GST Suvidha Kendra Howrah

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E-Invoice system made mandatory for Turnover more than 20 Cr. Vide notification 01/2022 from 01/04/2022.
Previously it was 50 Cr.

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LIC IPO will have Policy Holder Quota too.

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Why Buyers should be penalized for the fault of Suppliers and failure of the Govt not to implement Automated GST Return system viz. GSTR 1 - GSTR 2A - GSTR 2 - GSTR 1A and GSTR 3, as envisaged in the GST Law...
Self Explanatory Article published in Dainik Bhaskar

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Top 25 Highlights of Budget 2022:

1. Crypto currency to be taxed at 30 % special rate, no deduction allowed.
Online digital assets to be taxed @ 30%. No deductions or set off of losses. Flat tax at 30% will be lived without any deduction. No deduction except cost of acquisition. TDS at 1% to be deducted on transaction value. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.

2. Corporate surcharge to be reduced from 12% to 7%.

3. Health and Education Cess and Surcharge shall not be allowed as business expenditure.

4. Propose to cap surcharge for AOPs at 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startup community.

5. No Change in Slab Rates for Individuals and others.

6. If undeclared income detected during search, no deduction will be allowed on such additional income.

7. Propose a provision to file an updated return with payment of additional tax to correct any errors in assessment. Assesses can declare income that may have been missed out previously. New provision introduced to file updated ITR within 2 years in case of any omission or mistake.

8. To reduce surcharge on co-operative societies to 7% from 12% for income between Rs 1 cr to Rs 10 cr.

9. FM said despite of Covid Pandemic GST collection has touched all time high from its inception. FM gave credit to recovering economy and administrative measures taken by revenue department. Gross GST collection in Jan 2022- 1,46,986 cr. Highest since inception of GST.

10. Persons with disability – Parents and Guardians can avail annuity even in their life time.

11. Tax Deduction limit for state govt employees to NPS raised to 14% from 10%.

12. Incentives for startups: period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier 2023.

13. Section 115BAB the date for setting up business increased by one year to 2024. Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced.

14. Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens.

15. India Economic Growth in FY22 to be at 9.2%. Economic growth estimated at 9.2%.

16. Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy.

17. Children mostly in Govt schools have lost 2 years of formal education. High quality e content will be developed in regional languages. A digital university will be setup. Will be built on a network hub-spoke model.

18. Teachers will be equipped with digital tools. Digital University will be set up.

19. Public issue of LIC is expected shortly. Others are also expected shortly. This budget will continue to provide impetus for growth- futuristic & inclusive.

20. Budget to focus on 4 pillars – productivity, climate action, financing investments & PM Gati Shakti plan.

21. The National Highway network will be expanded by 25,000 kms in 2022-23.

22. Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2023. Guarantee cover for ECLGS will be expanded by Rs 50,000 cr to a total of Rs 5 lk cr.

23. 1.5 lakh post offices to be connected to core banking.

24. Accelerated Corporate Exit for voluntary winding of company from current 2yr to less than 6months.

25. Necessary amendments in IBC to be made for more efficient resolution; to also enable cross border insolvency resolution.

GSK Howrah...

Aadhaar authentication of registered person is mandatory for filing of Refund/Revocation of cancelled registration applications w. e. from 1.1.2022. Kindly check Advisory for more details.

Sandes is an indigenous instant messaging platform developed by National Informatics Centre (NIC), to facilitate instant messaging communication. It is hosted exclusively at Government infrastructure.. It supports end to end encrypted messaging and encrypted backup and OTP services. This app can be downloaded by anyone to Android or iOS mobile from Playstore and Appstore respectively and can be used for sending and receiving messages.

Henceforth, e-waybill and e-invoice systems will send daily e-way bill and e-invoice statistics, alerts and notifications to the tax payers through Sandes and SMS to their registered mobile numbers. After few weeks, the messages through SMS will be stopped. Hence, all the users of the e-way bill and e-invoice systems are requested to install Sandes app on their registered mobile numbers.
For more details, you may visit Sandes portal at
https://sandes.gov.in

SANDES Portal

Get Ready for LIC IPO

LIC IPO will have Policy Holder Quota too.

