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Govt Provides Relief to Students from GST ahead of Entrance Exam

Trending Today GST Council Newsletter for Jan 2023 Is zoho Books is the Best Accouting Software for Small Business ? 49th GST Council Meeting Highlight The GST Council on Saturday recommended a reduction in the levy on pencil sharpeners, while exempting the National Testing Agency that conducts entrance exams for central and other universities, and engineering and medical colleges from the ambit of the levy.The twin moves will offer relief to students as they had to pay 18% GST on the fees for writing the tests conducted by NTA and state testing agencies. The levy on pencil sharpeners will be cut from 18% to 12%, finance minister Nirmala Sitharaman told reporters.The all-powerful panel comprising finance ministers from the states and UTs with legislature, which is headed by the finance minister, also decided to tighten the regime for pan masalas, gutka and chewing tobacco. Based on a recommendation by a group of ministers, the GST Council decided to a specific rate for compensation cess instead of the current ad valorem structure, which is a percentage of the price of the product. While the proposal to move to a capacity linked structure was not accepted, there is a move introduce tracking of shipments, on the lines of the mechanism for alcohol, to plug leakage, revenue secretary Sanjay Malhotra said.The council also agreed to lower the tax rate for liquid jaggery or raab from 18% to 5% if packaged and labelled and to zero if sold otherwise, the FM said.There was, however, no decision on a lower levy on millet-based food products as well as a reduction in the tax on cement, which is yet to be discussed by the fitment committee comprising officers from the Centre and the states. Similarly, a decision on multi-utility vehicles is pending with the panel of officers.The GST Council, however, issued certain clarifications including those related to some of the commercial services offered by courts and tribunals.The FM also announced an amnesty scheme for those who have not filed some of their returns as well as those related to cancellation of registration. Further, there has been rationalisation in the late fees for some of the late filers.The twin moves will offer relief to students as they had to pay 18% GST on the fees for writing the tests conducted by NTA and state testing agencies. The levy on pencil sharpeners will be cut from 18% to 12%, finance minister Nirmala Sitharaman told reporters.Source:https://timesofindia.indiatimes.com/business/india-business/students-get-gst-relief-ahead-of-entrance-exams/articleshow/98054567.cms

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GST Council Newsletter for Jan 2023

Trending Today GST Council Newsletter for Jan 2023 Is zoho Books is the Best Accouting Software for Small Business ? 49th GST Council Meeting Highlight

GST REVENUE COLLECTION :

- The gross GST revenue during January, 2023 as on 31.01.2023, till 05:00 PM is ₹ 1,55,922 crore of which CGST is ₹ 28,963 crore, SGST is ₹ 36,730 crore, IGST is ₹ 79,599 crore (including ₹ 37,118 crore collected on import of goods) and cess is ₹ 10,630 crore (including ₹ 768 crore collected on import of goods). - The Government has settled ₹ 38,507 crore to CGST and ₹ 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of January, 2023 after regular settlement is ₹ 67,470 crore for CGST and ₹ 69,354 crore for the SGST. - The revenues in the current financial year upto the month of January, 2023 are 24% higher than the GST revenues during the same period last year. The revenues for this period from import of goods are 29% higher and from domestic transaction (including import of services) are 22% higher than the revenues from these sources for the same period last year. - This is for the third time, in the current financial year, GST collection has crossed ₹ 1.50 lakh crore mark. The GST collection in January, 2023 is the second highest next only to the collection reported in April, 2022. During the month of December, 2022, 8.3crore e-way bills were generated, which is the highest so far and it was significantly higher than 7.9 crore e-way bills generated in November, 2022. - Over the last year, various efforts have been made to increase the tax base and improve compliance. The percentage of filing of GST returns (GSTR-3B) and of the statement of invoices (GSTR-1), till the end of the month, has improved significantly over years. The trend in return filing in the Oct-Dec quarter over last few years is as shown in the graph below. In the quarter Oct-Dec 2022, total 2.42 crore GST returns were filed till end of next month as compared to 2.19 crore in the same quarter in the last year. This is due to various policy changes introduced during the course of the year to improve compliance. -

-

NOTIFICATION:

