Month: October 2021

Company Annual Returns: Relaxation in Additional Fees in filing Company Annual Return Forms

karthikandsunil, , , , Leave a comment

Ministry of Corporate affairs vide General Circular No.17/2021 dated 29.10.2021, provided relaxation in paying additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL, AOC-4 Non-XBRL and MGT -7 / MGT -7A for the financial year ended on 31.03.2021 under fhe Companies Act, 2013. The due date is 30 days from the date of Annual General Meeting. Now Company’s can file these forms without late fees till 31st December, 2021.

Please note that, if the forms were not filed within the date mentioned above, the late fees will be applicable from the original due date.


The text of the notification is given below:


General Circular No. 17 /2021

F.No. 0l / 34 / 2013 CL-V -Part-III

Government of India

Ministry of Corporote Affairs
5th Floor,’A’ Wing, Shastri Bhawan, 

Dr. Rajendra Prasad Road,

New Delhi-l Dated: 29th October 2021


Subject: Relaxation on levy of additional fees in  filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL, AOC-4 Non-XBRL and MGT -7 / MGT -7A for the financial year ended on 31.03.2021 under fhe Companies Act, 2013 – reg


Sir,


Keeping in view of various requests received from stakeholders regarding reloxation on levy of additional fees for annual finoncial statement filings reguired to be done for the financial year ended on 31.03.2021. It has been decided that no additionol fees shall be levied upto 31-12-2021for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4XBRL, AOC-4Non_ XBRL and MGT-7, and MGT-7A in respect of the financial yeor ended on 31.03.2021. During ihe said period, only normal fees shall be payable for the filing of the aforementioned e-forms.
2. This issues with the approval of the competent authority.


(KMS Narayanan)

Deputy Director – Policy

Company Annual Returns: Relaxation in Additional Fees in filing Company Annual Return Forms

LLP: Form 8: Relaxation in Paying Additional Fees

karthikandsunil, , , , , , Leave a comment


Ministry of Corporate affairs vide General Circular No.16/2021 dated 26.10.2021, provided relaxation in paying additional fees for filing Statement of Solvency in Form 8 for  Limited Liability Partnerships. The due date is on 31st October, 2021. Now LLP’s can file Form 8 without late fees till 31st December, 2021.

The text of the circular is given below:

Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December, 2021:

e-File No: Policy-01/2/2021-CL-V-MCA

Government of India

Ministry of Corporate Affairs 

5th Floor, ‘A’ Wing, Shastri Bhawan, 

Dr. R.P. Road, New Delhi – 110001.

 Dated: 26.10.2021 

To, The DGCoA, 

All Regional Directors, 

All Registrar of Companies, 

All Stakeholders.  

Sir/Madam,

This Ministry has received a representation seeking extension of timeline for filing the Statement of Account and Solvency without paying additional fees by LLPs on account of challenges faced by the LLPs due to COVID-19 pandemic. As part of the Government’s constant efforts to promote ease of living and compliances for Micro, Medium and Small Enterprises doing business through the vehicle of LLP, it has been decided to allow LLPs to file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees upto 30th December, 2021.

 2. This issues with the approval of the competent authority

(Chandan Kumar) 

Deputy Director (Policy)

LLP: Form 8: Relaxation in Paying Additional Fees

Income Tax: Central Government Exempts Certain Persons from Filing Returns from Assessment Year 2021-22

karthikandsunil, , , Leave a comment

 Central Government vide notification 119/2021 dated 11th October, 2021 Exempts Certain Persons from Filing Returns from Assessment Year 2021-22 subject to certain conditions.

The text of the notification is given below:

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 11th October, 2021

S.O. 4207(E).—In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as „said Act‟), the Central Government, hereby exempts the following class of persons mentioned in column (2) of the Table below, subject to the conditions specified in column (3) of the said Table , from the requirement of furnishing a return of income under sub-section (1) of section 139 of the said Act from assessment year 2021-2022 onwards :-