Below are the Links 🔗 to Check PAN & POLICY Number Linkage and Updation

LIC PAN Policy Status-
https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus

LIC Pan Update - https://linkpan.licindia.in/UIDSeedingWebApp/

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From Maghi to Pongal, the variety of festivals celebrated in India is a true manifestation of the diversity of its rich culture and traditions.

*The Companies (Registration Offices and Fees) Amendment Rules, 2022* effective from *1st July 2022*

Additional fees & Higher Additional fees applicable now for delay in filling of forms other than for increase in Nominal share capital or forms u/s 92/ 137 of the Act or forms for filling charges.

*Additional Fees / Higher Additional Fees* (_as multiple of normal fees_):
Delay upto 15 days – *1 time* / *NIL*
15 to 30 days – *2 time* / *3 times*
30 to 60 days – *4 times* / *6 times*
60 to 90 days – *6 times* / *9 times*
90 to 180 days – *10 times* / *15 times*
Beyond 180 days – *12 times* / *18 times*

_Higher additional fees to be payable on delay in filling e-form *INC 22*, or e-form *PAS-3*, as the case may be, on two or more occasions within a period of 365 days from the date of filling of last such belated e-form for which additional fees or higher additional fees as the case may be, was payable._

Wherever higher additional fee is payable, additional fees shall not be charged

New HSN Codes will be implemented w.e.f 01.01.2022.

Guidance document for co-relation of Customs Tariff between 2021 & 2022 can be accessed through the following link 👉https://www.cbic.gov.in/resources//htdocs-cbec/deptt_offcr/Guidance%20Document%20on%20Correlation%20of%20Customs%20Tariff%20between%202021%20and%202022.pdf

www.cbic.gov.in

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NO ITR is required for senior citizen from AY 2022 – 2023.

With an amendment in Finance Act,2021, any person who is above the age of 75 are not required to file their from the assessment year 2022 – 23. This will be applicable from 1st day of April 2021.

WHAT ARE THE BENEFITS PROVIDED :

The eligible senior citizens needs to furnish a new form 12BBA according to rule 26D to his bank.
A separate Annexure-II in Form 16 will also be filed with the bank that provides the details of incomes and deductions available.

“For computation of the total taxable income, the bank will consider the declaration submitted by the senior citizen, the pension and interest income received along with the applicable deductions and rebate and then deduct the amount of accordingly and furnishes the form 16.

ELIGIBLITY TO CLAIM EXEMPTION
To receive exemption under this citizen the person should be:
- He should be above the age of 75 years
- He should be the resident in the assessment year.
- He has pension income and interest income only and it should accrued/earned from the same specified bank in which he is receiving his pension.

NON-APPLICABILITY OF THIS SECTION
Any specified person who is above 75 years of age operating multiple accounts in same or different banks is not eligible to claim exemptions under this section.

PAN COMPULSORY ON ALL SALES OR PURCHASE
OF GOODS OR SERVICES ABOVE RS.2 LAKH
PAN is required to be quoted in all sale or purchase transaction exceeding Rs.2 lakh.
Section 139A states about quoting of PAN and type and limit of transactions is given
in rule 114B, C and D of Income Tax rules.
Now it has been made COMPULSORY to quote PAN where the amount of EACH
PURCHASE OR SALE of GOODS OR SERVICES EXCEEDS RS.2 LAKH. Many people do not
know about this change, so PAN is not quoted in such cases. The responsibility to quote
PAN is on both, purchaser and seller. So, each and every businessman should
understand this provision otherwise he would have to face its consequences.
Every person (be it a trader or not) will have to quote PAN in case of ALL TRANSACTIONS
of sale or purchase of any goods or services where AMOUNT EXCEEDS RS.2 LAKH.
For example, if a trader / service receiver purchases material for Rs.2,25,000.00, then
he would have to quote his PAN. Buyer will have to give PAN and seller will have to
quote it on all papers like sales bill, etc. after verifying the PAN. The Income Tax
Department has given the responsibility of furnishing the PAN and quoting it to the
purchaser as well as the seller.
Instead there are many OTHER TRANSACTION where Quoting of PAN is mandatory like:
 PAN will have to be quoted while purchasing any motor vehicle except two￾wheeler.
 For opening a bank account or demat account, PAN will have to be quoted.
 In case the hotel or restaurant bill paid in cash in excess of Rs.50,000, PAN no.
will have to be quoted.
 If the payment for the purpose of foreign tour or for purchasing foreign currency
exceeds Rs.50,000 in cash, PAN will have to be quoted.
 To deposit money in bank or to buy the mutual fund, PAN will have to be
quoted.
PAN will have to be quoted in case the amount of sale or purchase of
immovable property exceeds Rs.10 Lakh.
 PAN will have to be quoted for the transactions on which TDS or TCS have to be
deducted.
WHAT IF A PERSON DOESN’T HAVE PAN AND WHAT ARE THE DUTIES OF SELLER?
If the transaction effected by any person is covered under the aforesaid conditions
and if he does not have PAN, then he would have to give declaration in Form 60 of
Income Tax.
The declarations received in Form 60 by the seller form persons who do not have PAN, shall file on line Form 61 as per rule 114D within one month from the end of six months.
i.e., for April to Sept, on 31st Oct & From Oct to March 30th April each year.
This rule is also applicable to all Tax Audit Cases.
Copy of Form 60 needs to preserve for 6 years by the seller.
PENALTY: Officer can impose a penalty of Rs.10, 000 as per Rule 272B.

