Tarun Jugal & Associates

Tarun Jugal & Associates Tarun Jugal & Associates specializes in a variety of services like Taxation, Accounting, Finance and Company Law Matters with outstanding support.

Chartered Accountants

26/10/2022

CBDT has extended the due date for filing of Income Tax Return (ITR) for Assessment Year (AY) 2022-23, from 31/10/2022 to 07/11/2022.

23/08/2022

Usually in such cases the vehicles such as tippers, dumpers, loader, trucks etc., are given on hire to the mining lease operator. Expenses for fuel are generally borne by the recipient of service. The vehicles with driver are at the disposal of the mining lease operator for transport of minerals within the mine area (mining pit to railway siding, beneficiation plant etc.) as per his requirement during the period of contract.

Such services are nothing but “rental services of transport vehicles with operator” which fall under heading 9966 and attract GST @ 18% under Sr. No. 10 part (iii) of notification No. 11/2017-Central Tax (Rate) dated 28.06.2017. The person who takes the vehicle on rent defines how and when the vehicles will be operated, determines schedules, routes and other operational considerations. The person who gives the vehicles on rent with operator cannot be said to be supplying the service by way of transport of goods.

It has been clarified that renting of trucks and other freight vehicles with driver for a period of time is a service of renting of transport vehicles with operator falling under Heading 9966 and not service of transportation of goods by road. This being so, it is not eligible for exemption under Sl. No. 18 of notification No. 12/2017-Central Tax (Rate) dated 28.06.2017. On such rental services of goods carriages where the cost of fuel is in included in the consideration charged from the recipient of service, GST rate has been reduced from 18% to 12% with effect from 18.07.2022. Prior to 18.07.2022, it attracted GST at the rate of 18%.

23/08/2022

As per serial number (i) of entry 21 of notification No. 11/2017-Central Tax (Rate) dated 28.06.2017 selling of space for advertisement in print media attracts GST @ 5%. The term ‘print media’ has been defined in clause (zt) of notification No.12/2017-Central Tax (Rate) dated 28.06.2017 to mean “book as defined in sub-section (1) of section 1 of the Press and Registration of Books Act, 1867 (25 of 1867), but does not include business directories, yellow pages and trade catalogues which are primarily meant for commercial purposes.”

Further, sub-section (1) of section 1 of the Press and Registration of Books Act, 1867 defines ‘book to “include every volume, part or division of a volume, and pamphlet, in any language and every sheet of music, map, chart or plan separately printed”. It therefore appears that ‘book’ has been defined in the Press and Registration of Books Act, 1867 in an inclusive manner with a wide ambit which would cover souvenir book also.

Accordingly, it has been clarified that sale of space for advertisement in souvenir book is covered under serial number (i) of entry 21 of notification No. 11/2017-Central Tax (Rate) dated 28.06.2017 and attracts GST @ 5%.

23/08/2022

Rate of GST applicable on supply of ice-cream by ice-cream parlours during the period from 01.07.2017 to 05.10.2021

Circular No. 164/20/2021-GST dt. 06.10.2021 has clarified that ice-cream parlours do not have the character of restaurants as they sell already manufactured ice-creams. Hence ice cream sold by such parlours or outlets attracts GST @ 18% with ITC (and not 5% without ITC). It has now been clarified that past cases (from 01.07.2017 to 05.10.2021) of payment of GST on supply of ice-cream by ice-cream parlors @ 5% without ITC shall be treated as fully GST paid to avoid unnecessary litigation and since this decision is only to regularize the past practice, no refund of GST shall be allowed, if already paid at 18%. With effect from 6.10.2021, the ice Cream parlors are required to pay GST on supply of ice-cream at the rate of 18% with ITC.

02/08/2022

Notification No. 17/2022–Central Tax

From 1st October 2022
CBIC Seeks to implement e invoicing for the taxpayers having aggregate turnover exceeding Rs 10 crore

01/08/2022

CBDT Reduces time limit for e- verification of ITR from 120 days to 30 days of filing the return.
However, for ITR Filed upto 31/07/22 time limit of 120 days would continue to apply. ITR Filed from 01/08/22 new time limit of 30 days would be applicable.