TABLE

Explanation. –For the purposes of this Notification. –

Sl. No.class of Personsconditions
(1)(2)(3)
1.(i)   a non-resident, not being a company; or(ii)  a foreign company.(i) The said class of persons does not earn any income in India, during the previous year, other than the income from investment in the specified fund referred to in sub-clause (i) of clause (c) of Explanation to clause (4D) of section 10 of the said Act; and
(ii) The provisions of section 139A of the said Act are not applicable to the said class of persons subject to fulfillment of the conditions mentioned in sub-rule (1) of rule 114AAB of the Income-tax Rules, 1962 (hereinafter referred to as,said rules‟).
2a    non-resident,   being eligible foreign investor.(i) The said class of persons, during the previous year, has made transaction only in capital asset referred to in clause (viiab) of section 47 of the said Act, which are listed on a recognised stock exchange located in any International Financial Services Centre and the consideration on transfer of such capital asset is paid or payable in foreign currency;
(ii) The said class of persons does not earn any income in India, during the previous year, other than the income from transfer of capital asset referred to in clause (viiab) of section 47 of the said Act; and
(iii) The provisions of section 139A of the said Act are not applicable to the said class of persons subject to fulfillment of the conditions mentioned in sub-rule (2A) of rule 114AAB of the said rules.

(a)   “eligible foreign investor” means a non-resident who operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017;

(b)  “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);

(c)   “recognised stock exchange” shall have the meaning as assigned to it in clause (ii) of Explanation 1 to sub-section (5) of section 43 of the said Act.

3.                   The above exemption from the requirement of furnishing a return of income shall not be available to the class of persons mentioned in the column (2) of the said Table where a notice under sub-section (1) of section 142 or section 148 or section 153A or section 153C of the said Act has been issued for filing a return of income for the assessment year specified therein.

4.                   This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 119/2021/F. No. 225/76/2021-ITA.II] RAVINDER MAINI, Director (ITA-II) 

Income Tax: Central Government Exempts Certain Persons from Filing Returns from Assessment Year 2021-22

GST: Circular 164/20/2021 – Clarifications regarding applicable GST rates & exemptions on certain services

karthikandsunil, , , , , , , , , , , , Leave a comment

The summary of the clarifications is given below:

Sl No.ServiceClarification related toGST Rate/Exemption
1Cloud kitchens/central kitchensCovered under restaurant service or notYes. GST Rate – 5% (without ITC)
2Supply of ice cream by ice cream parlorsCovered under restaurant service or notNo. GST at the rate of 18%
3Coaching services to students provided by coaching institutions and NGOs under the central sector scheme of „Scholarships for students with DisabilitiesExempted service or notExempted if where total expenditure is borne by the Government
4Satellite launch services provided by NSIL (New Space India Ltd.)Whether exemption available to ANTRIX Corporation Ltd. is available to NSILYes. Exemption available
5Overloading charges at toll plazaWhether overloading charges can be treated at par  as toll charges?Yes. Exempted
6Renting of vehicles to State Transport Undertakings and Local AuthoritiesThe expression “giving on hire” in Sl. No. 22 of the Notification No. 12/2017-CT (Rate) includes renting of vehicles.Yes. Exempted
7Services by way of grant of mineral exploration and mining rights – from 01-07-2017 to 31-12-2018Rate applicableGST Rate for the period 01-07-2017 to 31-12-2018 is also 18%.
8Admission to indoor amusement parks having rides etc.Amusement parks having Casinos, Race club etc/GST Rate 18% in case admission is only to amusement park.GST Rate 28% in case admission is casinos, race clubs etc. and amusement parks.
9Services supplied by contract manufacturers to brand owners for manufacture of alcoholic liquor for human consumptionWhether covered under job work services in relation to food and food products, which is taxable @ 5%.No. Taxable at 18%
GST: Circular 164/20/2021 – Clarifications regarding applicable GST rates & exemptions on certain services

GST: Circular 163/19/2021 GST – Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting

karthikandsunil, Leave a comment

The summary of clarifications issued is given below:

1. Fruits & Nuts – distinction between fresh and dried fruits and nuts and applicable GST rates: Exemption from GST to fresh fruits and nuts covers only such products which are not frozen or dried in any manner or otherwise processed. Supply of dried fruits and nuts, falling under heading 0801 and 0802 attract GST at the rate of 5%/12% as specified in the respective rate Schedules.

2. Tamarid Seeds – classification and applicable GST rates on tamarind seeds s between tariff heading 1207 and 1209: with effect from 1.10.2021, tamarind and other seeds falling under heading 1209, (i.e. including tamarind seeds), if not supplied as seed for sowing, would attract GST at the rate of 5%.