- Notification No 01/2023-Central Tax dated 04.01.2023  assign powers of Superintendent of central tax to Additional Assistant Directors in DGGI, DGGST and DG Audit. - The Central Government vide the said Notification has made amendments in Notification No. 14/2017 – Central Tax dated July 1,2017 for assigning jurisdiction and power of superintendent to officers of the rank of Additional Assistant Directors in the Directorate General of Goods and Services Tax Intelligence (“DGGSTI”), Directorate General of Goods and Services Tax (“DGGST”) and Directorate General of Audit (“DGA”). - Circular No. 190/02/2023-GST dated 13.01.2023 pertaining to clarification regarding GST rates and classification of certain services: - Circular No. 189/01/2023-GST dated 13.01.2023 pertaining to clarification regarding GST rates and classification of certain goods: - No GST to be levied on by-products of milling of Dal/ Pulses such as Chilka, Khanda and Churi/Chuni w.e.f January 1st, 2023 - ‘Carbonated Beverages of Fruit Drink’ or ‘Carbonated Beverages with Fruit Juice’ would fall under HSN 2202 99 and GST would be levied at the rate of 28% and Compensation Cess at the rate of 12%. - Snack pellets (such as ‘fryums’), which are manufactured through the process of extrusion, are appropriately classifiable under tariff item 1905 90 30 and taxable at 18%. - Compensation Cess at the rate of 22% is applicable on Motor vehicles, falling under heading 8703, which satisfy all four specifications i.e. these are popularly known as SUVs; the engine capacity exceeds 1,500 cc; the length exceeds 4,000 mm; and the ground clearance is 170 mm and above. - On 27.01.2023, an interactive programme was organized jointly by State of Sikkim and GST Council Secretariat with trade and CGST officers. The objective of the program was to understand the issues faced by various stakeholders at ground level while implementing GST and to obtain feedback from trade about their experience. - The programme was hosted by Shri Manoj Rai, Commissioner CTD, State of Sikkim; Ms. Asha Subba, Joint Commissioner; Shri. Dorjee W. Bhutia, Deputy Commissioner and Ms. Pema Lepcha, Deputy Commissioner and attended by eminent stakeholders from the industry. Shri Manoj Rai, Commissioner, CTD, State of Sikkim, appreciated the initiative of GST Council Secretariat to hold such outreach programs at ground level as it would provide an opportunity for the State and other stakeholders to place their constraints before the authorities. - Shri Pankaj Kumar Singh, Additional Secretary GST Council Secretariat, during the address emphasized on the role played by GST Council Secretariat in acting as a platform between the various stakeholders and he stressed that the office strives to place the various representations received from stakeholders across various States before the competent authority for speedy resolution. - There was an overwhelming response from All India CGST formations as well as 16 State Tax formations from Goa, Kerala, Madya Pradesh, Chennai, Rajasthan, Nagaland, Manipur, Himachal Pradesh, Assam, Gujrat, Tamil Nadu, Meghalaya, Bihar Maharashtra, Jammu and Kashmir. Around 1362 officers from CGST and SGST formations have attended the online training sessions. - The objective of this programme was to sensitize the field formations about the Recommendations of 48th Meeting of the GST Council held on 17th December, 2022. - The introduction to the session was given by Shri Rajiv Kapoor, Pr. ADG, NACIN, Mumbai. Shri Arun Mishra, Special Secretary (Retd) and Tax Expert, Govt. of Bihar gave the introductory session wherein he discussed the background and important features of the recommendations given by the members of GST Council in the 48th Meeting. - In the second session, the recommendations of the 48th GST council were discussed in detail by Ms. Ashima Bansal, Joint Secretary, GST Council. She discussed the GIC agenda, Law Committee agenda and Fitment Agenda in detail giving the background of the amendments and also the recommendations of the GST Council Regarding these agendas. - Module wise new functionalities deployed on the GST Portal for taxpayers. - Advisory on taxpayers facing issue in filing GSTR-3B - Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - If such taxpayers have filed all their pending returns, the system will automatically drop the proceedings and revoke suspension. - If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’ for which navigation is as follows: “Log on to GST Portal > Services > User Services > View Notices and Orders > Initiate Drop Proceeding” - In case the system does not automatically drop the proceedings or taxpayer is unable to revoke the suspension by clicking on ‘Initiate Drop Proceeding’, then taxpayer is advised to contact Jurisdictional Officer. Note: This functionality is applicable to the taxpayers whose GSTINs have been suspended after 1st December, 2022. - Delegatus Non-Potest Delegare: - Lex Posterior Derogat Priori -  The 74th Republic Day was celebrated in the office of GST Council Secretariat (GSTCS) with much patriotic fervor. - On this occasion the GSTCS organized various events such as Essay writing, Slogan writing and Painting , in order to stir up the patriotic feelings amongst the Officers and staff alike. - The Constitution of India, which was adopted by the Constituent Assembly on November 26, 1949, came into effect on January 26, 1950 the Republic Day is celebrated as a mark of honor. - The Constitution of India is an embodiment of people’s faith and aspirations. - The Constitution of India is flexible and has stood well in emerging circumstances and situations from time to time, therefore it is often termed as an organic living document. - The Constitution was framed to establish the concept of democracy, equality, liberty, not only in the bigger political domain but also in our personal existence. - The Indian Constitution is unique in its contents and spirit as it has borrowed several good features and experiences from different Constitutions around the world like the Concept of Fundamental Rights was borrowed from the Constitution of USA and likewise the concept of Directive Principles was taken from Ireland. Our Constitution is a balance between rigidity and flexibility which enables us to sustain the core basic structure while amending some provisions according to changing requirements of the society and this shows that the Constitution has successfully steered us towards the path of advancement. - On this occasion, the Additional Secretary Sh. Pankaj Kumar Singh addressed the officials of GST Council Secretariat and encouraged everyone to participate effectively in the In house events. He also appreciated the efforts of the participants.

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Is zoho Books is the Best Accouting Software for Small Business ?