27/04/2022

The seventh proviso to Section 139 was inserted by the Finance Act, 2019, which provided for certain criteria which mandated the filing of income-tax returns even when the individual's income is less than the basic exemption limit. Such criteria include deposition of Rs one crore or more in a current account, expenditure exceeding Rs 2 lakh for foreign travel, or an amount exceeding Rs 1 lakh for electricity consumption during the year.

Now, vide Notification No. 37/2022, CBDT has notified a new Rule 12AB which prescribes additional conditions which mandate the filing of Income-tax returns despite the fact that income is below the basic exemption limit
These additional criteria are:

Total sales/turnover/gross receipts in the business exceed Rs 60 lakh during the previous year

Gross receipts in profession exceed Rs 10 lakh during the previous year

Aggregate TDS/TCS during the year is Rs 25000 or more (In the case of senior citizens increased limit of Rs 50,000 shall be applicable)

Deposits in saving bank account is Rs 50 lakh or more during the previous year.

This will be applicable for the ITR filing of FY 2021-22 ( AY 2022-23)

25/02/2022

E invoice limit reduced From 50cr to 20 Cr vide 01/2022 Dated 24th Feb, 2022.

It will be applicable from 1.4.2022

03/01/2022

Rule 36(4) has been substituted to provide that with effect from 01.01.2022, a registered person shall be able to avail ITC in respect of only those invoices or debit notes which have been furnished by the supplier in the statement of outward supplies in FORM GSTR-1 or using the invoice furnishing facility and the details of such invoices or debit notes have been communicated to him in FORM GSTR-2B under sub-rule (7) of rule 60.

26/11/2021

CBDT has clarified that if the component of VAT, sales tax, excise duty, CST, GST, etc., have been indicated separately in the invoice, then TDS under section 194Q is to be deducted without including such indirect taxes.

Circular 20 of 2021, dated 25-11-2021

25/11/2021

Correction of inverted duty structure in textiles and footwear sector

The GST Council at its 45th meeting had made a recommendation for making GST rate changes to correct inverted duty structure in footwear and textiles sector. To give effect to the said recommendation,

Notification No. 1/2017-CT(R) dt. 28.06.2017 prescribing CGST rates for goods has been amended to provide a uniform CGST rate of 6% (effective rate 12%) on manmade fibre, manmade fibre yarn, manmade fibre fabrics and apparel. At present, CGST rates on manmade fibre, manmade fabric yarn and manmade fabric are 9%, 6% and 2.5% respectively.

For footwear, a uniform CGST rate of 6% (effective rate 12%) has been notified and the price differential has been done away with. At present, CGST @ 2.5% (effective rate 5%) is applicable on footwear up to Rs 1,000.

Parallel amendments have been made in rate Notification No. 1/2017-IT (R) dt. 28.06.2017 issued under the IGST Act, 2017. All the above amendments shall be effective from January 1, 2022.

25/11/2021

Amendments in relation to rate of tax applicable on services

Notification No. 11/2017-CT(R) dt. 28.06.2017 which prescribes the rate of CGST for services has been amended as under:

Composite supply of works contract services provided for certain specific purposes to Central Government, State Government, Union territory, a local authority, a governmental authority or a government entity is liable to CGST @ 6% (effective rate 12%) or 2.5% (effective rate 5%), as the case may be. With effect from January 1, 2022, such services when provided to a governmental authority or a government entity shall be charged to CGST @ 9% (effective rate 18%). Thus, the lower rate of tax viz., 12%/5% shall be applicable only when such services are provided to Central Government, State Government, Union territory or a local authority.

With effect from January 1, 2022, job work services of dyeing or printing of textile and textile products shall not be liable to CGST @ 2.5% (effective rate 5%). The same shall be liable to CGST @ 6% (effective rate 12% when undertaken for registered principal) or 9% (effective rate 18%) when undertaken for un-registered principal.

Parallel amendments have been made in rate Notification No. 8/2017-IT (R) dt. 28.06.2017 issued under the IGST Act, 2017. All the above amendments shall be effective from January 1, 2022.

Address

44, Prithvi Nagar, Naya Kheda, Near Biyani College, Vidhyadhar Nagar
Jaipur
302039

Opening Hours

Monday 10am - 6pm
Tuesday 10am - 6pm
Wednesday 10am - 6pm
Thursday 10am - 6pm
Friday 10am - 6pm
Saturday 10am - 2pm

Telephone

+918740010575

Website

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