Aditya Sinhal

🚨GST Refund Update!! Compliance workload has increased for GST refund filers. Annexure-B for refund is required to be uploaded through utility in JSON file format. 📌Will enable system-based validation of invoices with GSTR-2B. 📌Further, the utility seeks additional fields beyond the Annexure-B format referred to in Circular 135, such as: Type of inward supply, 2B period, blocked ITC S.17(5), ineligible ITC etc. @Infosys_GSTN @cbic_india @DEEPKORADIA Cumberosme 🫤

🚨 @Infosys_GSTN has allowedcross utilization of ITC from Jan 3B-SGST ITC can be used against IGST without exhausting CGST first. But the real question 👇 Is it legally valid or invitation for future litigation!! Check out my video on this imp update!! youtu.be/bzgIEGrFaUQ?si=TzbO…

📌Audited ITR Due Date is still 31st Oct !! Specified Date vs. Due Date Clarification As per Section 44AB, the “specified date” is defined as one month prior to the due date under Section 139(1) - [PIC1] 👉 Since Clause (a) of Explanation 2 of Sec.139(1) mentions 31st October as the due date for audited assessees, the specified date = 30th September. ✔️ This 30th September has now been extended to 31st October. 🔑 The specified date is dependent on the due date under Section 139(1), but NOT VICE VERSA!! ➡️ Hence, the ITR due date for audited assessees remains 31st October, as per clause (a) of Explanation 2 to Section 139(1), until specifically extended!! 🙂

PLEASE ALLOW TAX AUDIT REPORT APPROVAL THROUGH EVC @IncomeTaxIndia @FinMinIndia @nsitharamanoffc Rule 12(3) has been already amended to file Audited ITR (in case of Ind./HUF/Firms/LLP etc.) via EVC-ITR (Second Amnd.) Rules,2024 w.e.f. 01/4/2024 While approving TAR, Portal ask to select appropriate method as per R.12(3) of IT Rules (highlighted below) but is not taking amendment into consideration. System is not allowing TAR to be approved via EVC, in that case the said amendment of allowing "Audited ITR" with EVC (without using DSC) will be of practically no use!! Also there is no legal provision in Income tax laws which specifically requires Tax Audit Report to be approved via DSC. Section12(2) only required TAR to be filed ELECTRONICALLY (which may include EVC/DSC or any other allowable mode as per Information Technology Act 2000-Please go through below tweet for more details on the same. @CAPramodLunawat Sir Requesting your views on the same.

@IncomeTaxIndia Humble request to allow assesses to accept Tax Audit Report (Form3CA/CB-3CD) via EVC instead approval mandatorily through DSC,as was there till last year Professionals & Students,Please give it a read!! 📌Rule 12(3) has been already amended to file Audited ITR via EVC, so if TAR is not allowed to be approved via EVC, then the said amendment will be of practically no use!! -ITR (Second Amnd.) Rules,2024 w.e.f. 01/4/2024 [PIC-1] 📌Also proviso to R.12(2) requires TAR to be furnished electronically but has not specified the mode of authentication i.e. through Digital Signature or through EVC. Section 5 & 6 of Information technology Act 2000 gives recognition to both EVC & Digital Signature. As per S.2(1)(ta) of IT Act 2000-Electronic Signature means authentication by electronic technique specified in Second schedule and includes digital signature. Electronic filing/signature is a much wider term than digital signature!! [PIC-2] 📌Also there is no rule/notification/circular which requires TAR to be furnished mandatorily through Digital signature-[PIC-2] 📌Also it is important to understand R.131 introduced via NNo.83/2021 dt. 29th Jul 2, which specifies that any of the forms shall be furnished electronically:- (i) under Digital Signature, if ITR is required to be furnished under DSC (ii) through EVC if case is not covered under (i)-[PIC-3] 📌But form 3CA/CB-3CD is not covered by R.131 directly. Notification 03/2022 and 01/2024 has been issued for specifying forms under R.131 but still TAR (form 3CB/CA-3CD) is not covered under the same. So as of now by virtue of R.131 it cannot be said that Form 3CA/CB-3CD can be approved through EVC!! [PIC-4] I would request @IncomeTaxIndia to please allow approval of TAR with EVC by including TAR under rule 131 or otherwise 🙏 Request everyone to provide opinion on the same even contrary views, if any. Thanks for the discussion @sinhaladitya @CAHimankSingla @hirenbhandari_ 👍

Verification of ITR - 30 Days from submitting ITR. Important Change in 30 Days time in case of ITR-V!! As per Law earlier DATE OF DISPATCH was to be considered for 30 Days time period - NNo. 05/2022 Now the DATE ON WHICH DULY VERIFIED ITR-V IS RECEIVED BY CPC shall be considered for determining 30 Days - NNo. 2/2024 dt. 31/03/2024

CBDT via Section 119 allows trusts/ institutions which have furnished audit report in on or before 31 October, 2023 in Form No. l0B in place of Form No. 10BB and vice-versa (i.e. in WRONG FORM) to furnish correct applicable Form No. l0B/10BB for the AY 2023-24, on or before 31st March, 2024!! BIG RELIEF from @IncomeTaxIndia 👍

Summary of NNo. 04/2024-CT effective from 1st April 2024 Special Procedure(including Registration of Machines) to be followed by Manufacturers of Tobacco,Pan Masala,Gutkha etc. !! Link to NNo. 04/2024-CT drive.google.com/file/d/1pTw…

Interim Budget 2024-Proposed Changes in GST!! Input Service Distributor Mechanism has been made Compulsory by substituting Sec.2(61)-Definition of ISD and Sec 20-Manner of Distribution of Credit by ISD. Eg. If Head office receives an Invoice of Auditor for Stock Audit of various branches (meaning hereby distinct person-GSTIN with Same PAN), then such HO is mandatorily required to get itself registered as ISD and shall distribute such ITC. Previously ISD mechanism was not compulsory & abovementioned ITC could be transferred through Cross Charge i.e. raising invoice by one GSTIN (HO in above eg.) to distinct person (GSTIN with same PAN)

Traders are not eligible for Benefit of Newly Introduced Sec. 43B(h) - which means that even if payment is made to a Trader beyond time limit of 43B(h) (i.e. 15/45 days/End of FY), the outstanding amount shall not get added to Income! Reasons :- 📍Retailers and Wholesale Trade were allowed to register on Udyam Portal via below mentioned Memorandum which specifically says that benefits to such Trader MSME are restricted to PRIORITY SECTOR LENDING ONLY. 📍Trader is not included in definition of 'Enterprise' defined u/s 2(e) of MSMED Act,2006 itself, let alone 'Micro Enterprise' u/s 2(h)' & 'Small Enterprise' u/s 2(m). To be categorized as Micro or Small an entity needs to be an Enterprise first as per Sec 2(e) i.e. either Manufacturer or Service Provider. 📍MSEFC (Micro & Small Enterprise Facilitation Council) was approached by Traders to get benefit of provisions related to delayed Payment as per MSMED Act,2006 as available to MSEs, It was clarified by Office Memorandum dated 01.09.2021 👇that such benefit cannot be provided to Traders as benefits to them are restricted upto Priority Sector Lending Only. Request to please comment with reasons in case of contrary views 🙏 @hirenbhandari_ Thanks for discussion👍

Update for Exporters/Dealers supplying to SEZ!! Facility for filing LUT (Letter of Undertaking) for FY 2024-25 has been enabled on GST Portal.