THE ONLY PLACE
WHERE SUCCESS COMES
19th September 2021
NO TDS U/S 194A ON INTEREST
PAID TO SCHEDULED TRIBE
CBDT notifies that no Section 194A
TDS will be deducted by ‘Scheduled
Bank on payment of interest, other
than interest on securities to
Scheduled Tribe residing in any
specified area, and the payment as
referred above is accruing or arising
to the receiver as referred to in
section 10(26) if the payment made
or aggregate of payments made
during the previous year does not
exceed twenty lakh rupees.
ON DEMAND FETCHING OF
BILL OF ENTRY DETAILS
FROM ICEGATE PORTAL
To help importers of goods, and
recipients of supplies from SEZ,
search Bill of Entry details, which
did not auto-populate in GSTR-2A,
a self-service functionality has been
made available on the GST Portal
that can be used to search such
records in GST System, and fetch
the missing records from ICEGATE.
PAYMENT SYSTEM
PROVIDERS CAN SUBMIT
THEIR APPLICATIONS WITH
RBI FOR AADHAAR E-KYC
AUTHENTICATION LICENCE
The Reserve Bank of India has
invited applications from Non-
Banking Financial Companies
(NBFCs), payment system providers
and payment system participants that
are seeking to obtain Aadhaar e-
KYC authentication licence. In this
regard, the RBI has stated that Non-
Banking Financial Companies
(NBFCs), payment system providers
and payment system participants can
submit their applications for Aadhaar
e-KYC Authentication Licence
through mail.
EXTENSION OF TIMELINES
FOR COVID SPECIFIC
INSURANCE POLICIES
The IRDAI announced that all
insurers are permitted to offer and
renew short term Covid specific
health policies up to 31.03.2022.
Accordingly, Corona Kavach
Policies offered and Corona Rakshak
Policies offered as per Guidelines on
Covid Standard benefit based Health
Policy are also permitted to be
offered and renewed by all insurers
up to 31.03.2022.
THE DIGITAL NEWSPAPER
MAJOR RECOMMENDATIONS OF THE 45TH GST COUNCIL MEETING
RELIEF FOR INTEREST ON NET
CASH LIABILITY ON INELIGIBLE ITC
AVAILED AND UTILIZED INSTEAD OF
INELIGIBLE ITC AVAILED
In the spirit of earlier Council decision that interest is to
be charged only in respect of net cash liability, section
50 (3) of the CGST Act to be amended retrospectively,
w.e.f. 01.07.2017, to provide that interest is to be paid
by a taxpayer on “ineligible ITC availed and utilized”
and not on “ineligible ITC availed”. It has also been
decided that interest in such cases should be charged on
ineligible ITC availed and utilized at 18% w.e.f.
01.07.2017
MEASURES FOR STREAMING COMPLIANCES UNDER GST
Following are measures recommended for streaming
compliances under GST:
1. Aadhaar authentication of registration to be made
mandatory for being eligible for filing refund claim and
application for revocation of cancellation of
registration.
2. Late fee for delayed filing of FORM GSTR-1 to be
auto-populated and collected in next open return in
FORM GSTR-3B.
3. Refund to be disbursed in the bank account, which is
linked with same PAN on which registration has been
obtained under GST.
CASH LEDGER BALANCE IN CGST &
IGST MAY BE ALLOWED TO
TRANSFER AMONG DIFFERENT
GSTN WITH SAME PAN
Unutilized balance in CGST and IGST cash ledger may
be allowed to be transferred between distinct persons
(entities having same PAN but registered in different
states), without going through the refund procedure,
subject to certain safeguards.
GST ON PETROLEUM AWAITED
In terms of the recent directions of the Hon’ble High
Court of Kerala, the issue of whether specified
petroleum products should be brought within the ambit
of GST was placed for consideration before the Council.
After due deliberation, the Council was of the view that
it is not appropriate to do so at this stage.
BEFORE WORK IS IN THE
DICTIONARY
Edition: 56
CORRECTION IN INVERTED DUTY
STRUCTURE IN FOOTWEAR AND
TEXTILE SECTOR
GST rate changes in order to correct inverted duty
structure, in footwear and textiles sector, as was
discussed in earlier GST Council Meeting and was
deferred for an appropriate time, will be implemented
with effect from 01.01.2022.
4. Rule 59(6) of the CGST Rules to be amended with
effect from 01.01.2022 to provide that a registered
person shall not be allowed to furnish FORM GSTR-1,
if he has not furnished the return in FORM GSTR-3B
for the preceding month.
5. Rule 36(4) of CGST Rules, 2017 to be amended,
once the proposed clause (aa) of section 16(2) of
CGST Act, 2017 is notified, to restrict availment of
ITC in respect of invoices/ debit notes, to the extent the
details of such invoices/ debit notes are furnished by
the supplier in FORM GSTR-1/ IFF and are
communicated to the registered person in FORM
GSTR-2B.
CERTAIN RECOMMENDATIONS
MADE IN GST COUNCIL
A. COVID-19 relief measure in form of GST rate
concessions
B. GST rate changes in relation to Goods [w.e.f
1.10.2021 unless otherwise stated]
C. Changes relating to GST rates on goods
D. GST changes in relation to rates and scope of
exemption on Services [w.e.f 1.10.2021 unless otherwise
stated]
E. Clarification in relation to GST rate on Goods
F. Clarification in relation to GST rate on services
Above details can be accessed at
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1
755925

