LQ Consultants, GST, Customs, Tax and Foreign trade policy updates

Name: LQ Consultants, GST, Customs, Tax and Foreign trade policy updates
Address: Delhi, 110007, IN
Telephone: +919315738889

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LQ Consultants, GST, Customs, Tax and Foreign trade policy updates

Knowledge page on Goods and Services Tax law, Custom law, Foreign trade policy

GSTfy is an initiative by the team of Chartered Accountants who have valuable experience in the field of Indirect taxation. The professional capabilities of our team will help your business to find one stop solutions to all your GST needs.

02/02/2022

"Budget 2022 seeks to lay the foundation and give a blueprint to steer the economy over the Amrit Kaal of the next 25 years – from India at 75 to India at 100" was described by the Hon’ble Finance Minister in her speech.

This year the government’s niche is building the foundation of nation, increasing Capital investments, building infrastructure, creating railway networks, usage of drones for agriculture purpose, also encouraging green bonds.

Apart from 30% tax slab on digital asset transfers which is buzzing news, budget 2022 presents serious emphasis on other relevant proposals.

We have analyzed the budget 2022 from financial aspect and created takeaways presented below:
https://drive.google.com/file/d/1WaYq1ALp2RA5-EN03_OglKdhRAj02U-6/view?usp=sharing

19/01/2022

CBIC has issued a weekly update covering major changes and new functionalities that took place under GST. Here are the key highlights from the weekly update.

Raghav Gupta
Rachita Mantry

06/01/2022

Much is being expected from the forthcoming Budget to be announced in the month of February 2022 by the Hon’ble Finance Minister so that the domestic economy transits into a higher growth orbit while remaining inclusive and sustainable. Various agencies have raised their concern regarding the issues and recommended their valuable inputs. We have compiled recommendations and prepared a summary for the same.

#2022-23

Raghav Gupta
Rachita Mantry

24/12/2021

Much is being expected from the forthcoming Budget to be announced in the month of February 2022 by the Hon’ble Finance Minister so that the domestic economy transits into a higher growth orbit while remaining inclusive and sustainable.
Various agencies have raised their concern regarding the issues and recommended their valuable inputs.
We have compiled recommendations and prepared a summary for International/ Cross border taxation

Raghav Gupta
Rachita Mantry

26/11/2021

From time to time, the department issues circulars and guidelines in order to remove ambiguity in respect to provisions of Income Tax.

CBDT has issued guidelines under section 194-O, section 194Q, and section 206C in order to remove difficulties. The summary of the guidelines is given below:-

Raghav Gupta
Rachita Mantry

20/11/2021

In response to the various representations made to the department, CBIC has issued clarification regarding refund-related issues under GST and dynamic QR code.

Raghav Gupta Rachita Mantry

22/09/2021

On 20.09.2021, CBIC had issued certain clarification giving effects to the key decision made in 45th GST Council Meet.
The update can be accessed through this link: https://bit.ly/39srsAG

18/09/2021

The 45th GST Council Meeting convened in Lucknow on 17th September, 2021 for its first physical meeting in 20 months with a packed agenda. A plethora of decisions & recommendations were made. The summary is duly attached:

26/07/2021

CBIC has issued a circular in which it had clarified, the ambiguity regarding the legal applicability of CBIC and Hon'ble supreme court decision on the extension of various compliances time limits under GST law.

25/07/2021

CBIC has issued clarification regarding the extension of limitation under GST law in terms of hon’ble supreme court's order vide circular dated 20.07.2021.

The supreme court had issued an order for providing relief to taxpayers related to various appeals/proceedings on the verge of COVID-19 pandemic. Also, CBIC has been providing various reliefs by extending due dates for various compliances. So, there was ambiguity among taxpayers regarding the legal applicability of the CBIC and Hon'ble supreme court decision.

Now, CBIC has issued clarification for the same. The summary of the clarification is given below

12/07/2021

Service export benefit under SEIS scheme has been approved for FY 2019-20 with the financial allocation of INR 2061 CR along with suitable caps.

SEPC_INDIA had been regularly communicating for the same with the concerned authorities.

29/06/2021

Finance Act, 2021 has introduced new section 194Q, 206AB and 206CCA which is effective from 1st July 2021. The provisions of section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller.

CBDT has issued clarification regarding the use of functionality under Section 206 AB and Section 206CCA vide circular no. 11/2021 on 21st June 2021.

Here is a summary and process for your quick reference.

Address

Delhi
110007

Telephone

+919315738889

Website

http://lqconsultants.com/

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