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GST Update – Alert on the GST portal

Latest GST Updates, Alert on the GST Portal –

⦁ Where the liability declared in GSTR-3B varies significantly with Form GSTR-1.

or

⦁ Where ITC taken in GSTR-3B varies significantly in comparison with auto-populated GSTR-2B.

GST update – Indicating a contravention to the provisions in rules, registration shall be suspended in terms of Rule 21(2A) of CGST Rules 2017.

⦁ If one could remember, as per Notification 94/2020 dated 22nd December 2020, a new sub-rule 2A has been inserted in Rule 21A of the Central Goods and Services Tax (CGST) Rules, which states.

⦁ Any significant differences or anomalies observed between the GSTR-3B and the GSTR-1/2B could lead to the suspension of GST registration.

⦁ Further, if these differences remain unexplained, the GSTIN could get canceled.

⦁ The tolerance limit has been kept at 10% in both cases by GSTN as per the alert message.

The taxpayer can check the comparison / variances post-login by navigating through Services–>Returns–> Tax liabilities–>and ITC Comparison–> Select year (period).

Note – This alert will definitely be helpful for the taxpayers to keep a tag on the variance/ anomalies and take corrective measures in time.

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Key Highlights: Budget 2022

Key Highlights, Budget 2022 –

  • ⦁ GDP growth for FY 22 is expected to be 9.2%, the highest for any large economy.
  • ⦁ PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs, an additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
  • ⦁ Promoting Fintech and the digital economy is a focus area for this budget.
  • ⦁ 75 digital banking systems in 75 districts by scheduled commercial banks.
  • ⦁ IBC to be amended to improve the efficiency of the resolution process, including cross border.
  • ⦁ Core Banking Services to start in Post offices.
  • ⦁ PM Gati-shakti master-plan Has scope to enhance multimodal communication through 7 engines, 2000 km of the rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.
  • ⦁ Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode.
  • ⦁ ECLGS (Emergency Credit Line Guarantee Scheme) to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore.
  • ⦁ 8 million new dwellings in rural, urban areas to be completed under PM Awas Yojana.
  • ⦁ Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.
  • ⦁ Rs 2 trillion outlay for MSMEs. Additional loans for 13 mn MSMEs.
  • ⦁ Rs 48,000 crore allocated to housing projects under *PM Housing Scheme* for FY23, Rs 1,500 crore allocated for the development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra.
  • ⦁ New provision to file the updated return within 2 years of the relevant assessment year.
  • ⦁ The alternate minimum tax for cooperative societies down from 18.5% to 15%.
  • ⦁ The tax deduction limit for state Govt employees* to NPS was raised from 10% to 14%**.
  • ⦁ Surcharge on Corporate tax pruned from 12% to 7% Surcharge on the transfer of long-term capital gains tax capped at 15%.
  • ⦁ Tax exemption to start-ups extended to March 2023.
  • ⦁ Gross GST collection for January 2022 at a record Rs 1.41 trillion.
  • ⦁ No change in income tax slab.
  • ⦁ Electric Vehicles battery-swapping policy is to be brought out with interoperability standards.
  • ⦁ Concessional duty on import of capital goods to be phased out.
  • ⦁ Duty on unpolished diamonds to be reduced to 5%.
  • ⦁ Customs duty on steel scrap extended by a year.
  • ⦁ RBI led digital rupee using blockchain to be launched in FY23, *1% TDS* on the transfer of virtual digital assets & income to be taxed at 30%.
  • ⦁ 68% of capital outlay for the Domestic defense industry.
  • ⦁ Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23.
  • ⦁ Total expenditure in FY23 estimated at Rs 39.45 trillion; total resources mobilization to be Rs 22.84 trillion other than borrowing.
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All IECs not been updated after 01.07.2020 will be de-activated –

⦁ All IECs (Import Export Code) which have not been updated after 01.07.2020 shall be de-activated with effect from 01.02.2022. The list of such IECs may be seen at the link (https://www.dgft.gov.in/CP/?opt=IECDL). The concerned IEC holders are provided an opportunity to update their IEC in this interim period till 31.01.2022, failing which the IECs shall be de-activated from 01.02.2022. Any IEC where an online updation application has been submitted but is pending with the DGFT RA for approval shall be excluded from the de-activation list.

⦁ It may further be noted that any IEC so de-activated, would have the opportunity for automatic re-activation without any manual intervention or any visits to the DGFT RA. For IEC re-activation after 31.01.2022, the said IEC holder may navigate to the DGFT website and update their IEC online. Upon successful updation, the given IEC shall be activated again and transmitted accordingly to the Customs system with the updated status.

