03.2021* is the *due date of filing of* TDS/TCS Return of Q1 & Q2 (FY20-21).

✅ *GSTR-3B Due Dates:* *20.08.2020* is the due *date to file GSTR-3B* for the month of *July, 2020 for taxpayers* having turnover *more than INR 5 crores*.

✅ *GSTR-1 Due Dates:* *11.08.2020* is last date for the month of *July, 20* month to file GSTR-1 for taxpayers is having *turnover exceeding Rs. 1.5 Crores*.

✅ MCA has announced a *“Moratorium Period” from 01.04.2020 to 30.09.2020* for filing of *ROC Forms and no additional fees* will be *charged for such period* due to late filing of any form due within this period.

28/07/2020

Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended dates for various direct tax compliances. A list of due dates/extended due dates are as follows:

of Compliance Due Date/Extended Due Date Making Tax saving Investments For A/Y 2020-21 31st July, 2020

of belated or revised ITR for A/Y 2019-20 31st July, 2020

/TCS return filing for Q4 of F/Y 2019-20 31st July, 2020

16 for TDS on salary of F/Y 2019-20 15th August, 2020

16A for TDS on income other than salary for Q4 of F/Y 2019-20 15th August, 2020

certificate for Q4 of F/Y 2019-20 15th August, 2020

instalments of advance tax for A/Y 2021-22 15th September, 2020

investment/construction/deduction for exemption from capital gain for A/Y 2020-21 30th September, 2020

of Tax Audit Report for A/Y 2020-21 31st October, 2020

Tax Return filing for A/Y 2020-21 30th November, 2020

of self-assessment tax for A/Y 2020-21, up to Rs. 1 lakh, without interest u/s 234A 30th November, 2020

instalments of advance tax for A/Y 2021-22 15th December, 2020

for Vivad se Vishwas Scheme 31st December, 2020

instalments of advance tax for A/Y 2021-22 15th March, 2021

of Aadhaar with PAN 31st March, 2021

24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of F/Y 2020-21 31st March, 2021

26QB, 26QC and 26QD of April to November 2020 31st March, 2021

M/s.Bisht& ASSOCIATES
Contact No- 7351848978
Email ID- vineet. [email protected]

12/06/2020

The 40th GST Council Meeting was held today. This was the first Council Meeting after the outbreak of COVID-19.Here are the key decisions that were taken in the 40th GST Council Meeting:

1.No Late fee on 3B for Nil Tax Liability:

For all those who have no tax liability but have not filed their GSTR-3B from 1st July 2017 to January 2020 there will be no late fee.

2. Late fee capped to Rs 500 on GSTR-3B

Taxpayers with tax liability but have not filed return the late fee on GSTR-3B has been capped to Rs 500.

3.Those who have not filed their GSTR-3B return can file it till September 30.

4. Relief to small taxpayers:

A further relief is given to small taxpayers with turnover up to 5 crores for the late filing of return for the month of Feb to April. They can file their return till July 6th with no interest and then with a reduced rate of 9% till 30th September.

Small taxpayers with turnover up to 5 crores can file returns for May to July till September 2020. No late fee will be charged till September 2020.

5.Time extension in period for seeking revocation of cancellation of GST Registration upto 30th September for registration which have been cancelled upto 30th June 2020.

6. The FM further added that the decision on the Inverted Duty Structure has been postponed for now