Trending Today 49th GST Council Meeting Highlight Margin Schemes for Second Hands Goods Under GST CII Recommend to Central Governmnet on Reduction of Personal Income Tax Rate

ABOUT ZOHO BOOKS:

- Zoho Books is cloud-based Accounting Software that is developed & Managed by Zoho Corporation Pvt.Ltd.  - Zoho Books is your one-stop platform for managing your accounting tasks and organizing your transactions. - It's a single secure location to keep up with your company's bills and invoices, reconcile your bank statements, control your spending, oversee projects, and eliminate GST compliance worries - Affordable pricing: Zoho Books offers affordable pricing plans that are ideal for small businesses. The plans range from INR Zero to INR 8000 per month, depending on the features you need. This makes it a cost-effective solution for businesses that are just starting out or looking to keep their expenses low. Small Business can also avail Free Services if its revenue is 25 lakh p.a and it is very useful when the operation is in initial phase. Click here to check pricing along with features - Easy to use: Zoho Books is designed to be user-friendly, with a simple and intuitive interface that makes it easy for even non-accountants to use. The software is also customizable, so you can tailor it to your specific needs and preferences. It  has multiple foreign language support and System is so user friendly. - Invoicing: Zoho Books makes it easy to create and send professional-looking invoices, with customizable templates and the ability to automate recurring invoices. This saves time and makes it easy to get paid on time. It allows to associate HSN/SAC Codes with the goods & Services and record the GSTIN at the time of creation and in the next time while generating transaction, required Information is auto populated. It automatically generates E-Way bills for the required transaction.  - Expense tracking: Zoho Books allows you to track expenses in real-time, with the ability to categorize expenses, attach receipts, and set up rules for automated expense recording. This helps you stay on top of your spending and make informed financial decisions. - Inventory management: Zoho Books also includes inventory management features, allowing you to track stock levels, set reorder points, and generate reports on inventory levels and sales. This is especially useful for businesses that sell physical products. - Financial reporting: Zoho Books provides a range of financial reports, including balance sheets, profit and loss statements, cash flow statements, and more. These reports give you a clear picture of your business's financial health, allowing you to make informed decisions and plan for the future. It also provides various dashbaord through mobile apps.Overall, Zoho Books is an ideal accounting software solution for small businesses that want an affordable, easy-to-use, and comprehensive accounting solution. Its invoicing, expense tracking, inventory management, and financial reporting features make it a powerful tool for managing your finances and growing your business.

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MAIN HIGHLIGHT OF GST COUNCIL MEETING:

- "Central Government will continue clearing any pending compensation cess amounts of states as and when they give their AG (Accountant General)  Certificate " says FM Nirmala Sitharaman Post Meeting. - Reduction of GST Rates on Pencil Sharpeners from 18% to 12%. - Reduction of GST Rates of liquid Jaggery from 18% to Nil of it is loose. If it is pre-packaged and labeled, the tax rate on this will be 5%. - Entire Rs.16892 crore of GST Compensation cess to states for June 2022 to be cleared today. - Exemption on coal rejects supplied by and to the washeries approved by council. - Council may take a proposal on rationalization of GST Rate on cement in its next meeting.

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INTRODUCTION TO MARGIN SCHEMES UNDER GST:

- It is applicable for those GST Registered Taxpayers who deals in the Purchase & Sale of such goods from unregistered persons. - Dealers have to pay GST only on the Margin (Sale Price-Purchase Price-Minor Repairing Cost) - If there is loss/No Margin, GST is not Applicable. - GST is applicable only when dealer resells goods either as such or after minor changes. - If there is major changes that change the nature of goods , the delaer cannot opt for this scheme. - Dealer cannot avail ITC on purchase of Second Hand Goods. - Purchase price of Second Hand Goods in case of Goods Possessed after loan= Original Purchase Price of Defaulting borrower-5% depreciation for each quarter or part thereof - In case of motor vehicles is sold by a Registered Person who claimed depreciation u/s 32 of the Income Tax Act : Margin=Selling Price of Motor Vehicle-Depreciated value of the motor vehicle on the date of sale as per Income Tax Act  - In the above case, Supply of Car by Kunal to Cars24 shall not be chargeable to Tax. - Supply of Car by Cars24 to Aditya will be chargeable to GST. - GST will be applicable on Sales price(Rs.4,00,000)-Purchase price(3,00,000)-Repair Cost(10,000).

GST Rates on Supply of Second Vehicle and Other Goods

Description of GoodsGST RateOld & Used LPG or CNG Vehicle with engine capacity of 1200CC or More & Length of 4000mm or More18%Old & Used Diesel Vehicles driven motor Vehicles with engine capacity of 1500CC or more and Length of 4000mm or more18%Old & Used Sports Utility Vehicle (SUV) with engine capacity of 1500 cc or more18%All old & used vehicles other than the above three categories12%GST Rates on Second Hand Goods other than vehiclesNo difference w.r.t Rate (whether Second Hand Goods or New Goods)

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INTRODUCTION TO MARGIN SCHEMES UNDER GST:

- It is applicable for those GST Registered Taxpayers who deals in the Purchase & Sale of such goods from unregistered persons. - Dealers have to pay GST only on the Margin (Sale Price-Purchase Price-Minor Repairing Cost) - If there is loss/No Margin, GST is not Applicable. - GST is applicable only when dealer resells goods either as such or after minor changes. - If there is major changes that change the nature of goods , the delaer cannot opt for this scheme. - Dealer cannot avail ITC on purchase of Second Hand Goods. - Purchase price of Second Hand Goods in case of Goods Possessed after loan= Original Purchase Price of Defaulting borrower-5% depreciation for each quarter or part thereof - In case of motor vehicles is sold by a Registered Person who claimed depreciation u/s 32 of the Income Tax Act : Margin=Selling Price of Motor Vehicle-Depreciated value of the motor vehicle on the date of sale as per Income Tax Act  - In the above case, Supply of Car by Kunal to Cars24 shall not be chargeable to Tax. - Supply of Car by Cars24 to Aditya will be chargeable to GST. - GST will be applicable on Sales price(Rs.4,00,000)-Purchase price(3,00,000)-Repair Cost(10,000).