INDIA & SINGAPORE TO
LINK THEIR FAST PAYMENT
SYSTEMS
Reserve Bank of India (RBI) and the
Monetary Authority of Singapore
(MAS) have announced a project to
link their respective fast payment
systems — UPI and PayNow. The
UPI-PayNow linkage will enable
users of each of the two fast payment
systems to make instant, low-cost
fund transfers on a reciprocal basis
without a need to get onboarded onto
the other payment system. The linkage
is targeted for operationalization by
July 2022.
This shall to foster cross-border
interoperability of payments using
cards and QR codes, between India
and Singapore and will further anchor
trade, travel and remittance flows
between the two countries.
IRDAI EXTENDS TIMELINE
FOR ISSUANCE OF
ELECTRONIC POLICIES
In view of the continuing situation of
Covid-19 pandemic, in partial
modification of a clause referred to in
a circular dated 10th September, 2020
the timelines for (a) Issuance of
electronic policies and (b) dispensing
with physical signatures and wet
signature on the proposal form in
respect of health insurance policies,
stand extended up to
31st March,2022. All other provisions
remain unchanged as informed by the
competent authority.
DGFT ISSUES PROCEDURE
FOR REFUND OF
APPLICATION FEES
DEPOSITED FOR RESTRICTED
IMPORT AUTHORISATION OF
PULSES FOR FY 2021-22
The applicants who applied for the
Restricted import Authorisation for
Moong, Tur and Urad for period
2021-22 can apply for refund of
application fees as DGFT has revised
Import policy from “Restricted” to
“Free”. In this regard, trade notice
has been issued for prescribing
procedure for refund of application
fees deposited.
CBDT NOTIFIES ‘INCOME-TAX
AUTHORITY’ TO SERVE
NOTICE U/S 142(1)(I)
The CBDT has prescribed that the
income-tax authority under second
proviso to section 142(1)(i) shall be an
income-tax authority not below the
rank of Income-tax Officer who has
been authorised by the board to act as
such authority to serve notice asking
assessee to furnish ITR.
02
CBDT AMENDS RULE 111UAC OF EXTENSION OF TIMELINES FOR SALE
INCOME TAX RULES AND RENEWAL OF SHORT TERM
The CBDT has notified Income-tax (28th Amendment) COVID SPECIFIC HEALTH
Rules, 2021 to amend Rule 11UAC of the existing INSURANCE POLICIES
Income-Tax Rules, 1962. The notification shall come
into force from 1st April, 2022 and shall be applicable
from A.Y. 2022-23 onwards.
The new clause in Rule 11UAC relates to any movable
property, being equity shares, of the public sector
company, received by a person from the Central The IRDAI announced that all insurers are permitted
Government or any State Government under strategic to offer and renew short term Covid specific health
disinvestment. policies up to 31.03.2022.
Thus, it is inferred that Equity shares of a public sector
Accordingly, Corona Kavach Policies offered and
company received by a person from the Central Corona Rakshak Policies offered as per Guidelines
Government or any State Government under strategic on Covid Standard benefit based Health Policy are
disinvestment shall not be chargeable as income from also permitted to be offered and renewed by all
other sources under Section 56(2)(x). insurers up to 31.03.2022.
GOVERNMENT EXTENDS CERTAIN RBI CAUTIONS PUBLIC AGAINST
TIMELINES TO EASE COMPLIANCES KYC UPDATION FRAUDS
In view of the difficulties being faced by the taxpayers, The Reserve Bank of
the Central Govt has extended certain timelines. The India on Monday
Time limit for intimation of Aadhaar number to the cautioned the public
Income tax Department for linking of PAN with Aadhaar against frauds being
has been extended from 30th September, perpetrated on the
2021 to 31st March, 2022.The due date for completion pretext
of penalty proceedings under the Act has also been of updating Know Your Customer or KYC details.
extended from 30th September, 2021 to 31st March, The regulator also alerted the public against sharing
2022. any personal or financial information with
Further, the time limit for issuance of notice and passing unidentified persons.
of order by the Adjudicating Authority under the The RBI received several complaints and reports of
Prohibition of Benami Property Transactions Act, customers falling prey to frauds being perpetrated in
1988 has also been extended to 31st March, 2022. the name of KYC updation.
GSTN ISSUES ADVISORY FOR
TAXPAYERS REGARDING
GENERATION OF EWB WHERE THE
PRINCIPAL SUPPLY IS SUPPLY OF
SERVICES
In cases where the principal supply is purely a supply of
service and involving no movement of goods, the e-way
bill is not required to be generated.
However, in cases where along with the principal supply
of service, movement of some goods is also involved, e-
way bill may be generated. Such situations may arise in
cases of supply of services like printing services, works
contract services, catering services, pandal or shamiana
services, etc. In such cases, e-waybill may be generated
by entering the details of HSN code of the goods, along
with SAC (Service Accounting Code) of services
involved.
This comes after several representations were received
from various trade bodies stating that they are not able
to generate EWB bill for movement of those goods
where their principal supply is classifiable as a service,
since there is no provision for generating E-way Bill by
entering SAC alone on the E- way bill portal.
CBDT NOTIFIES 2 MORE PENSION
FUNDS FOR SEC. 10(23FE)
EXEMPTION
The Central Board of Direct Taxes (CBDT) has notified
two more pension funds namely, the 2452991 Ontario
Limited and the 276522 Ontario Limited for the purpose
of exemption under section 10(23FE). The notified funds
shall be eligible to claim exemption in respect of
investment made in India on or before 31-03-2024
subject to prescribed conditions.

