GST: Aadhaar Authentication for already registered persons in specified cases

GST
GST: Aadhaar Authentication for already registered persons in specified cases In continuation to decisions taken by the GST Council in its 45th meeting, the Government on September 24, 2021 has notified Central Goods and Services Tax (Eighth Amendment) Rules 2021 Amendments relating to Aadhaar Authentication for already registered persons in specified cases is as below: Effective Date: to be notified) When will Aadhaar Authentication would be mandatory? The existing registered persons in the following cases are required to do Aadhaar Authentication of their registration:(a) Revocation of cancellation of registration;(b) IGST refund on export of goods under Rule 96 of CGST Rules; or(c) Refund under rule 89 of CGST Rules Whose Aadhaar would be required to be authenticated? Following persons are notified whose Aadhaar would be required to beauthenticated:(a) Authorized Signatory…
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Key Recommendations of 45th GST Council Meeting held on 17th September, 2021

Uncategorized
Key Recommendations of 45th GST Council Meeting held on 17th September, 2021 Interest u/s 50(3) of the CGST Act, 2017 to be levied on ITC availed and utilized Interest under section 50(3) of the CGST Act, 2017 to be payable on “ineligible ITC availed and utilized” and not on “ineligible ITC availed”. The change will be effective retrospectively from 01.07.2017. Interest in such cases to be charged on ineligible ITC availed and utilized at 18%. Transfer of unutilized balance in CGST/ IGST cash ledger between two GSTINs having same PAN allowed Unutilized balance in CGST and IGST cash ledger shall be allowed to be transferred between distinct persons (entities having same PAN but registered in different states or having different GSTINs in the same State), without going through the refund…
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FY2021 ITR and Tax Audit Due dates extended to 31Dec and 15Jan…

Audit, Income Tax
The CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-221. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction…
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IPad is not a computer for depreciation purposes: ITAT Amritsar

Income Tax
IPad is not a computer for depreciation purposes: ITAT AmritsarM/s Kohinoor Indian (129 taxmann. com 396 (Amritsar - Trib.)[16-08-2021])Facts:1. The issue before the ITAT was whether the iPad falls in the definition of computer or mobile phone. 2. If an iPad falls in the definition of computer then a high rate of depreciation ie 40% is allowable however if it falls within the definition of mobile phone then the lower rate of depreciation is allowable ie 15%.The ITAT held as below:1. Depreciation at lower rate is applicable on iPad as it is not a computer. Predominate purpose of iPad is communication and not use as a computing device as its main features are email, whatsapp, Facetime calls, calls, music, films etc. Though iPad may discharge some functions of computers, it…
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Tax Audit Criteria for FY 2020-2021

Audit, Income Tax
Introduction Section 44AB of the income tax act, 1961 lays down the conditions for applicability of tax audit. Tax Audit has been an important tool to increase the efficiency of tax administration and curb the menace of tax evasion. However, recently the government has taken many steps towards relaxing the compliance burden of small taxpayers and has been committed to increase the ‘ease of doing business’ .The provisions of applicability of tax audit have undergone major amendments vide Finance Act 2016 and 2020. Albeit the provisions were made to reduce the compliance burden, they have increased the confusion among the taxpayers regarding applicability of tax audit. The author tries to analyze the various provisions relating to applicability of tax audit so as to provide clarity on the subject. 1. Tax…
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Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021

GST
Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021 The 43rd GST Council meeting took place on 28th May, 2021 via video conferencing. The key takeaways of the meeting are:    a) In order to provide relief to the small taxpayers, an amnesty scheme has been recommended for reducing late fees payable.    b) Annual Return in FORM GSTR-9 will remain optional for small taxpayers for FY 2020-21    c) Import of COVID-related relief items including AmphotericinB (required for treating Mucormycosis), even if purchased or meant for donating to Govt. or to any relief agency upon recommendation of State authority, to be exempted from IGST till 31st August 2021    d) Group of Ministers to be formed quickly (by tomorrow), who will submit report by 8 June 2021; to examine need…
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