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a. Non-Audit tax returns - Extended to *December 31, 2021*
b. Tax Audit reports - Extended to *January 15, 2022*
c. TP Report - Extended to *January 31, 2022*
d. Audit tax returns - Extended to *February 15, 2022*
e. TP tax returns - Extended to *February 28, 2022*
f. Belated tax returns - Extended to *March 31, 2022* from December 31, 2021.

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Annual Aggregate Turnover Computation Methodology

For Normal Taxpayers who have filed all GSTR-3Bs:

Turnover reported in GSTR-3B Column 2 of Table 3.1 { (a),(b),(c) & (e)} during the Financial Year 2020-21 have been taken into consideration (in case all the returns have been filed for the same).

Outwardtaxable supplies(other than zerorated, nil rated and exempted).
Outwardtaxable supplies(zero rated).
Other outward supplies (nil rated, exempted).
Non-GST outward supplies.

For Normal Taxpayers who have not filed all GSTR-3Bs:

The following formula is used for extrapolation of turnover:

(Sum of taxable value) X (*No.of GSTR-3B liable to be filed)/(No. of GSTR-3B filed)

*Categorisation of taxpayers to derive the number of GSTR-3B liable to be filed

I. GSTINs who are active as on date and were NOT IN composition during FY 2020-21,number of GSTR-3B liable to be filed have been arrived at as follows:

If the taxpayer is migrated, then No.of GSTR-3B liable to be filed is 12
If the taxpayer is new and registered on or before 31st March,2021, the No.of GSTR-3Bs liable to be filed shall be derived on the basis of GSTIN approval/grant date i.e. if approval/grant date is on or before April, 2020, then 12, else based on month of approval/grant of GSTIN (e.g. If the month of grant of GSTIN is May 2020, then number of GSTR-3B liable to be filed is 11,if it is June 2020, then it is 10 and so on).

II. GSTINs who are cancelled as on date and were NOT IN composition during 2020-21, number of GSTR-3B liable to be filed have been arrived at as follows:

GSTINs registered on or before 31st March 2021.
Months between cancellation date and approval/grant date of GSTIN decides the number of GSTR-3B liable to be filed.
If cancellation date is beyond March 2021, then month between March 2021 and approval/grant Month of GSTIN is derived.
If approval/Grant of GSTIN month is before April 2020, then month between cancellation date and April 2020 is derived.

III. GSTINs who are active as on date and were in composition BUT WITHDRAWN during 2020-21,number of GSTR-3B liable to be filed have been arrived at as follows:

GSTINs registered on or before 31st March 2021.
Months between Withdrawal date and 31st March 2021 is defined as number of GSTR-3B liable to file.

IV. GSTINs who are cancelled as on date and were in composition BUT WITHDRAWN during 2020-21, number of GSTR-3B liable to be filed have been arrived at as follows:

GSTINs registered on or before 31st March 2021.
Months between Withdrawal date and 31st March 2021 and cancellation date decides the number of GSTR-3B liable to be filed.
If cancellation date is beyond March 2021, then month between March 2021 and Withdrawal Month of GSTIN is derived.

