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Recommendations of the 42nd GST Council Meeting

Recommendations of the 42nd GST Council Meeting

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The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1.    Levy of Compensation Cess to be extended beyond the transition period of five years…

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Section 80D – Deduction in respect of Medical Insurance Premium under IT Act

Section 80D – Deduction in respect of Medical Insurance Premium under IT Act

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In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent of Rs.25000/- is allowed in respect of the following payments:- • Premium paid to effect or keep in force an insurance on the health of self,…

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GST e-invoicing – Relaxation and latest changes

GST e-invoicing – Relaxation and latest changes

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1.‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified taxpayers during October, 2020 without following e-invoice procedure (i.e. uploading invoice details on e-invoice portal (IRP), obtaining IRN and issuing invoice with QR Code) will be deemed to be valid and no penalty…

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Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

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1. Vide Circular No. 39/13/2018 dated 03.04.2018 an IT Grievance Redressal mechanism has been set up to address the difficulties faced by a section of taxpayers owing to technical glitches on GST Portal. The method of resolution of the difficulties will be approved by the GST Implementation Committee (GIC) which shall act as the IT Grievance Redressal Committee and shall approve and recommend to GSTN the steps to be taken for redressal of grievances. The relief could be in the…

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TCS u/s 206C (1H) – Points to be kept in mind while applying the section

TCS u/s 206C (1H) – Points to be kept in mind while applying the section

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TCS on sale of any goods- Section 206C (1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to collect tax from the purchasers. Sub-section (1H) has been inserted in Section 206C by Finance Act, 2020 for collection…

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GSTR 9C Audit Checklist – Points to be verified while conducting an audit

GSTR 9C Audit Checklist – Points to be verified while conducting an audit

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GSTR 9C is an audit form that has to be filed by specified taxpayers annually in GST. This form has to be digitally signed by either a Chartered Accountant or Cost Accountant. While doing the GSTR 9C audit, the following points have to be considered: Reconciling GSTR 3B vs. GSTR 1 vs. GSTR 9 vs. Books   Reconciling GSTR 3B vs. GSTR 2A vs. GSTR 9 vs. Books   Is there any delay in filing GSTR 3B.? If yes, whether…

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CAMS IPO Review

CAMS IPO Review

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Background Computer Age Management Services Limited (CAMS) is set to launch it’s IPO on 21st September, 2020, the IPO will be open for subscription to the public for 3 days i.e 21-09-2020 to 23-09-2020. It is a technology-driven financial infrastructure and service provider. It is India’s largest registrar and transfer agent of mutual funds holding approx. 70% mutual fund aggregate market share. CAMS currently provides technology-based services including dividend processing, transaction origination interface, payment, transaction execution, dividend processing, intermediary empanelment,…

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Is Parking area a lease or a non-lease component as per Ind As-116?

Is Parking area a lease or a non-lease component as per Ind As-116?

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Background: Ind AS 116 has been become effective with effective for the financial statement for the period beginning from 1 April 2019 onwards. There are lot many challenges, entities are facing while implementing and transiting to such new leases accounting standard. One of the issue in the real estate leases comes to every lessee’s experience while doing such accounting that is parking charges payment by the lessee to the lessor for the leases premises. This Article aims to explain the…

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Inadequate oversight by financial regulators resulting in regulated entities practising random ways to

Inadequate oversight by financial regulators resulting in regulated entities practising random ways to

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In anxiety to improve the earnings under ‘miscellaneous income category,’ many business entities in the financial sector are looking at various opportunities and do mischievous things. I am focussing the banking segment for discussion. This equally applies to other segments like Insurance, SEBI regulated entities like /brokers/MFs, Mobile companies Levy of SMS charges & GST ( on it): Banks are not service providers to SMS. Banks are ‘user of SMS facility’ provided by ‘mobile’ / ‘telecom’ companies (and are the…

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Borrowing of money to meet GST revenue shortfall

Borrowing of money to meet GST revenue shortfall

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As per provision in Sections 7, 8 & 10 of the GST (Compensation to States) Act, 2017, the issue of pending GST compensation and future course of action to meet the GST compensation shortfall has been discussed in 41st GST Council meeting on 27.08.2020 in the light of the opinion given by Ld. Attorney General of India, wherein States were given two options to meet their GST compensation shortfall for current FY from market borrowing. This was stated by Shri Anurag Singh…

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