Upadhyay Chetan & Associates

26/10/2021

*LLP Form 8 due date extended till 30.12.2021*

20/09/2021

A. Clarification in relation to GST rate on Goods:-

1. Pure henna powder and paste, having no additives, attract 5% GST rate under Chapter 14.
2. Brewers' Spent Grain (BSG), Dried Distillers’ Grains with Soluble [DDGS] and other such residues, falling under HS code 2303 attract GST at the rate of 5%.
3. All laboratory reagents and other goods falling under heading 3822 attract GST at the rate of 12%.
4. Scented sweet supari and flavored and coated illachi falling under heading 2106 attract GST at the rate of 18%
5. Carbonated Fruit Beverages of Fruit Drink" and "Carbonated Beverages with Fruit Juice" attract GST rate of 28% and Cess of 12%. This is being prescribed specifically in the GST rate schedule.
6. Tamarind seeds fall under heading 1209, and hitherto attracted nil rate irrespective of use. However, henceforth they would attract 5% GST rate (w.e.f. 1.10.2021) for use other than sowing. Seeds for sowing will continue at nil rate.
7. External batteries sold along with UPS Systems/ Inverter attract GST rate applicable to batteries [ 28% for batteries other than lithium-ion battery] while UPS/inverter would attract 18%.
8. GST on specified Renewable Energy Projects can be paid in terms of the 70:30 ratio for goods and services, respectively, during the period from 1.7.2017 to 31.12.2018, in the same manner as has been prescribed for the period on or after 1st January 2019.
9. Due to ambiguity in the applicable rate of GST on Fibre Drums, the supplies made at 12% GST in the past have been regularised. Henceforth, a uniform GST rate of 18% would apply to all paper and paper board containers, whether corrugated or non-corrugated.
10. Distinction between fresh and dried fruits and nuts is being clarified for application of GST rate of “nil” and 5%/12% respectively;
11. It is being clarified that all pharmaceutical goods falling under heading 3006 attract GST at the rate of 12% [ not 18%

10/09/2021

Income Tax Due dates extended again

Following due dates have been extended which I believe in wake of the challenges put forward by the new Income Tax portal.

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.

However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021.

09/09/2021

Due dates has been extended....

27/08/2021

Rule-59(6) of CGST Rules, 2017 shall be implemented from 01-09-2021 on GST Portal.

Now the system will restrict filing of GSTR-1/IFF if,

(i) GSTR 3B has not been filed for previous 2 months (For monthly filers)

(ii) GSTR-3B for the previous quarter (in case of QRMP)

23/08/2021

23/08/2021

4 NEW UPDATES ON GST PORTAL
(i) Taxpayers have now been provided the facility to view/download Electronic cash or Credit ledgers for a period of 12 months. Earlier, the ledgers were allowed to be downloaded for a period of 6 months only. The ledgers can be downloaded in both Excel and Pdf formats.

(ii) Upto 6 preferred banks will be shown to a taxpayer while making e-Payment on GST Portal. When a taxpayer makes the first payment, the GST portal will automatically add the selected bank and it will get updated in the Preferred Banks list. Taxpayer can delete any of the preferred banks at any point of time.

(iii) Taxpayers can now easily Import the E-way Bill data using the “Import EWB Data” tab available on GST Portal on the Form GSTR-1 page –

4A, 4B, 4C, 6B, 6C – B2B invoices
5A, 5B – B2C (Large) invoices
12 – HSN wise summary of outward supplies.

(iv) Now QRMP taxpayers can file NIL Returns through SMS.

The format of the message is < NIL > space < Return Type (R1) > space< GSTIN > space < Return Period (mmyyyy) >.

07/06/2021

A new section 206AB & 206CCA has been introduced In Budget 2021-22 which will be effective from 1st July 2021. The said section provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non filers of the Income Tax Return. To increase the taxpayer base in the country, the non filers are now obligated to file income tax return.

Applicability of Section 206AB & 206CCA With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.

Exclusions from Section 206AB of Income Tax Act 1961 Section 192 TDS on salary; Section 194A TDS on premature withdrawal of EPF; Section 194B TDS on winnings from lottery; Section 194BB TDS on winning from horse race; Section 194LBC TDS by securitization trust; Section 194N TDS on withdrawal of cash; Non resident not having permanent establishment in India.

Read more at: https://www.caclubindia.com/articles/tds-tcs-higher-rates-case-non-filers-income-tax-returns-section-206ab-206cca-44922.asp?utm_source=twitter&utm_medium=tweet&utm_campaign=AutoTweet_articles

Read more at: https://www.caclubindia.com/articles/tds-tcs-higher-rates-case-non-filers-income-tax-returns-section-206ab-206cca-44922.asp?utm_source=twitter&utm_medium=tweet&utm_campaign=AutoTweet_articles

03/05/2021

*MCA Relaxations:*

*Relaxation from Levy of Additional Fee for Filing Certain Forms under the Companies Act and LLP Act*

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

*Relaxation of Time for Forms Related to Creation or Modification of Charges*

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

*Gap between Two Board Meeting*

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

02/05/2021

*Major Relaxation Announced by Government in GST on May 1, 2021*

1. No late fees for filing 3B of March/April 3B upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 cr respectively. For quarter ending 31st March, no late fees if 3B is filed within 30 days from original due date.

2. GSTR-4 due date extended to 31st May

3. ITC-04 due date extended to 31st May for Jan-Mar quarter

4. GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.

5. Timeline for all other proceedings, order etc..whose due date of completion falls between 15th April to 30th May is extended to 31st May.

6. Relaxation in rate of Interest for March and April returns.

Ragards
Upadhyay chetan & associates
Chartered Accountants

01/05/2021

Fill the ITR if you have not filled the ITR FOR FY 19-2020

13/04/2021

" सदा दूर रहो गम की परछाइयों से,सामना ना हो कभी तन्हाइयों से, हर अरमान और हर ख्वाब पूरा हो आपका, यही दुआ है दिल की गहराइयों से - हिन्दू नव वर्ष की हार्दिक शुभकामनाएं ...।" . "आप सभी के जीवन में यह नव वर्ष ढेरो खुशियाँ लेके आये, आपको वो सब मिले जिसकी चाहत हैं आपको....।"