GST Rates on Supply of Second Vehicle and Other Goods

Description of GoodsGST RateOld & Used LPG or CNG Vehicle with engine capacity of 1200CC or More & Length of 4000mm or More18%Old & Used Diesel Vehicles driven motor Vehicles with engine capacity of 1500CC or more and Length of 4000mm or more18%Old & Used Sports Utility Vehicle (SUV) with engine capacity of 1500 cc or more18%All old & used vehicles other than the above three categories12%GST Rates on Second Hand Goods other than vehiclesNo difference w.r.t Rate (whether Second Hand Goods or New Goods)

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CII Recommend to Central Governmnet on Reduction of Personal Income Tax Rate

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SYNOPSIS:

Industry Body CII suggested to Central Government for Reduction in Personal Taxes Rates, Decriminalisation of the Goods & Services Tax and Relook at the Capital Gain Rates Taxes in the Upcoming Budget.DETAILS ON SUGGESTION MADE BY CII TO CENTRAL GOVERNMENT FOR UPCOMING BUDGET:- The Applicability of prosecution provision should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of tax payable. - A fresh look is needed at the capital gains taxes with respect to its rates  and holding period to remove complexity. - The Government should also focus on reduction on personal income rates taxes as this will increase disposable Income and helps to increase in demand. - CII Suggested that Tax Rates on Business should be maintain at current levels.

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Policy Initiative for MSME under GST

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GST Law Provides for beneficial treatment of small taxpayers through various provision:

- No registration required for inter-state and intra-state supply of services upto R 20 Lakh (R 10 Lakh for States of Manipur, Mizoram, Nagaland and Tripura). - No registration required for intra-state supply of goods upto Rs. 40 Lakh (Rs. 20 Lakh in the States of Arunachal Pradesh,Manipur, Meghalaya,Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand) w.e.f. 01.04.2019. - Tax on advance received for supply of goods has been exempted. - Composition scheme has been formulated for small businessman being supplier of goods and supplier of restaurant services. Under the scheme, person with turnover up to Rs. 1.5 Cr (Rs. 75 Lakh in States of Arunachal Pradesh,Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand) needs to pay tax equal to 1% to 5% on his turnover and needs to file his returns annually with quarterly payment. - Composition scheme has been formulated for supplier of services. Under the scheme, person with turnover up to Rs.50 Lakh need to pay tax equal to 6% on his turnover and needs to file his returns annually with quarterly payment from FY 2019-20. - Composition taxpayers have to pay tax on quarterly basis. Such taxpayers do not have to maintain elaborate accounts and records and instead of monthly statements and a return they shall file quarterly challans and one annual return. - Free Accounting and Billing Software shall be provided to small taxpayers by GSTN. - Grievance Redressal Committees (GRC) have been constituted at Zonal/State level with both CGST and SGST officers including representatives of trade and industry and other GST stakeholders (GST practitioners and GSTN etc.). These committees addresses grievances of specific/ general nature of taxpayers at the Zonal/ State level. - QRMP Scheme for small taxpayers: A scheme of quarterly filing and monthly payment (QRMP) has been introduced w.e.f. 01st January 2021 where the small taxpayers with Aggregate Annual Turnover up to R 5 Cr have an option to file returns on quarterly basis, instead of monthly return. Number of returns in a year reduced from 24 earlier to 8 now for such taxpayers. This scheme is available to approx. 89 % of the taxpayers registered under GST. - To reduce burden of late fee on smaller taxpayers, the upper cap of late fee has been rationalized to align late fee with tax liability/ turnover of the taxpayers.     - The Late Fee for delay in furnishing of FORM GSTR-3B and FORM GSTR-1 is capped, per return, as below: (i) For taxpayers having nil tax liability in FORM GSTR-3B or nil outward supplies in FORM GSTR-1, the late fee capped at Rs. 500/- (Rs. 250/- CGST + Rs. 250/- SGST) (ii) For other taxpayers: #For taxpayers having Aggregate Annual Turnover (AATO) in preceding year upto Rs. 1.5 Cr, late fee capped to a maximum of Rs. 2,000/- (Rs. 1,000/- CGST +Rs. 1,000/- SGST); For taxpayers having Aggregate Annual Turnover (AATO) in preceding year between Rs 1.5 Cr to Rs 5 Cr, late fee capped to a maximum of Rs. 5,000/- (Rs.2,500/- CGST + Rs. 2,500/- SGST); #For taxpayers having Aggregate Annual Turnover (AATO) in preceding year above R 5 Cr, late fee capped to a maximum of Rs. 10,000/- (Rs. 5,000/- CGST + Rs. 5,000/- SGST). - The late fee for delay in furnishing of FORM GSTR-4 by composition taxpayers capped to Rs. 500/- (Rs. 250/- CGST + Rs. 250/- SGST) per return, if tax liability is nil in the return, and Rs. 2,000/- (Rs. 1,000/- CGST + Rs. 1,000/- SGST) per return for others. - Late fee payable for delayed furnishing of FORM GSTR7 reduced to Rs. 50/- per day (Rs. 25/- CGST + Rs. 25/- SGST) and capped to a maximum of Rs. 2,000/- (Rs. 1,000/- CGST + Rs. 1,000 /- SGST) per return. - Exemption from filing annual return in FORM GSTR-9 for FY 2021-22 has been provided to taxpayers having Aggregate Annual Turnover upto R 2 Cr vide Notification No. 14/2022- Central Tax dated 05.07.2022 - Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 has been notified. This eased the compliance requirement in furnishing reconciliation statement in FORM GSTR-9C, as taxpayers are now able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants. This change applies for Annual Return for FY 2020-21 onwards. - The filing of annual return in FORM GSTR-9 for FY 2020-21 has been made optional for taxpayers having Aggregate Annual Turnover upto R 2 Cr. - The reconciliation statement in FORM GSTR-9C for the FY 2020-21 is required to be filed by taxpayers with Aggregate Annual Turnover above R 5 Cr.

