CA CMA Syam sundar

  The Goods and Services Tax Network ( GSTN ) has enabled the New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.  The GSTN has implemented a new functionality on taxpayers’ dashboards with the following features:  •The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr.  •The taxpayers can also see the Aggregate Turnover of the current FY based on the returns filed to date.  •The taxpayers have also now been provided with the facility of turnover update in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.  •This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GS...

  The term ‘Job Work’ is very important subject under the GST. Though there is no tax under GST upon goods supplied for the purpose of job work to the Job Worker and returned back from the Job Worker after completion of job work to the Principal even then the Legislature has framed full fledged provisions under the GST Law in regard of transactions happened between the Principal and Job Worker. Section 2 (68) of the CGST Act defines Job Work as “”job work” means any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly.” Section 143 read with rule 45 of the CGST Act explain to follow the procedures for the purpose of job work transactions. The Procedures are explained as under: Page Contents A. Applicability of the Provisions Relating to Job Work B. Legal Documents for goods sent to the Job Worker, goods sent to another Job Worker and goods returned to the Principal C. E-Way Bill re...

 *Ministry of Finance* *CBIC reduces compliance burden by abolishing renewals of licenses/registrations* 👉The Central Board of Indirect Taxes and Customs (CBIC) has w.e.f. 23.07.2021 abolished the requirement of periodic renewals of Licence/Registration issued to Customs Brokers and Authorised Carriers. 👉 This would greatly help reduce the compliance burden cast on the trade, which had to otherwise make application and submit numerous documents to renew their licenses/registrations. 👉The net effect of the amendments carried out to the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, is that the existing licenses/registration would have a lifetime validity. 👉Another change that has been introduced is to allow a licensee/registration holder to voluntarily come forward to surrender his license/registration if s/he wishes. Also, a provision has been made to invalidate licences/registrations that are inactivity for more than a ye...

 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th July, 2021 PRESS RELEASE CBDT grants further 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 had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th July, 2021. It has now been decided to extend the aforesaid date to 15th August, 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorize...

 *ICAI Update* The Chartered Accountants (Amendment) Regulations,  2021 has been notified on 08/07/2021 🔸Multi Disciplinary Partnership Firms allowed by ICAI.  🔸CAs can have partnership with CMAs and CSs. Link - https://egazette.nic.in/WriteReadData/2021/228184.pdf

CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on http://incometax.gov.in. Date for submission of forms in manual format to the authorised dealers is *extended to 15th July, 2021*. Link: https://pib.gov.in/PressReleasePage.aspx?PRID=1732843 https://twitter.com/IncomeTaxIndia/status/1412019742114603011?s=20