J.M Associates Chartered Accountants

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Gst update

Cabinet approves Bill amending 28% GST on online gaming.

1.Amendment likely to be introduced in current session of Parliament.

2.GST Council had decided to implement the tax from October 1.

3.28% tax would be levied on the contest entry amount, net of winnings.

GST UPDATE

Claim of ITC through GSTR-3B justified since Form GST ITC-02 was not live on common portal.

Refer case study:

The Hon’ble Allahabad High Court in M/s Tikona Infinet Private Limited v. State of U.P. [Writ Tax No. 859 of 2023 dated July 25, 2023] set aside the demand raised on the ground that assessee instead of passing the Input Tax Credit (“ITC”) through Form GST ITC-02 transferred ITC through Form GSTR-3B and held that the stand of the Revenue Department was not correct since the Form ITC-02 was not live on the common portal.

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CBDT notifies ‘348’ as Cost Inflation Index for Financial Year 2023-24

The CBDT vide Notification No. 39/2023, dated 12-06-2023, has notified ‘348’ as the Cost Inflation Index (CII) for the Financial Year 2023-24. If a long-term capital asset is transferred, the capital gain is computed after deducting the indexed cost of acquisition instead of just the cost of acquisition. Such indexation of the cost of acquisition is determined based on the Cost Inflation Index. CII is applied in order to mitigate the impact of inflation.

ITR Filing for last three years FY 2020-21 (U) 2021-22 (U) and 2022-23 is available.

31 March is the last date to link PAN with Aadhar with late fee of Rs. 1000. Non linked PAN shall become inoperative from 1st April. Higher TDS of minimum 20% shall also become applicable.

31 March is the last date to apply Online for Letter of Undertaking (LUT) for Exports & Supplies to SEZ without payment of tax in FY 2023-24.