3. Clarification of definition of Copra: As per the Explanatory Notes to HS, the heading 0801 covers coconut fresh or dried but excludes Copra. Thus, exemption available to Coconut, fresh or dried, whether or not shelled or peeled, vide entry at S. No. 47 of notification No. 2/2017- Central Tax (Rate) dated 28.6.2017, is not available to Copra. Accordingly, Copra, classified under heading 1203, attracts GST rate of 5%.

4. Pure henna powder and leaves – Classification and applicable GST rates: Pure henna powder and henna leaves, having no additives, is classifiable under tariff item 1404 90 90 and shall attract GST rate of 5%.  GST rate on mehndi paste in cones falling under heading Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting.

5. Applicability of GST on scented sweet supari & flavored and coated illaichi: 

a)       Scented sweet supari falls under tariff item 2106 90 30 as “Betel nut product” known as “Supari” and attracts GST rate of 18%.

b) b) flavored and coated illaichi is a value added product and falls under sub-heading 2106 and It accordingly attracts Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting

6. Applicability of GST on Brewers’ Spent Grain (BSG), Dried Distillers’ Grains with Soluble [DDGS] and other such residues: Brewers’ spent grain (BSG), Dried distillers’ grains with soluble [DDGS] and other such residues are classifiable under heading 2303, attracting GST at the rate of 5%.

7. Scope of GST rate on all pharmaceutical goods falling under heading 3006: All goods falling under heading 3006 attract GST rate of 12% under entry 65 in the 12% rate schedule.

8. GST rates applicable on External batteries sold along with UPS Systems/ Inverter: tinctly identifiable items on one invoice. Therefore, it is clarified that in such supplies, UPS/ inverter would attract GST rate of 18% under heading 8504, while external batteries would attract the GST rate as applicable to it under heading 8507 (28% for all batteries except lithium-ion battery).

9. Applicability of GST rates on Solar PV Power Projects – Rates applicable from 01-07-2017 to 31-12-2018: GST on such specified Renewable Energy Projects can be paid in terms of the 70:30 ratio for goods and services, respectively, for the period of 1st July, 2017 to 31st December, 2018, in the same manner as has been prescribed for the period on or after 1st January, 2019, as per the explanation in the Notification No.24/2018 dated 31st December, 2018. However, it is specified that, no refunds will be granted if GST already paid is more than the amount determined using this mechanism.

10. Applicability of GST rates on Fibre Drums, whether corrugated or noncorrugated: GST rate of 18% on all goods classifiable under heading 4819 w.e.f. 01-10-2021. For the period prior to 1.10.2021, taking note of the fact that there was an ambiguity regarding the GST rates applicable on a Fibre Drums, because of its peculiar construction has decided that supplies of such Fibre Drums even if made at 12% GST (during the period from 1.7.2017 to 30.9.2021), would be treated as fully GST-paid.

GST: Circular 163/19/2021 GST – Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting

