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Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022

GST
Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022; 5% Provisional ITC Provisions Removed The CBIC released an important Notification No. No. 39/2021–Central Tax dated on 21st December 2021 notifies the date from which provisions of Section 108, 109, and 113 to 122 of the said Act shall come into force. CBIC notifies Provisions of Section 108, 109, and 113 to 122 shall come into force from 1st Jan 2022. This means that Section 108, 109, and 113 to 122 shall be applicable from 1st Jan 2022.As per Section 109 of the Finance Act, 2021, clause (aa) is inserted below section 16(2) (a) of the Act, further stipulating that input tax credit on invoice or debit note is available to a recipient only if the details of…
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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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