Reference is drawn to Notification No. 58/2015-2020 dated 12.02.2021, 11/2015- 2020 dated 01.07.2021, 16/2015-2020 dated 09.08.2021, whereby it was mandated by DGFT to all IEC holders to ensure that details in their IEC is updated electronically every year during April-June period (for which no user charges were to be borne by the IEC holder). Based on representations received from the IEC holders who had not updated their IECs, the period of
updation was extended up to 31.07.2021 and subsequently to 31.08.2021. Due intimations were also provided vide Trade Notice 18/2021-2022 dated 20.09.2021 and Trade Notice 25/2021-22 dated 19.11.2021 prior to the phase-wise deactivation of the IECs not updated yet.

IEC-Updation last date notification, update otherwise will be deactivatedDownload

In continuation to the aforementioned notification(s) and Trade Notice(s) and as per para 2.05(e) of the Foreign Trade Policy (FTP), the third phase of deactivation of IECs which are not yet updated is being started.

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“GePP-On” new functionality for generating E-invoicing (GST, Helping Business –

With the intent of – helping businesses – to generate e-invoices (GST), NIC has released an application known as ‘GePP-On’. (GST e-Invoice Preparing and Printing (GePP) Tool)

To generate e-invoices using GePP-on application, one needs to enter the invoice details in the form designed in the application.

Following are the features of GePP-On:

1. Browser-desktop based application that works on mobile devices as well
2. Generation of IRN
3. Cancellation of IRN
4. Generation of e-way bill number along with IRN
5. Printing of e-invoice with QR Code
6. You can create customer and HSN master
7. Designed to work in offline mode
8. Backup and restoration of data and many such related features.

Currently, the beta version of “GePP-On” is released for businesses that are enabled for e-invoice generation.

These businesses can use the existing login credentials to access the application. Shortly, the final version of GePP-On will be made available.

Download link to GePP:https://einv-apisandbox.nic.in/gepp/#/

The efforts to release of GePP-On application for e-invoice generation is a welcome move, not only for businesses that are already enabled for e-invoicing but also would benefit many small businesses in the coming days, when more businesses are brought under the ambit of e-invoicing.

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E-way bill-Every transaction to be looked into independently for a ceiling limit of Rs. 50,000

In a very important decision the Hon’ble Allahabad High Court, in the case of Shri Surya Traders v. Union of India Writ Tax No. 1146 of 2021, Allahabad HC (SB) has passed a detailed ruling on detention, seizure, and release of goods and conveyances in transit.
It has been held that every transaction has to be looked into independently for the purpose of determining ceiling of Rs. 50,000 for the requirement of generation of e-way bill.

The Petitioner assessee is engaged in the business of selling Sweet Supari and Betel Nut products. The Petitioner, in its normal course of business sold 90 bags of betel nut product in the following manner, i.e. 87 bags to one registered dealer and 3 bags to another registered dealer using common transport, in such manner that the value of the second transaction/ consignment was less than Rs. 50,000 and accordingly in the opinion of the Petitioner, did not require an e-way bill. Regarding the supply of 87 bags of betel product, however, the documentation was complete and an e-way bill was also generated.

The vehicle was intercepted, and on examination, it was found that while 87 bags of goods were accompanied with a valid invoice, e-way bill, and all supporting documents, the 3 bags of betel nut product were not accompanied by a tax invoice. As a result, the Department formed a view that complete 90 bags are liable to be detained and subsequently were seized.

The Hon’ble Court quashed the impugned detention/ seizure orders and allowed the writ petition of the Petitioner and concluded that every transaction has to be looked into independently for determining ceiling of Rs. 50,000 when being transported under different Tax Invoices, though under the same conveyance.

Added to that, the Hon’ble Court imposed costs of Rs. 20,000 on the Respondents, granting them the liberty to recover the said cost from the erring officer.

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GST for restaurants selling online

E-Commerce Operators liable to pay GST on Restaurant Services W.E.F. 01-01-2022:-

The GST Council, in its 45th meeting held on 17th September 2021, recommended notifying *Restaurant Service* under section 9(5) of the CGST Act, 2017. Accordingly, to effectuate this recommendation, *Notification No. 17/2021 (CTR)* dated 18.11.2021 has been issued, and now a separate clarification vide *Circular No. 167 / 23 /2021–GST*, dated: 17-12-2021, also has been issued to the extent that the e-commerce operators (ECO) are liable to pay GST on restaurant services.

