Rs 141384 crore gross GST revenue collected for April 2021

Rs 141384 crore gross GST revenue collected for April 2021

The gross GST revenue collected in the month of April’ 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including Rs. 981 crore collected on import of goods). Despite the second wave of COVID-19 pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month.

The GST revenues during April 2021 are the highest since the introduction of GST even surpassing collections in the last month (March’2021). In line with the trend of recovery in the GST revenues over past six months, the revenues for the month of April 2021 are 14% higher than the GST revenues in the last month of March’2021. During the month, the revenues from domestic transaction (including import of services) are 21% higher than the revenues from these sources during the last month.

GST revenues have not only crossed the Rs. 1 lakh crore mark during successively for the last seven months but have also shown a steady increase. These are clear indicators of sustained economic recovery during this period. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue. Quarterly return and monthly payment scheme has been successfully implemented bringing relief to the small taxpayers as they now file only one return every three months. Providing IT support to taxpayers in the form of pre-filled GSTR 2A and 3B returns and ramped up System capacity have also eased the return filing process.

During this month the government has settled Rs. 29,185 crore to CGST and Rs. 22,756 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of April’ 2021 is Rs. 57,022 crore for CGST and Rs. 58,377 crore for the SGST.

The chart below shows trends in monthly gross GST revenues during the October’20 to Mar’20 and April’2021.

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ICAI to Re-open Online Filling of Examination Application Forms for CA Exams May 2021

ICAI to Re-open Online Filling of Examination Application Forms for CA Exams May 2021

The Institute of Chartered Accountants of India

Examination Department
1st May, 2021

IMPORTANT ANNOUNCEMENT

RE-OPENING OF ONLINE FILLING UP OF EXAMINATION APPLICATION FORMS FOR CHARTERED ACCOUNTANTS EXAMINATIONS, MAY 2021.

Considering the prevailing COVID-19 situation and in the interest of welfare & well-being of the students and to mitigate their hardships, in continuation to the Important Announcement dated 27th April 2021, it has been decided to reopen the online filling up of examination application form for Chartered Accountants Final, Intermediate (IPC), Intermediate, Post Qualification Course viz.: Insurance and Risk Management (IRM) Technical Examination, and International Taxation – Assessment Test (INTT – AT) from 4th May 2021 (10 AM) to 6th May 2021 (11.59 PM) with late fees (600/- or US $ 10).

The students may note that this is the last opportunity to apply for May 2021 examination application form online.

The candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.

Additional Secretary (Exams)

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Last date for validation of UDIN extended to 30.6.2021

Last date for validation of UDIN extended to 30.6.2021

The timeline to update UDIN of past uploads of audit report and certificates has been further extended up to 30th June 2021 by Income Tax Department. Kindly avail of the benefit and avoid invalidation.

Last date for validation of UDIN extended to 30.6.2021

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Govt extends tax compliance timelines under IT Act 1961 amid Covid-19

Govt extends tax compliance timelines under IT Act 1961 amid Covid-19

Circular No. 08 /2021

F.NO.225/49/2021/ITA-11
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, Dated 30th April, 2021

Subject: Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

1. In view of severe pandemic, the Central Board of Direct Taxes, in exercise of its powers under Section 119 of the Income-tax Act, 1961, provides following relaxation in respect of Income-tax compliances by the taxpayers:

a) Appeal to Commissioner (Appeals) under Chapter XX of the Income-tax Act, 1961 for which the last date of filing under that Section is 1st April 2021 or thereafter, may be filed within the time provided under that Section or by 31st May 2021, whichever is later;

b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Income-tax Act, 1961, for which the last date of filing under that Section is 1st April 2021 or thereafter, may be filed within the time provided under that Section or by 3P1 May 2021, whichever is later;

c) Income-tax return in response to notice under Section 148 of the Income-tax Act, 1961, for which the last date of filing of return of income under the said notice is pt April 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May 2021, whichever is later;

d) Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income-tax Act,1961 for Assessment Year 2020-21, which was required to be filed on or before 31st March 2021, may be filed on or before 31 s1 May 2021;

e) Payment of tax deducted under Section 194-IA, Section 194-18 and Section 194M of the Income-tax Act, 1961 and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 301h April 2021 under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May 2021;

f) Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 301h April 2021, may be furnished on or before 31s1 May 2021.