LAST DATE OF SUBMITTING
APPLICATIONS UNDER
MEIS, SEIS, ROSCTL & ROSL
SCHEMES NOTIFIED
The Government has issued
notification to provide that the last
date of submitting applications
under MEIS, SEIS, ROSCTL &
ROSL schemes is revised to 31st
December 2021 and after this, no
further applications would be
allowed to be submitted and they
would become time-barred.
REQUIRED SEMI QUALIFIED/
QUALIFIED CHARTERED
ACCOUNTANTS AT NAGPUR
LOCATION
Send your resume at
capitaren@gmail.com
UDIN GENERATING TIME LIMIT
NOW 60 DAYS FROM PREVIOUSLY 15
DAYS
With an aim to align the
time limit for generating
UDIN with the Standards
on Auditing and Standard
On Quality Control, the Council at its 405th meeting
held on 17th September 2021 has decided that the time
limit of generating UDIN would be 60 days from the
date of the signing of certificates/reports/document
instead of 15 days henceforth.
Further, for the documents where the respective
Regulator/(s) or other stakeholders require UDIN
immediately on signing or within a specified period, the
same shall be provided by the member.
PRODUCTION LINKED INCENTIVE (PLI) SCHEME FOR AUTO INDUSTRY AND
DRONE INDUSTRY APPROVED
The Government has approved the Production Linked
Incentive (PLI) Scheme for Automobile Industry and
Drone Industry with a budgetary outlay of Rs. 26,058
03
SEBI PUTS IN PLACE CERTIFICATION
FOR PERSONS ENGAGED BY
PORTFOLIO MANAGERS
SEBI has put in place certification requirements for
associated persons engaged by portfolio managers as
distributors or acting as principal officers. These persons
need to obtain certification from the National Institute of
Securities Markets (NISM) within 2 years from date of
this notification. Further a portfolio manager who
engages such associated person after September 7, 2021
(date of notification), will have to ensure that such person
obtains certification within one year from the date of
their employment. However, an associated person, who
being a distributor of the PMS has obtained a valid AMFI
Registration Number (ARN) or NISM certification, will
be exempted from the requirement of obtaining such
certification.
crore. The PLI scheme for the auto sector will
incentivize high value Advanced Automotive
Technology vehicles and products.