So, the scenario is as ‘restaurant service’ has been notified under section 9(5) of the CGST Act, 2017, *the ECO shall be liable to pay GST* on restaurant services provided, with effect from the *1 January 2022*, through ECO. The ECOs will *no longer be required to collect TCS* and file GSTR 8 in respect of restaurant services on which it pays tax in terms of section 9(5). On other goods or services supplied through ECO, which are *not notified u/s 9(5)*, ECOs *will continue to pay TCS* in terms of section 52 of CGST Act, 2017 in the same manner at present. As ECOs are already registered under rule 8(in Form GST-REG 01) of the CGST Rules, 2017 (as a supplier of their own goods or services), there would be *no mandatory requirement of taking separate registration* by ECOs for payment of tax on restaurant service under section 9 (5) of the CGST Act, 2017.

The aggregate turnover of a person supplying restaurant service through ECOs shall be computed as defined in section 2(6) of the CGST Act, 2017, and shall include the aggregate value of supplies made by the restaurant through ECOs. Accordingly, for threshold consideration or any other purpose in the Act, *the person providing restaurant service through ECO shall account for such services in his aggregate turnover*.

It may also be noted that on restaurant service, ECO *shall pay the entire GST liability in cash*. No ITC could be utilized for payment of GST on restaurant service supplied through ECO. ECOs provide their *own services as an electronic platform and an intermediary* for which it would acquire inputs/input service on which ECOs avail input tax credit (ITC).

The ECO charges commission/fee etc. for the services it provides. The ITC is utilized by ECO for payment of GST on services provided by ECO on its own account (say, to a restaurant). The situation in this regard remains unchanged even after ECO is made liable to pay tax on restaurant service. ECO would be eligible to ITC as before. Accordingly, ECO *shall not be required to reverse ITC on account of restaurant services* on which it pays GST in terms of section 9(5) of the Act. Well!!! These clarifications issued well ahead of the date of implementation will go a long way in a correct understanding of the legislative requirements and compliance of the same.

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Indian Stock Market Performance in 2021 – Investment Planning, Retirement Planning, Estate Planning & Tax Planning

Investment Planning, Retirement Planning, Estate Planning & Tax Planning – Indian Stock Market Performance in 2021 – Throwback

Contact us for Investment Planning, Retirement Planning, Estate Planning & Tax Planning. We have designed a 22 steps model to suggest to you the best possible funds to invest. Also, we review your funds periodically to determine if any alteration is required. Contact Us.

  • ⦁ Performance of Indices in 2020.
  • ⦁ Top Stocks in Nifty 50 – Top Gainers & Losers in 2020.
  • ⦁ Top Gainer and Loser in Nifty Mid Cap and Small Cap.

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Documents Required & Process Involved In – RERA Registration – Maharashtra

Documents Required for – RERA Registration –

Below mentioned are the docs required for – RERA Registration – In Maharashtra.

⦁ Passport Size Photograph.

⦁ Aadhar Card of the individual.

⦁ Pan Card of the individual.

⦁ Email ID and Mobile Number of the agent.

⦁ Rubber Stamp in the individual’s name with a real estate agent or broker written as the designation.

⦁ Electricity Bill in the individual’s name / Telephone bill in the name of the individual / Rent Agreement in the individual’s name / Lease Deed in the individual’s name.

⦁ ITR Copy of last 3 Financial Year / If you were not liable for filing ITR as per Income Tax Act, then a declaration is required to be given.

⦁ A sample copy of the acknowledgment receipt would be given to the customers.

⦁ A declaration to the effect that no criminal case is pending against an individual, in case any case is pending declaration is required.

⦁ A sample copy of the letterhead and rubber stamp which the agent will use in the future.

⦁ Government fees of Rs. 10,590/- has to be paid at the time of registration.

Note – All the documents listed above have to be self-certified and they should affix the stamp on them.

Website for obtaining registration in the state of Maharashtra is – https://maharerait.mahaonline.gov.in/Login/Login

Process Involved after uploading the docs –

⦁ Once the fees are paid, the form is assigned to an officer.

⦁ Officer then generally, within 7 working days scrutinizes the applications.

⦁ In case he has a query, they send the communication on the email id of the agent.

⦁ After the query is resolved, the certificate is sent to the email id.

⦁ In case email is not received, someone can also download the certificate from the maharera portal.

Kindly contact us on 9823120925/8918900780 for RERA Registration or any compliances related to RERA.

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Update on Banking Sector, positive for banking stocks –

Banks for the 1st time in the last three years have seen their December loan growth outpacing the January growth rate. But, it continues to be in a single-digit for the last three calendar years.

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GMPs as heard on Social Media –

⦁ Supriya Life 210 (274)

⦁ Data Patterns 290 (585)

⦁ MapMyIndia 780 (1,033)

⦁ HP Adhesives 60 (274)

⦁ Medplus Health 210 (796)

⦁ Metro Brands -30 (500)

Only for information & education purposes. The actual listing depends on demand and supply at pre-opening.

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