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Latest GST Updates

Trending Today Latest GST Updates Assistant Manager FP&A- Vacancy Financial Planning & Analysis Manager at OYO (Vacancy) The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers.Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST (Goods and Services Tax) is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.GST is levied on all types of goods and services except petroleum products, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGST) collected by the central government. The share of both governments is equal to GST. For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state.The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but the manufacturer is refunded back on further levels. It is a destination-based tax, it is collected by the state in which the said good or service is consumed rather than to that state in which the good or service was manufactured.

LATEST GST UPDATES FOR TAXPAYERS:

Date of NotificationParticulars15th Nov, 2022A notification has been issued by the CBIC allowing claims for input tax credits (ITCs) and invoice amendments until 30th November 2022. Click here for Notification10th Nov, 2022A notification has been issued by the CBIC for clarification on refund related Issues. Click here for Notification10th Nov, 2022A notification has been issued by the CBIC for Guidelines on verifying the transitional credit. Click here for Notification

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Board Meeting full of Young Guys as startup continue to rise

Trending Today Vacancy for B.E/B.Tech | Last Date Apply 22/06/2022 | Job Alert Vacancy for Experienced CMA Students TDS under Section 194R (New Provision) (TDS on Benefit or Perquisite) The board of Indian companies are getting younger, as the startup culture continues to rise. Any Individual who starts a company or to be on board need to have DIN . In the year 2022, MCA has issued 4,19,531 DIN to Individual. As per the data from MCA, Around One-Third ( 122593) of the people who got DIN in the last fiscal financial year were aged 30 years below while 182559 DIN were issued to Aged group between 31 yrs to 45 yrs.These number are increasing as at a time many new companies are incorporated and most of the new companies which are getting incorporated are startup companies. Young graduates are are seeing future in entrepreneurship as a alternative to regular job, especially in IT Sector. Currently India has more than 100 Unicorn. And there are many other companies who are doing good and is trying to achieve the status of unicorn. Easier funding from Private Equity or Angel Investor is encouraging youth to go for starting as business.

AGE WISE DIN ISSUED:

Age GroupMaleFemaleTotalUnder 30915453104812259331-451241395842018255946-60589262595584881Above 6020990850829498Total295600123931419531

Vacancy for B.E/B.Tech | Last Date Apply 22/06/2022 | Job Alert

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[myallguidance]

TDS under Section 194R (New Provision) (TDS on Benefit or Perquisite)

Trending Today No Capital Gain on Sale of Share of ACC & Ambuja to Adani (Holcim & Adani Deal) Time Taken to get GST Registration Blocked Input Tax Credit

INTRODUCTION OF TDS UNDER SECTION 194R:

- New TDS Section 194R has been inserted in the Income Tax Act by union Budget 2022. - TDS Section 194R is effective from 1st July, 2022. - Applicability: Any Person who is providing any benefit or perquisite , exceeding Rs.20000 in value in a year , to a resident's business or profession and such benefit or perquisite can be either in cash or kind or both and such perquisite is in the nature of Income falling under section 28(iv) of the Income Tax Act, 1961. (Section 28(iv) states that the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession income shall be chargeable to income tax under the head business/profession) - TDS Rate : 10 % - Section 194R is not applicable for perquisite payable by employee to employer. Perquisite paid or payable by the employer to employees are chargeable to tax under section 17(2) under the head salary, another section 192 is already there. - It is applicable to everyone except Individual/HUF (In case of Individual/HUF , Tax is required to be deducted if the Gross Receipts or Turnover exceeds 1 crore in case of business and 50 lakhs in case of profession, during the financial year immediately preceding the financial year in which such benefit is provided. )

GUIDELINES ISSUED BY MINISTRY OF FINANCE THROUGH CIRCULAR NO. 12 OF 2022 :

