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Gst amnesty scheme extended to 30.11.2021
On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Section 79 of the Income-tax Act, 1961 not to apply in a case involving change in shareholding due to such strategic disinvestment.
*Notification Updates*

1️⃣ RCM applicability on supply of mentha oil by unregistered person to registered person. NN 10/2021-CTR.

2️⃣ Reduce rate of GST on Fortified Rice Kernel (Premix) supply for ICDS or similar scheme for free distribution to economically weaker sections of the society. NN 11/2021-CTR.

3️⃣ Extension of concessional rate benefit to specified drugs used in COVID treatment till 31.12.2021. NN 12/201-CTR.

4️⃣ Transitional provisions of Sea Cargo Manifest and Transhipment Regulations, 2018 extended till December 31, 2021. NN 78/2021-Custom.

5️⃣ India’s solar power tariffs are expected to go up by around 10 paise per unit with a higher goods and services tax (GST) to be levied on cells, modules, and inverters from 01.10.21.
In compliance with Section 139A(5)(c) of the Income Tax act *all the sellers raising an invoice of INRs 200000 or more should display the 10 digit PAN number (of both vendor as well as a customer)* on each such invoice as a separate field
*This is with effect from 1st October 2021*
In other words, in addition to GST number, you have to separately display your as well as your customers PAN number
📌 *Key Highlights : Budget 2022*

📍 *GDP growth* for FY 22 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* , additional allocation of *Rs 19,500 crore* for PLI in solar PV module manufacturing.

📍Promoting *Fintech and digital economy* a focus area for this Budget.

📍 *75 digital banking systems* in *75 districts* by scheduled commercial banks.

📍 *IBC* to be amended to improve efficiency of resolution process including cross border.

📍 *Core Banking Services* to start in *Post offices*

📍 PM *Gati-shakti* masterplan Has scope to enhance *Multimodal communication* through 7 engines, 2000 km of 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 upto March 2023, guaranteed cover extended by another *Rs 50,000 crore*

📍 *8 million* new dwelling 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 development of the Northeast in FY23 & Desh stack *e-portal* to be launched to promote *Digital infra*

📍 *New provision* to file updated return within *2 years* of relevant assessment year.

📍 *Alternate minimum tax* for cooperative societies down from 18.5% to *15%*

📍 *Tax deduction limit* for *state govt employees* to *NPS* raised from 10% to *14%*

📍 *Surcharge* on Corporate tax *pruned* from 12% to *7%* Surcharge on *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 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 *transfer of virtual digital assets* & income to be taxed at *30%*

📍 *68% of capital outlay* for Domestic defence 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 mobilisation* to be *Rs 22.84 trillion* other than borrowing.
Key-highlights of GST Proposals in Finance Bill 2022:

1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September.
2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B.
3. Composition Tax Payer’s Registration can be cancelled suo-moto if they have not filed their GSTR-4 return beyond 3 months from the due date.
4. Credit Notes in respect of supply made in a financial year can be issued by 30th November of next financial year (currently allowed till 30th September)
5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till 30th November of next financial year (currently allowed till 30th September).
6. The two-way communication process in filing GST returns is scrapped.
7. The due date for filing return by non-resident taxable person is prescribed as 13th day of next month
8. Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a “provisional” basis.
9. Section 47 of the CGST Act is being amended so as to provide for levy of late fee for delayed filing of TCS returns.
10. Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the electronic credit ledger.
11. Section 49 of the CGST Act is being amended so as to allow transfer of amount available in E- cash ledger of a registered person to the E- cash ledger of a distinct person;
12. Section 49 of the CGST Act is being amended so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger
13. Section 50(3) of the CGST Act is being substituted retrospectively, with effect from the 1st July, 2017, so as to provide for levy of interest on input tax credit wrongly availed and utilized. (Meaning thereby Interest will not be levied if ITC is not utilized)
14. Refund claim of any balance in the electronic cash ledger shall be made available.
15. Rate of Interest u/s 50(3) prescribed as 18% in all cases.
BUDGET 2022~23.pdf
2.6 MB
BUDGET 2022~23.pdf
Key features of budget
New Functionality "LIABILITY PAID PERCENTAGE" enabled by @Infosys_GSTN

it can be accessed under Serach Taxpayer tab after login to GSTN Portal

it shows quantum of liability auto populated from GSTR-1 that was declared/paid in GSTR-3B
Whether the capital gain exemption will be available if the assessee purchases the new property with borrowed funds and doesn’t use the funds generated from sale of earlier assets. This is one of the common questions in the mind of the taxpayers.

Denial of exemption is a regular feature during various assessment proceedings. This disallowance has increased in the faceless assessment scheme.

Here was one such issue before Mumbai ITAT in the case referred below:

Reji Easow

[2022] 136  111 (Mumbai – Trib.)

It may be noted that section 54 just requires purchase and investment. It doesn’t refer to use of the same fund for investment.

The observation of the ITAT would be highly relevant for various taxpayers. A taxpayer can use any source of funds to buy a new house for claiming section 54 deduction.

ITAT Mumbai observed as under:

Possession of new house within stipulated 2 years is ‘purchase’ for sec.54,even if not funded by proceeds of old house.

If the assessee has taken possession of the new house within the stipulated 2 years period, assessee is entitled to deduction under section 54 even if the agreement for sale of new house is not registered within the 2 years period.

Such possession is to be taken as purchase of a new house within a 2 years period.

Source of funds used is irrelevant.

Assessee need not prove that the new house was paid for by consideration/capital gains from sale of old house.

Assessee will get deduction even if he paid for it though home loan provided purchase is completed by entering into possession within the stipulated 2 years period.