Income Tax Law Updates:

Notification No. 139/2021/F.No. 370142/66/2021-TPL dated 28-12-2021: The Faceless Appeal Scheme 2021 for Income Tax Law.

Circular No. 21/2021 dated 28-12-2021: CBDT gives one time relaxation for verification of ITRs for AY 2020-21. Now, ITRs can be verified till 28.02.2022.

Notification No. 138/2021/F. No. 370142/58/2021-TPL (Part-II) dated 27-12-2021: Income Tax (34th Amendment) Rules, 2021 by which Income Tax Rule 2DD has been inserted for Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10 of Income Tax Act, 1961.

 

Goods and Services Tax Law Updates:

Notification No. 22/2021-Central Tax (Rate) ,dt. 31-12-2021

For the words “Union territory, a local authority, a Governmental Authority or a Government Entity” the words “Union territory or a local authority” shall be substituted;

Notification No. 21/2021-Central Tax (Rate) ,dt. 31-12-2021

In Schedule I – 2.5%, serial number 225 and the entries relating thereto shall be omitted; 

In Schedule II – 6%, after serial number 171 and the entries relating thereto, the following serial number and entries shall be inserted, namely: –

(S. No. 171A1)  (Heading 64) (Footwear of sale value not exceeding Rs.1000 per pair.)

CGST Circular No. 168/24/2021-GST dated 30-12-2021:  Clarification on Mechanism for filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for period prior to merger with U.T. of Dadra & Nagar Haveli.

Notification No. 40/2021 – Central Tax dated 29-12-2021: The Notification brought following changes by amending the CGST Rules, 2017:

-The due date to file GSTR-9 and 9C for F.Y. 2020-21 has been extended from 31.12.2021 to 28.02.2022 vide amendment in Rule 80 of CGST Rules, 2017 by CGST Notification No. 40/2021 dated 29.12.2021.

-New Rule 144A inserted: Recovery of penalty by sale of goods or conveyance detained or seized in transit.

Notification No. 20/2021-Central Tax (Rate) dated 28-12-2021: Seeks to amend Notification No 21/2018- Central Tax (Rate) dated 26.07.2018

Notification No. 19/2021-Central Tax (Rate) dated 28-12-2021: Seeks to amend Notification No 2/2017- Central Tax (Rate) dated 28.06.2017.

Notification No. 18/2021-Central Tax (Rate) dated 28-12-2021: Seeks to amend Notification No 1/2017- Central Tax (Rate) dated 28.06.2017.

Resonance Eduventures Limited [Rajasthan-AAR dated 28-12-2021]: The AAR has pronounced Ruling as Supply of coaching service in which supply of study material, uniform, bags and other goods also included is a MIXED SUPPLY of goods as well as services and attracts highest rate of tax @ 18% (i.e. 9% CGST+ 9% SGST or 18% in case of IGST). In terms of Section 16 of the CGST Act, 2017, the applicant shall be eligible to take ITC of the GST paid on goods or services used or intended to be used in the course or furtherance of business subject to the conditions as prescribed and the provisions of the Section 17 of the CGST Act, 2017.

Aie Fiber Resource And Trading (India) Pvt Ltd. [TELANGANA-AAR dated 24-12-2021]: Supply of imported goods on High Sea sale basis or supply of goods from FTWZ facilities by the Applicant to the Indian customers would not attract GST.

 

Corporate Laws:

MCA Circular No. 22/2021 dated 29-12-2021: Relaxation on levy of additional fees is given till 15.02.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 28.02.2022 for MGT-7/MGT-7A for the financial year ended on 31.03.2021

RoC Karnataka Adjudication Order dated 24-11-2021: RRoC imposed total penalty of Rs. 1.5 crores on the company [Valley Monks Private Limited] as well as on officers in default for not complying with the provisions relating to Private Placement Offer (Sec. 42).