Is it necessary that the person providing benefit or perquisite needs to check if the amount is taxable under clause (iv) of section 28 of the Act, before deducting tax under section 194R of the Act?Answer: No, The deductor is not required to check whether the amount of benefit or perquisite that he is providing would be taxable in the hands of the recipient under clause (iv) of section 28 of the Act. The amount could be taxable under any other section like section 41(1) etc. Section 194R of the Act casts an obligation on the person responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 10%. There is no further requirement to check whether the amount is taxable in the hands of the recipient or under which section it is taxable.Is it necessary that the benefit or perquisite must be in kind for section 194R of the Act to operate? Answer: Tax under section 194R of the Act is required to be deducted whether the benefit or perquisite is in cash or in kind.Is there any requirement to deduct tax under section 194R of the Act, when the benefit or perquisite is in the form of capital asset? Answer: Yes, Tax is required to be deducted if the benefit or perquisite is in the form of capital assets. There is no requirement to check whether the perquisite or benefit is taxable in the hands of the recipient and the section under which it is taxable.Whether sales discount, cash discount and rebates are benefit or perquisite?Answer: Sales discounts, cash discount or rebates allowed to customers from the listed retail price represent lesser realization of the sale price itself. Logically these are also benefits though related to sales/purchase. Since TDS under section 194R of the Act is applicable on all forms of benefit/perquisite, tax is required to be deducted. However, it is seen that subjecting these to tax deduction would put seller to difficulty. To remove such difficulty it is clarified that no tax is required to be deducted under section 194R of the Act on sales discount, cash discount and rebates allowed to customers.How is the valuation of benefit/perquisite required to be carried out? Answer: The valuation would be based on fair market value of the benefit or perquisite except in following cases:- (i) The benefit/perquisite provider has purchased the benefit/perquisite before providing it to the recipient. In that case the purchase price shall be the value for such benefit/perquisite. (ii) The benefit/perquisite provider manufactures such items given as benefit/perquisite, then the price that it charges to its customers for such items shall be the value for such benefit/perquisite. It is further clarified that GST will not be included for the purposes of valuation of benefit/perquisite for TDS under section 194R of the Act.Many times, a social media influencer is given a product of a manufacturing company so that he can use that product and make audio/video to speak about that product in social media. Is this product given to such influencer a benefit or perquisite ?Answer: This type of  benefit or perquisite will depend upon the facts of the case. In case of benefit or perquisite being a product like car, mobile, outfit, cosmetics etc and if the product is returned to the manufacturing company after using for the purpose of rendering service, then it will not be treated as a benefit/perquisite for the purposes of section 194R of the Act. However, if the product is retained then it will be in the nature of benefit/perquisite and tax is required to be deducted accordingly under section 194R of the Act.If there is a dealer conference to educate the dealers about the products of the company - Is it benefit/perquisite? Answer: The expenditure pertaining to dealer/business conference would not be considered as benefit/perquisite for the purposes of section 194R of the Act in a case where dealer/business conference is held with the prime object to educate dealers/customers about any of the following or similar aspects: (i) new product being launched (ii) discussion as to how the product is better than others (iii) obtaining orders from dealers/customers (iv) teaching sales techniques to dealers/customers (v) addressing queries of the dealers/customers (vi) reconciliation of accounts with dealers/customers However, such conference must not be in the nature of incentives/benefits to select dealers/customers who have achieved particular targets. Further, in the following cases the expenditure would be considered as benefit or perquisite for the purposes of section I 94R of the Act:- (i) Expense attributable to leisure trip or leisure component, even if it is incidental to the dealer/business conference. (ii) Expenditure incurred for family members accompanying the person attending dealer/business conference. (iii) Expenditure on participants of dealer/business conference for days which are on account of prior stay or overstay beyond the dates of such conference. Section 194R provides that if the benefit/perquisite is in kind or partly in kind (and cash is not sufficient to meet TDS) then the person responsible for providing such benefit or perquisite is required to ensure that tax required to be deducted has been paid in respect of the benefit or perquisite, before releasing the benefit or perquisite. How can such person be satisfied that tax has been deposited?Answer: The requirement of law is that if a person is providing benefit in kind to a recipient and tax is required to be deducted under section 194R of the Act, the deductor is required to ensure that tax required to be deducted has been paid by the recipient. Such recipient would pay tax in the form of advance tax.The tax deductor may rely on a declaration along with a copy of the advance tax payment challan provided by the recipient confirming that the tax required to be deducted on the benefit/perquisite has been deposited. Section 194R would come into effect from the I" July 2022. It is not clear how this limit of twenty thousand is to be computed for the Financial Year 2022-23?(i) Since the threshold of twenty thousand rupees is with respect to the financial year, calculation of value or aggregate of value of the benefit or perquisite triggering deduction under section 194R of the Act shall be counted from 1st April, 2022. Hence, if the value or aggregate value of the benefit or perquisite provided or likely to be provided to a resident exceeds twenty thousand rupees during the financial year 2022-23 (including the period up to 30th June 2022), the provision of section 194R shall apply on any benefit or perquisite provided on or after 1st July 2022. (ii)The benefit or perquisite which has been provided on or before 30th June 2022, would not be subjected to tax deduction under section 194R of the Act. 

