Key Recommendations of 45th GST Council Meeting held on 17th September, 2021

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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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Sections 206AB and 206CC – Steps for downloading Compliance Check report

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Finance Act, 2021 has introduced Section 206AB and 206CCA to the Income-tax Act which has been made applicable from 1st July, 2021. The said section provides that while making payment to a ‘specified person’, TDC/TCS has to be deducted/collected at the rates specified in section 206AB and 206CCA of the Act respectively. To ease the compliance on the Deductor/ Collector, the Income-tax Department has introduced a functionality on the e-filing portal, wherein the deductors/collectors can check whether a person is a ‘specified person’ under the Act by way of a ‘Compliance Check report’. The process to download the Compliance Check Report is attached herein for your ease of reference.   Compliance-Check Report Check-for-Section-206AB-206CCA-QRG-1Download
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Mandatory GST HSN Codes on Invoices w. e. f. 1 Apr 2021

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Mandatory GST HSN Codes on Invoices w. e. f. 1 Apr 2021A major change in GST for which the businesses have to gear up starting 1 April 2021 is mentioning of HSN codes on all the tax invoices. The change is an extension of the amendment made in Notification 12/2017-Central Tax through Notification No. 78/2020 dated 15/12/2020. The Mandatory requirements can be summarised as below: Thus, it’s optional to show HSN codes in B2C invoices for turnover below 5 crores However, for the 49 chemicals as specified in the Annexure below have to be mandatorily shown under 8 digits as per Notification no. 90/2020 dated 01st December 2020 It is also mandatory to report minimum digits as per above Table in GSTR 1 The digits of HSN codes will have…
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Key takeaways from the Economic Survey of 2020-21

Budget, Economy, Uncategorized
Key takeaways from the Economic Survey of 2020-21 The Survey expects the Indian economy to grow by 11% in real terms (adjusted for inflation) during 2021-22. This is close to the growth of 11.5% forecast by the International Monetary Fund (IMF). This is good news. 11% growth from this means that the Indian GDP in 2021-22 is expected to be at ₹149.2 lakh crore, which is just 2.4% more than the GDP of ₹145.7 lakh crore in 2019-20The gross tax revenue earned by the government during the period April to November 2020 fell by 12.6% to ₹10.26 lakh crore.Other than gross tax revenue, the amount of money the government expected to earn through the disinvestment route, by selling its stake in public sector enterprises, has taken major beating this year. Of the…
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Agriculture Prospects in India Soar with Rains Most Well-Spread In 3 Years: CRISIL

Agriculture Prospects in India Soar with Rains Most Well-Spread In 3 Years: CRISIL

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Early onset and good distribution of the south-west monsoon has paved the way for robust kharif output, raising hopes in hinterland and the farm-gate profits during this season are set to increase 3% to 5% this year, says ratings agency CRISIL. As on 21 August 2020, rains were 7% above the long-period average. Good spatial and temporal distribution has prompted sowing across crops in most states.   CRISIL Research says it expects a 2-3% rise in sown area on-year at about 109 million hectares for kharif season 2020. The area under paddy cultivation is set to increase because of both rains and reverse migration of labour to the eastern and southern states
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