For Composition Taxpayers opted-in throughout the FY: Since the Annual Aggregate Turnover limit for opting in as Composition Taxpayer is up to Rs. 1.5 crore, and will use the following extrapolation formula:

(Sum of taxable value) X (*No. of CMP-08 liable to be filed)/ (No. of CMP-08 filed)

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It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance. More than 66 crore GST returns have been filed so far.

Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt (for goods). Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax (for goods).

For services, Businesses with turnover upto Rs 20 lakh in a year are GST exempt. A service provider having turnover upto Rs 50 lakh in a year can opt for composition scheme for services and pay only 6% tax.

*Hello Everyone*,

We are providing Following *Services* :-
1) *GST Registration*
2) *Income Tax Return* (ITR) filing.
3) *GST Return filing*
4) *GST Consultancy*
5) TAN Registrations
6) *TDS* Returns filing.
7) *Company Incorporation*, Return Filing & Other Compliances..
8) *IEC*
9) *Shop Act Registration*
10) *MSME*
11) DSC
12) Book Keeping
13) *Trademark* and many more services.

Do Contact for any above services without any hesitation
Regards
GST Suvidha Kendra Howrah

Government announces tax exemption for expenditure incurred on Covid treatment & ex-Gratia amount received on death due to Covid.

Granting further relief in difficult Covid times, dates of several compliances extended vide Notification Nos 74/2021 & 75/2021 & Circular No 12/2021 dt25.06.2021

Get your income tax filed easily

CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021.

The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317.

✅ *Relaxation in electronic filing of Income Tax Forms 15CA/15CB*

👉As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically.

♻️ Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.

👉 In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till *June 30th, 2021.*

⛲ Authorized dealers are advised to accept such Forms till June 30th, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

www.incometax.gov.in

70 crore people to be vaccinated in next 120 days.

➡️ 24x7 vaccination from August
➡️ Mass vaccination drive at schools and malls
➡️ Instant appointment
➡️ Address vaccine hesitancy with better Media communications

The government is doing their bit to vaccinate people. Let’s everyone support it and make it successful Nirmala Sitharaman

The recent amendments to the Income Tax Rules has made it mandatory to link Aadhaar to PAN, on or before 30th June 2021. If the PAN is not linked with Aadhaar, the PAN shall be deemed to have become inoperative, after such date.

The impact would be as follows:

Restrictions on all Mutual Fund transactions types through any mode. Meaning by no further Mutual Fund transactions will be processed including SIP installments and redemptions w.e.f. 1st of July 2021.
Higher TDS deduction @ 20% on dividend declared in scheme.
E Wealth Account may become inactive.
PAN & Aadhaar linking has to be done for all the holders in a Folio. We are in a process of collecting the data of all such folios where PAN & Aadhaar Linking is not done by the Investors. We will provide you the data in due course.

Kindly note that Customers can link Aadhaar & PAN using appended link : https://youtu.be/QCZ4IwM6t0A

Link Aadhaar in Income tax e-filing portal A video demonstrating how to link Aadhaar to PAN on the e-Filing portal and how to view the status of Link Aadhaar (both before and after logging in). GST Su...

*TDS on Non Filers of Income Tax*
*(Applicable From 1st July )*
*Section 206AB* – Special provision for deduction of tax at source for non-filers of income-tax return

1. Notwithstanding anything contained in any other provisions of this Act, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than section 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person to a specified person, the tax shall be deducted at the higher of the following rates, namely-

i. At twice the rate specified in the relevant provision of the Act; or

ii. At twice the rate or rates in force; or

iii. At the rate of five percent

Be Prepared & Carefull.

Still haven't filed your GSTR-3B from July, 2017 to April, 2021?

Do not worry! A sigh of relief for you.

Avail the benefit of GST AMNESTY SCHEME introduced by the Finance Ministry by paying reduced late fee as:

For Taxpayers having NIL Liability during the respective tax period will have to pay a maximum late fee of Rs. 500/- only.

For other Tax payers, the maximum late fee of Rs. 1000/- will be levied.

This scheme is valid only for limited time period. So, don't wait any more!

Contact Income N Filing and file your GST Return TODAY!

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