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Time Taken to get GST Registration

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Time Taken to Get GST Registration:

The CBIC issued Central Goods and Services Tax Rules (Fourteenth Amendment), 2020, via Notification No. 94/2020-Central Tax, dated December 22, 2020, revising Rule 9 of the Central Goods and Services Rules, 2017 :- Upon Submission of Application for Registration, Proper Officer (PO) Shall examine the application and accompany documents and If found in order , Registration shall be granted within 7 Working days if applicant successfully validates his Aadhar Authentication. Registration granted extended to 30 days if fails to undergo/does not opt for Aadhar authentication or Verification required. - PO issues notices electronically within 7 days  for seeking additional information. Notice May not be issue after 30 days from application date. - Applicant to furnishes clarification within 7 working days from data of receipts of notice. - If PO is satisfied, the Registration shall be granted within 7 days in Form GST Reg. 6 .Normally, GST Registration is granted between 3 to 7 working days provided that all the documents are in proper form.

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[myallguidance]

No Capital Gain on Sale of Share of ACC & Ambuja to Adani (Holcim & Adani Deal)

Trending Today Blocked Input Tax Credit Advance Ruling Under GST ICAI New Education Scheme for Articleship Practical Training

BACKGROUND:

Recently Adani Group & Holcim signed an agreement for sale of the Cement business in India. Holcim owns  63.1% stake in Ambuja, which owns 50.05% Interest in ACC, as well its 4.48% direct stake in ACC. After this deal, Adani Group became the second largest cement player in the country, next only to ultratech cement. The point here is a big deal has been signed but there is no any Capital Gain Tax. Is this possible?. In this Articles, We will be discussing the same point how  it became possible.

IMPORTANT CHART

How it is possible that there is no Capital Gain Tax:

- Holcim is a switzerland based company and the shares of Indian companies is hold by special purpose Investment vehicle (HolderInd Investments Ltd.) located in Mauritius. Further, the shared of the Mauritius entity are in turn held by Netherland Company (HolderFin) of Holcim Group. - HolderInd Investments Ltd. holds 63.2% in Ambuja cement & 4.48% in ACC and Holderind Holds another 50.5% stake in ACC through Ambuja Cement.   - As per the Agreement, the Adani Group's Mauritius entity Endeavour Trade and Investment Ltd. will acquire 100% stake in HolderInd Investments Ltd (Entity based in Mauritius) from Netherland based company. - The transaction is the sale of shares of a Mauritius company (HolderInd) which hold share of Indian company (Ambuja & ACC) , by Netherlands company (HolderFin) to another Mauritius Company ( Endevaur Trade & Investment Ltd.). - The shares of Mauritius company (HolderInd) substantially derive their value from Indian Assets (Ambuja & ACC). The change in ownership of the holding company of ACC & Ambuja indirectly amounts to a transfer of ownership to another Mauritius based company (Endevauer). Such Indirect transfer is chargeable to tax in India. - Now, the main picture came to place that which treaty will be applicable to either Mauritius or Netherland. Since the Seller is Netherland based company Treaty between India & Netherland will be applicable. - The Capital Gain of Netherland based company though this deal is chargeable to tax in India as per Domestic Income law of India  but Due to Double Tax Avoidance, the treaty will override the Domestic Income law of India. - Primarily, this big deal will not attract capital gain tax because of India-Netherlands Tax Treaty. As per Section 195 of the Income Tax Act, 1961, which provides for withholding of tax if payment is chargeable to tax in India. Since as per India-Netherlands treaty, the Capital gain through the deal is not chargeable to tax in India, there will be no tax liability in Holcim and consequently no withholding tax obligations on the Adani entity as well.Request you to provide your view on Comments Section. Thanks Readers.

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[myallguidance]

Blocked Input Tax Credit

BLOCKED INPUT TAX CREDIT:

- Input Tax Credit is allowed on almost all Input Goods & Input Services used for Supply of Goods & Services under GST except small list provided under Section 17(5). - The Various Goods and Services on which credit is blocked are discussed hereunder:    - ITC is blocked on Motor Vehicles, Vessels & Aircraft used for transportation of persons with seating lesser or equal to 13 incl. Driver as well ITC blocked on  General Insurance, Servicing Repair & Maintenance Relating to ineligible Motor vehicles. - ITC is blocked on Motor Vehicles, Vessels & Aircraft used for making further supply & transportation of persons with seating greater than  13 incl. Driver & making taxable supply of imparting training on driving. - ITC on cars purchased by a manufacturing company for official use of its employees is blocked. - ITC on cars purchased by a car dealer for sale to customers is allowed. - ITC on cars purchased by Driving school is allowed. - ITC on trucks purchased by a company  for transportation of goods is allowed. - ITC on buses purchase by company for transportation of its employees from residence to office and back (having seating capacity of 24 persons) is allowed. - ITC on Aircraft purchased by manufacturing company for official use of CEO is blocked.  - ITC is blocked on Food & Beverages, Outdoor Catering, Beauty treatment, Health Services, Cosmetic & Plastic Surgery, Life Insurance & Health Insurance. - Exception to that when services used by an taxable person for making outward taxable supply. - A Manufacturing company purchases food items for being its served to customers, free of cost. ITC on such goods is blocked. - ITC on outdoor catering catering services availed by a garment exporter for a marketing event organised  for its perspective customer, is blocked. - Outdoor catering service is availed by a company to run a free canteen in its factory. ITC on such outdoor catering is allowed. - ITC is blocked on Input Services  relating to construction activity like Office Building , Factory Building, etc. However, ITC is allowed to Builders, Developers & Contractors who are undertaking construction activity. - However, ITC is allowed on services like Repairs, Maintenance, etc  as well as on Immovable property. - ITC is blocked if goods/services  received by a taxable person for construction of an immovable property (Other than plan & machinery) on his own account even such goods/services are used in the course of business.  - A Company buys cement, tiles & avails services of an architect for construction of office building is blocked.Inward supplies charged to tax under composition levy, Non Resident Taxable person & Used for personal consumption. Free samples, gifts , goods lost/stolen, Lost Goods, Destroyed Goods/ Goods Written off  Tax paid in Fraud Cases, Detention , Confiscation ( Tax paid under section 74, 129 & 130)