MINISTRY OF LAW AND JUSTICE LAUNCHES PAN-INDIA

COMPLIANCE CALENDAR
Upcoming due dates
GSTR-3B(August 2021-monthly)
QRMP – Monthly Payment(Aug)
AOC-4 of One Person Company
DIR-3 (KYC of Director)
Payment under Vivaad se Vishwas
scheme(Without Additional Amount)
TDS Payment (September 2021)
GSTR 1 (Monthly) (September 2021)
GSTR 1 (July to September 2021)
PF return (September 2021)
ITR AY 2021-22 (Non-Audited)
20th September 2021
25th September 2021
27th September 2021
30th September 2021
30th September 2021
7th October 2021
11th October 2021
13th October 2021
15th October 2021
31st December 2021
SPECIAL CAMPAIGN FOR JUSTICE DELIVERY AT
DOORSTEP
The Department of Justice and NALSA
has undertaken a special pan-India
campaign “Ek Pahal /एक पहल” drive
from 17th September to 2nd October
2021 to mainstream legal aid and to actualize the aspiration of access to justice for
every citizen, encouraging mass registration under Tele-Law. The medium of Tele
Law effectively provides pre-litigation advice / consultation to beneficiaries by
Panel Lawyers through a huge network covering 51,434 Common Service Centres
in 50,000 Gram Panchayats in 633 districts across 34 States and UTs.
MAHARASHTRA GOVT. TO AMEND
COOPERATIVE SOCIETIES ACT
The Maharashtra government will amend the Cooperative Societies Act, 1960 in
the winter session of the state legislature, Home Minister Shri Dilip Walse-Patil
said recently. He was speaking to reporters after a meeting to discuss the
consequences of the recent amendments to the Banking and Cooperatives Act by
the Centre which brought cooperative banks under the RBI's supervision. The
meeting was chaired by NCP president Mr. Sharad Pawar.

Income Tax Audit AY 2021-22
ITR AY 2021-22 (Audited)
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15th January 2022
15th February 2022
A study group has been formed to draft the proposed amendment to the state law,
and its report was expected in three months. The recommendations will be
discussed by the state cabinet. In the past, the Union government enacted the 97th
constitutional amendment following which the state amended its cooperative act.
With the Supreme Court's latest decision on the 97th amendment, there was no
need for the Union government to amend the cooperative act again. The 97th
amendment dealt with effective management of cooperative societies but it was
challenged on the ground that cooperative societies fell in the state list of subjects.
The apex court this year struck down a part of the amendment.

@www.twitter.com/Doottax
Maharashtra has a large number of co-operatives societies that run sugar mills, milk
dairies and cotton spinning units, which are an integral part of the rural economy.
@9422112315 https://bit.ly/3aLJbTs So, the amendments in laws would be favourable to the society
- By Nishi Vora

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