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Latest Income Tax Updates for FY 2022-23.

Latest Income Tax Updates for FY 2022-23.

As we know, the latest income tax updates for FY 2022-23 have been proposed in the finance budget presented on 1st Feb 2022. The changes for the Financial year 2022-23 are mentioned below:

  • ⦁ Provision for filing ‘Updated Income Tax returns’ within 2 years from the end of relevant AY.
  • ⦁ Reduced AMT rates for Co-operatives from 18.5% to 15%.
  • ⦁ Reduced surcharge for Co-operatives with a total income of 1cr to 10Cr.
  • ⦁ Tax relief for persons with disability: Allow annuity payment to differently-abled dependents when parents attain the age of 60 years.
  • ⦁ Deduction for National Pension Scheme for State Government employees u.s 80CCC made at par with Central Govt.
  • ⦁ Start-ups established before 31.03.2023 (earlier–31.03.2022; now extended by 1 year) will be provided tax breaks.
  • ⦁ Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year).
  • ⦁ Virtual digital assets (Cryptocurrency): Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than the cost of acquisition; No set-off of losses.
  • ⦁ TDS @ 1% on consideration above a specific threshold.
  • ⦁ The gift to be taxed under section 56(2)(x).
  • ⦁ No repetitive appeals for a common question of laws.
  • ⦁ Off-shore banking units/ IFSC income to be provided exemptions.
  • ⦁ A surcharge of certain AOPs to be capped at 15%.
  • ⦁ Surcharge on Long Term Capital Gains on any assets to be capped at 15%.
  • ⦁ Health and education cess not allowable as business expenditure u/s 37.
  • ⦁ No set-off of losses against undisclosed income detected during the search.
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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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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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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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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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FII & DII Trading activities – 17th Dec 2021.

⦁ FII F&O (Net)-6236.28Cr

⦁ FII INDEX FUTURES-470.98Cr

⦁ FII INDEX OPTIONS-5264.08Cr

⦁ FII STOCK FUTURES+4.62Cr

⦁ FII STOCK OPTIONS-505.84Cr

⦁ FII CASH-2069.9Cr

⦁ DII CASH+1478.52Cr

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Latest Stock Market Updates –

Union Bank board approves raising a fund of up to ₹ 500 cr w/greenshoe option of ₹ 1,000 cr.

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How to e-verify the Income Tax Returns on New Income Tax Portal?

⦁ Visit the following website – https://eportal.incometax.gov.in/iec/foservices/#/login

⦁ Enter your Pan Number in the User ID Column.

⦁ Then click on continue.

⦁ Then kindly check the box mentioned as “Please confirm your secure access message” and then enter your password.

⦁ Then click on continue.

⦁ Then go to e-file tab > Income Tax Returns > E-Verify Returns, and click on E-Verify Returns.

⦁ Kindly select the AY for which you want to E-Verify the return and click on E-Verify.

⦁ You have following options to E-Verify your return –

⦁ Using OTP Registered with Aadhar (Aadhar and Pan Should be linked for this process).

⦁ Using DSC (we should register DSC with Income Tax Portal).

⦁ Generate EVC–Net Banking, Bank Account, Demat A/C (Bank Account / Demat A/c should be pre-validated).

⦁ Here we would verify return using–“I would like to verify using OTP on mobile number registered with Aadhaar”. Kindly select the option and click on continue.

⦁ Then click on I agree to validate my Aadhar details and click on Generate Aadhar OTP.

⦁ You will get an OTP on the number registered with Aadhar, kindly enter the same and click on submit. Return would be e-verified.

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Latest Stock Market News –

KEC International bags multiple orders worth ₹ 1,041 cr across various businesses

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Update on Omicron –

JUNIOR HEALTH MINISTER OF INDIA: OMICRON VARIANT SPREADING FASTER THAN DELTA VARIANT JUNIOR HEALTH MINISTER: TOTAL 81 CASES WITH OMICRON VARIANT WITH NO DEATHS REPORTED AS OF DEC 16.

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