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[myallguidance]

Advance Ruling Under GST

QUESTION FOR WHICH ADVANCE RULING CAN BE SOUGHT:

- Classification of any goods or services or both - Applicability of notifications issued under the provision of GST Act - Determination of Time & Value of supply of goods or services or both - Admissibility of ITC . - Determination of liability to pay tax on any goods or services or both. - Whether Applicant is required to be registered. - Whether any particular thing done by the applicant with respect to any goods or services or both amounts to results in a supply of goods or services  or both.  - Question already pending in any proceedings in the case of an applicant. - Question already decided in any proceedings in the case of an applicant.

PROCEDURE FOR OBTAINING ADVANCE RULING:

- Make Application to AAR in a prescribed form and manner and shall be accompanied by a fees to Rs.5000. - AAR to send copy of application to concerned office and may call for relevant records from officer. - AAR to examine the application along with records and may hear . Thereafter, He will pass an order either admitting/rejecting the application. - If the application is rejected, then it should provide reason for rejection. - If the application is admitted, it should pronounce its ruling within 90 days. 

APPEAL AGAINST THE ORDER OF AAR :

- If the Application is not satisfied with the order of AAR, then he can file an appeal in prescribed form along with fees of Rs.10,000/- to Appellate Authority of Advance Ruling (AAAR) within 30 days from the date of receipt of order. However, Authority may allow for an additional 30 days with appropriate reason. - The Authority must pass an order within 90 days. - If the member of AAAR differ on any point referred to an appeal, it shall be deemed that no advance ruling can be produced for such question. - Advance Ruling pronounced by AAR or AAAR shall be binding only on the applicant and on the concerned officer or jurisdictional officer in respect of the applicant.

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ICAI New Education Scheme for Articleship Pratical Training

BRIEF BACKGROUND OF ICAI NEW EDUCATION SCHEME:Identification of  problems areas to be addressed such as overcome rote learning, Long Duration of Course, Need for Industry Orientation, Interpersonal Skills.  Requirement under International Education Standards.Incorporation of National Education Policy 2020.Align with International Accounting Bodies Scheme of education.SUMMARY OF COMPARISIONCURRENT:CA Foundation ( 4 Exam Paper with 6 Subject)Intermediate (Group I- 4 Papers, Group II-4 Papers)CA Final (Group I- 4 Papers, Group II-4 Papers)   PROPOSED:Entry Level (4 Exam Paper with 4 Subject)Intermediate (Group I- 3 Papers, Group II-3 Papers)Introducing four self paced online learning modulesCA Final (Group I- 3 Papers, Group II-3 Papers) COMPARISION OF PRATICAL TRAINING:  Current ProposedDuration: 3 YearsDuration: 2 Years with one Year of Post Qualification work experience in a CA firm for members applying for COP.Leaves: Read the full article

[myallguidance]

Self Placed E-Learning Modules in ICAI New Education Scheme

BRIEF BACKGROUND OF ICAI NEW EDUCATION SCHEME:Identification of  problems areas to be addressed such as overcome rote learning, Long Duration of Course, Need for Industry Orientation, Interpersonal Skills.  Requirement under International Education Standards.Incorporation of National Education Policy 2020.Align with International Accounting Bodies Scheme of education.SUMMARY OF COMPARISIONCURRENT:CA Foundation ( 4 Exam Paper with 6 Subject)Intermediate (Group I- 4 Papers, Group II-4 Papers)CA Final (Group I- 4 Papers, Group II-4 Papers)   PROPOSED:Entry Level (4 Exam Paper with 4 Subject)Intermediate (Group I- 3 Papers, Group II-3 Papers)Introducing four self paced online learning modulesCA Final (Group I- 3 Papers, Group II-3 Papers) SELF PLACED E-LEARNING MODULES:Since the number of are being reduced 2 at each Intermediate level and 2 at each final level.It would comprise of subjects which students can attempt and qualify at their own pace after qualifying intermediate level examination.   A student has to qualify these online modules (SETS) for taking the Final examination. The minimum marks for qualifying in each module is 50%.Such creative combinations of disciplines would inculcate cross-disciplinary thinking amongst students and facilitate innovative reasoning in solving real-life problems which they encounter in their practice or employment, once they qualify as a chartered accountant.Self Read the full article