(Ravinder Maini)
Director to the Government of India.

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Income Tax Timelines for filing belated/Revised ITR, Appeal, TDS, ITR in response to Sec 148 notice Extended

Income Tax Timelines for filing belated/Revised ITR, Appeal, TDS, ITR in response to Sec 148 notice Extended

Ministry of Finance

PRESS RELEASE

01st MAY 2021

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.

In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers:

a. Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

b. Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

c. Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later;

d. Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021;

e. Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021;

f. Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021.

CBDT Circular No.8/2021 in F. No. 225/49/2021/ITA-II dated 30.04.2021 issued. The said Circular is available on https://ift.tt/1cBhzMi.

The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.

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CBDT notifies Income Tax rule 44DA & FORM No. 34BB

CBDT notifies Income Tax rule 44DA & FORM No. 34BB

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 30th April, 2021

G.S.R. 301(E).—In exercise of the powers conferred by sub-section (1) of section 245M read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-

1. Short title and commencement.- (1) These rules may be called the Income-tax (12th Amendment) Rules, 2021.

(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 44D, the following rule shall be inserted, namely:—

“44DA. Exercise of option under sub-section (1) of section 245M and intimation thereof.- (1) The exercise of option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.

(2) Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee under section 140.

(3) Form No. 34BB shall be furnished electronically in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, under sub-rule (4).

(4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats and standards for the purposes of furnishing and verification and manner of uploading of Form No. 34BB.”.

3. In the principal rules, in Appendix-II, after Form No. 34BA, the following Form shall be inserted, namely:—

“FORM No. 34BB
[See rule 44DA]

Exercise of option to withdraw pending application under sub-section (1) of section 245M of the Income-tax Act, 1961

To,

The Assessing Officer,
……………………….. ……………

Sir/Madam,

I, …………………………………………………………, having Permanent Account Number (PAN) ………………………………………… / Aadhaar Number …………………. do hereby intimate the exercise of option to withdraw my application for settlement made under section 245C of the Income-tax Act, 1961 (hereinafter referred to as the Act) on …………………..… vide number …………………….. at ………………………..…. Bench.

2. I do hereby affirm that the aforesaid application was not declared invalid under sub-section (2C) of section 245D of the Act and no order under sub-section (4) of section 245D of the Act was issued on or before the 31st January, 2021 with respect to such application.

Verification

I, ……………………… (full name in block letters), son/daughter of …………….. (name of father) solemnly declare that to the best of my knowledge and belief, the information given above is correct.

I further declare that I am furnishing this intimation in my capacity as ………………… and I am also competent under section 140 of the Act to verify it.

Place:
Date:

Yours faithfully,

Signature …………….……………….
Name…………………………………
Designation………………………….
Address…………………….……… . ”.

[Notification No. 40/2021][F.No. 370142/8/2021-TPL]

RAJESH KUMAR BHOOT, Jt. Secy. (Tax Policy and Legislation)

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification G.S.R. 291(E), dated the 26th April, 2021.

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Customs Duty on Imports of Equipment used in supplement COVID Testing waived

Customs Duty on Imports of Equipment used in supplement COVID Testing waived till 31st October 2021

Customs Duty on Imports of COVID Testing Equipment like Inflammatory Diagnostic (marker) kits, namely- IL6, D-Dimer, CRP, LDH, Ferritin, Pro Calcitonin (PCT) and blood gas reagents, has been exempted till 31st October 2021, to supplement testing efforts.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 29/2021-Customs

New Delhi, the 30th April 2021

G.S.R. (E)…- In exercise of the powers conferred by subsection (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary for the public interest so to do, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 27 /202 1- Customs, d.ated the 20th April 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 284(E), dated the 20th April 2021, namely:-

In the said notification, in the Table, after S.No.3 and the entries relating thereto, the following S.No. and entries shall be inserted, namely:-

(1)	(2)	(3)
“4.	3822	Inflammatory   Diagnostic   (marker)   kits,   namely-   IL6,   D-Dimer, CRP (C-Reactive Protein), LDH (Lactate De-Hydrogenase), Ferritin, Pro Calcitonin (PCT) and blood gas reagents.”.

[F.No. 354/52/2021-TRU]

(Rajeev Ranjan)
Under Secretary to the Government of India

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