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23/05/2026

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20/05/2026

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01/02/2023

Respected member,

Please find below Highlights of *Union Budget 2023-24*.

*General*
1. EPFO Numbers doubled to 27 crores
2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
4. Capital outlay of Rs. 2.40 lakh crore for Railways.
5. 50 New Airports and Heliports to be made.
6. Rs. 10,000 crore for urban infra fund every year
7. Rs. 75,000 crore for 100 transport infra projects
8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.
9. KYC procedure to be simplified. PAN to be come common business identifier.
10. Scope of Digi locker to be increased.
11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
12. Rs. 35,000 crore for Energy transmission
13. 10,000 bio input research centers to be set up.
14. 30 Skill India International centers to be set up.
15. NFIR (National Financial Information Registry) to be launched for financial strategy.
16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
18. SCSS enhanced from 15 lakh to 30 Lakh.
*Direct and Indirect tax*
1. Promote domestic manufacturing and exports.
2. Tax exemption on Capital Goods and Lithium batteries.
3. Mobiles, camera lenses to become cheaper.
4. Gold, Silver & Diamonds, ci******es, imported rubber to get expensive.
5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
6. Higher TDS limit of RS. 3 cr for Cooperatives
7. New IT Return Form for easier filing .
8. 100 Joint Commissioners to be appointed for disposal of small appeals.
9. TDS reduced on EPF withdrawal
10. Section 54 and 54F to be amended.
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
14. Salaried class and pensioner: Standard Deduction increased
15. Highest tax rate 42.74 % reduced
16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

01/08/2022

Compliance Calendar August 2022

20/07/2022

Trust you are fine !!!
Please find below some important changes in GST rates on the recommendations of 47th GST Council meeting which are notified now:
1. Composite supply (works contract) now taxable @ 18% w.e.f. 18.07.2022: i. Related to roads, bridges, railways, metro (earlier taxed @12%)
ii. Supplied to central and state government, local authorities for historical monuments, canals, dams, pipelines, hospitals and sub- contract thereof (earlier taxed @12%)
iii. Supplied to central and state governments, union territories & local authorities involving predominantly earth work and sub- contracts thereof (earlier taxed @5%)
2. Hotel accommodation having value of supply up to Rs. 1,000 per room per day was earlier exempted from GST. W.e.f. 18.07.2022, the same is now taxed @ 12%. Consequently, room tariff up to Rs. 7,500/- per day will now be taxable @12% and there will not be any exemption to economical rooms now.
3. W.e.f. 18.07.2022, GTA service provider needs to make declaration before jurisdiction officer each year to confirm whether he is acting under forward charge or not. If he has opted for forward charge then on all transactions (including supply made to specified receiver on which RCM is made applicable till 17.07.2022), GST will be charged. Time limit upto 16th August 2022 has been prescribed to make declaration for FY 2022-23 to pay tax as per new provision.
Now, two options have been allowed to GTA to pay tax:
i. Under RCM @5% without ITC or
ii. Under Forward Charge @5% without ITC or @12% with ITC.
In case opting to pay tax under forward charge, ‘Tax invoice’ required to be raised by GTA. The following declaration is to be made on the face of invoice:
“Declaration I/we have taken registration under the CGST Act, 2017 and have exercised the option to pay tax on services of GTA in relation to transport of goods supplied by us during the Financial Year _____ under forward charge.”.
Definition: ‘Hotel accommodation’ means supply, by way of accommodation in
hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes including the supply of time share usage rights by
way of accommodation.

Definition: “goods transport agency” means any person who provides service in
relation to transport of goods by road and issues consignment note, by whatever
name called;
Exemption granted earlier to GTA services on following categories are withdrawn:
a. Transportation of goods in a single carriage - consideration up to Rs.1,500/- b. Transportation of goods to single consignee - consideration up to Rs.750/-
Now, above will also be under the scope of GST and tax will be applicable as discussed above w.e.f. 18.07.2022.
4. Renting of goods carriage where the cost of fuel is included in the consideration charged from the service recipient is now taxable @12% instead of @18%.
5. W.e.f. 18.07.2022, service provided by clinical establishment by way of providing room having charges exceeding Rs. 5,000/- per day will be taxable @5%. Turning point comes in a way that no ITC is admissible to such establishment thereby making the health care service costly to person receiving the same. Taxable rooms do not include ICU, CCU, ICCU and NICU and thereby give some breathing space to patient.
6. The services of ‘Renting of residential dwelling for use as residence’ if provided to GST registered person will be taxable and the tax shall be payable under RCM basis by the receiver (any) who is registered in GST and @18%.
Trust you will find it useful.
Definition: ‘clinical establishment’ means, - a hospital, nursing home, clinic, sanatorium or any other institution by, whatever name called, that offers services or facilities requiring diagnosis or treatment or care for illness, injury, deformity, abnormality or pregnancy in any recognised system of medicines in India, or a place established as an independent entity or a part of an establishment to carry out diagnostic or investigative services of diseases;

03/04/2022

24/03/2022

*Violation of Natural Justice Principles by GST Department: Calcutta HC Quashes Detention Order* [Read Order]

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The Calcutta High Court bench has quashed a detention order passed by the Goods and Service Tax Department (GST) on the ground that

24/03/2022

Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19. Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below:

🔵 Difference in Tax Liability between GSTR-1 and GSTR-3B

🔵 RCM liability to be compared with RCM ITC availed in GSTR-3B

🔵 RCM liability appearing in GSTR-2A and liability declared in GSTR-3B

🔵 Tax liability paid in cash in GSTR-3B should not be less than liability declared on RCM in GSTR-3B

🔵 ITC availed on ISD to be compared with IDS ITC appearing in Table 7 of GSTR-2A

🔵 All other ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A

🔵 Outward tax liability declared in GSTR-3B should not be less than payable as TDS/TCS appearing in GSTR-2A

🔵 Comparison of liability declared in GSTR-3B with E-way Bill Report

🔵 ITC availed in respect of vendors where registration cancelled retrospectively

🔵 ITC availed in GSTR-3B where vendors not filed GSTR-3B

🔵 GSTR-3B filed after September due date- no ITC to be availed in this Return

🔵 Import of goods ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A on import of goods

🔵 ITC reversal under Rule 42/43 viz a viz exempted supply shown in Return

🔵 Payment of Interest and Late Fees, *FAR*.

24/03/2022

*CBIC issues SoP for Scrutiny of GST Returns for FY 2017-18 and 2018-19* [Read Circular]

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The Central Board of Indirect Taxes and Customs (CBIC) has issued a standard of procedure (SoP) for the scrutiny of GST