GST: Changes in GST Rate of goods w.e.f. 01-10-2021

karthikandsunil, , , , Leave a comment

Notification No. 08/2021 Central Tax (Rate) dated September 30, 2021

S. No.DescriptionFromTo
GST rate changes
1.Retro fitment kits for vehicles used by the disabledAppl. rate5%
2.Tamarind seeds meant for any use other than sowingAppl. rate5%
3.Medicine Keytruda for treatment of cancer12%5%
4.Biodiesel supplied to OMCs for blending with Diesel12%5%
5.Iron ores and concentrates, including roasted iron pyrites.5%18%
6.Manganese ores and concentrates, including ferruginous manganese ores and concentrates with a manganese content of 20% or more, calculated on the dry weight.5%12%  
7.Copper ores and concentrates.5%18%                    
8.Nickel ores and concentrates.5%18%
9.Cobalt ores and concentrates5%18%
10.Aluminium ores and concentrates.5%18%
11.Lead ores and concentrates.5%18%
12.Zinc ores and concentrates.5%18%
13.Tin ores and concentrates.5%18%
14.Chromium ores and concentrates5%18%
15.Following renewable energy devices and parts for their manufacture:- (a)   Bio-gas plant; (b)   Solar power based devices; (c)   Solar power generator; (d)   Wind mills, Wind Operated Electricity Generator (WOEG); (e)   Waste to energy plants / devices; (f)   Solar lantern / solar lamp; (g)   Ocean waves/tidal waves energy devices/plants; (h)   Photo voltaic cells, whether or not assembled in modules or made up into panels.Explanation:- If the goods specified in this entry are supplied, by a supplier, along with supplies of other goods and services, one of which being a taxable service specified in the entry at S. No. 38 of the Table mentioned in the notification No. 11/2017-Central Tax (Rate), dated 28th June, 2017 [G.S.R. 690(E)], the value of supply of goods for the purposes of this entry shall be deemed as seventy percent of the gross consideration charged for all such supplies, and the remaining thirty percent of the gross consideration charged shall be deemed as value of the said taxable service.”;5%12%
16.Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres; box files, letter trays, and similar articles, of paper or paperboard of a kind used in offces, shops or the like12%/18%18%
17.Waste, Parings and Scrap, of Plastics5%18%
18.Plans and drawings for architectural, engineering, industrial, commercial, topographical or similar purposes, being originals drawn by hand; hand- written texts; photographic reproductions on  sensitised  paper  and carbon copies of the foregoing12%18%
19.Unused postage, revenue or similar stamps of current or new issue in the country in which they have, or will have, a recognised face value; stamp- impressed paper; banknotes; cheque forms; stock, share or bond certificates and similar documents of title (other than Duty Credit Scrips).12%18%
20.Transfers (decalcomanias).12%18%
21.Printed or illustrated postcards; printed cards bearing personal greetings, messages or announcements, whether or not illustrated, with or without envelopes or trimmings.12%18%
22.Calendars of any kind, printed, including calendar blocks.12%18%
23.Other printed matter, including printed pictures and photographs; such as Trade advertising material, Commercial catalogues and the like, printed Posters, Commercial catalogues, Printed inlay cards, Pictures, designs and photographs, Plan and drawings for architectural engineering, industrial, commercial, topographical or similar purposes reproduced with the aid of computer or any other devices12%18%
24.Ball point pens; felt tipped and other porous tipped pens and markers; fountain pens; stylograph pens and other pens; duplicating stylos; pen holders, pencil holders and similar holders; parts (including caps and clips) of the foregoing articles, other than those of heading 9609.12%/18%18%
25.Railway parts, locomotives & other goods in Chapter 8612%18%
26.Carbonated Beverages of Fruit Drink or Carbonated Beverages with Fruit Juice18%28%
GST: Changes in GST Rate of goods w.e.f. 01-10-2021

GST: Additions to Exemptions in Services Category

karthikandsunil, , , Leave a comment

 [Notification No. 07/2021- CTR dated 30.09.2021]

· Services by an entity registered under section 12AB of the Income-tax Act, 1961 by way of charitable activities, Entry 12AA is already covered,12 AB is now added. 

· Services provided by and to FIFA and its subsidiaries directly or indirectly related to any of the events under FIFA U-17 Women’s World Cup 2020 to be hosted in India or wherever rescheduled.

· Services provided by and to Asian Football Confederation (AFC) and its subsidiaries directly or indirectly related to any of the events under AFC Women’s Asia Cup 2022 to be hosted in India.

· Services by an old age home run by an entity registered under section 12AB of the Income-tax Act, 1961 to its residents (aged 60 years or more) against consideration up to Rs. 25,000/- per month per member.

· Services by way of transportation of goods by an aircraft/vessel from customs station of clearance in India to a place outside India – Exemption extended till 30th Sept 2022

· Services by way of granting National Permit to a goods carriage to operate through-out India / contiguous States.

· Services provided to the CG, SG, UT administration under any training programme for which 75% or more expenditure is borne by the CG, SG, UT administration.

· Services by way of right to admission to the events organised under AFC Women’s Asia Cup 2022

GST: Additions to Exemptions in Services Category

GST: Changes in GST Rates for Services with effect from 01st October 2021

karthikandsunil, , , , Leave a comment

[Notification No. 06/2021- CTR dated 30.09.2021]

ParticularsHeadingOld RateNew Rate
Temporary or permanent transfer or permitting the use or enjoyment of Intellectual Property (IP) right in respect of goods other than Information Technology software.997312% 18%
Services by way of job work in relation to manufacture of alcoholic liquor for human consumption998812%18%
Services by way of printing of all goods falling under Chapter 48 or 49 [including newspapers, books (including Braille books), journals and periodicals], which attract CGST @ 6 per cent. or 2.5per cent. or Nil, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer998912%18%
GST: Changes in GST Rates for Services with effect from 01st October 2021