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Indirect Tax Update | Budget 2022

By Vasu Gupta • February 8, 2022

The Finance Minister, Smt. Nirmala Sitaraman, has presented the Union Budget 2022 in the parliament today, i.e., February 1, 2022. India’s economic growth in FY22 to be at 9.2 per cent, highest among all large economies, said FM in her address. India in a strong position to withstand challenges due to higher vaccinations, she added. Further, seven Engines have seen suggested for unison growth of India - Roads, Railways, Airports, Ports, Mass Transports, Waterways and Logistics infrastructure. The major announcements which have been made in this Budget are as under:- Income-tax return can be revised within 2 years on payment of additional tax Income from the transfer of virtual digital asset shall be taxed at 30% with no deduction of expenses. Gift of Virtual Digital Assets to be taxed at receiver's end. Surcharge on long-term capital gain is capped at 15%. To provide a level playing field between co-operative societies and companies, rate of Alternate Minimum Tax (AMT) is reduced to 15% for co-operative societies. Surcharge on co-operative societies from present 12 per cent to 7 per cent for those having total income of more than ` 1 crore and up to ` 10 crores. No benefit of set-off of loss allowable on income discovered during search and seizure. Clarifies that surcharge or cess is not allowable as business expenditure. Period of incorporation for eligible start-ups to claim the tax benefit is extended by 1 year. SEZ reforms in customs to be implemented by 30th Sept, 2022. Custom Duty on Gems and Diamonds reduced to 5%. Proposals made for exempting few goods under Customs for promoting manufacturing of Capital goods. Duty concessions provided to high growth electronic items. Concessions provided on raw material for boosting manufacturing of Electronics Goods. SEZ Act will be abolished and a new law will be enacted to enhance exports. Digital Rupee using block chain to be issued by RBI starting 2022-2023. IBC laws will be amended to enhance the resolution process and to facilitate cross border insolvency resolution. 5G will be rolled out in 2022-23 by private telecom players. 1,486 union laws were repealed last year in a step towards minimum government and maximum governance. Pushing digital economy and fin-tech will be a priority for the Government. Start-ups would be promoted to facilitate 'Drone Shakti' for the promotion of drone usage. All post offices will come on the core banking system in year 2022. Issuance of E-Passports will be rolled out in 2022-23. For any clarification on Budget 2022, please feel free to contact us. Regards, Team - SRGA & Co.

Indirect Tax Update - September 2021

September 21, 2021

The Government has issued notification to provide that the last date of submitting applications under various schemes such as MEIS, SEIS, ROSCTL, ROSL etc. is revised to 31st December, 2021. This notification is issued in supersession of the existing provisions in the Hand Book of Procedures, 2015-20 with regard to last date for submitting online applications for scrip based claims. After 31.12.2021, no further applications would be allowed to be submitted and they would become time-barred. It is to be noted that late cut provisions shall also not be available for submitting claims at a later date i.e. no application shall be allowed after 31 December 2021. Further, it has been provided that the validity of any scrip issued under FTP on or after 16th September, 2021 shall be 12 months from the date of issue i.e. duty credit scrip must be utilised within 12 months from the date of issue. The new late cut for applications submitted upto 31.12.2021 as indicated above shall be:

Direct Tax Update - August 2020

September 17, 2021

The Central Board of Direct Taxes (CBDT), vide Notification No. 43/2020 dated 3rd July, 2020 has made following amendments to Rule 31A, Form 26Q and Form 27Q, explained in the following document:

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