AHMEDABAD ICAI NEWS LETTER FOR THE MONTH DECEMBER-2022

The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Ahmedabad Branch of WIRC of ICAI

E-NEWSLETTER

Volume: 09 | ISSUE NO: 10 | December-2022 Chairperson’s Message

OFFICE BEARERS Respected Members,
Chairperson
CA. Bishan R. Shah Thank you for the significant participation shown by
98250 23573 members of the Ahmedabad Branch at the World
Vice Chairperson Congress of Accountants (WCOA).
CA. (Dr.) Anjali Choksi
98257 73179 The efforts taken by the Institute in hosting the world-
Secretary class World Congress of Accountants (WCOA) for all of
CA. Neerav A. Agarwal us are so tremendous that it is impossible for me to
9879672485 describe them in this message. I fail in my duty if I am not
Treasurer loud in gratifying the efforts of our torchbearers, President ICAI CA. (Dr.)
CA. Samir S. Chaudhary Debashis Mitra and Vice President ICAI CA. Aniket Talati. With the presence
9377471779 of intellects from around the world during the #WCOA and the ICAI's
Members efforts in its preparation, this edition of the WCOA raised the bar of quality,
CA. Chetan J. Jagetiya knowledge dissemination and hospitality in the eyes of the international
CA. Abhinav A. Malaviya fraternity. With this, Indian CAs will surely be able to gain respect and
CA. Rinkesh K. Shah dignity all over the world. I am delighted to inform you that your branch was
CA. Sunil Sanghvi able to register for and participate in a large number of events and make
CA. Sunit J. Shah other dignitaries and delegates feel their presence. With this conference,
Ex. Officio Members our members were able to grab the opportunity to network and
CA. Aniket Talati, collaborate not only with members in India but with people around the
(VicePresident) 98255 51448 world. Exhibiting companies and firms from Ahmedabad were also there in
CA. Purushottam H. large numbers, and I acknowledge their presence and thank them all for
Khandelwal, CCM being there. I wish that in the next edition of any such global summit, more
9825020844 firms and companies from Ahmedabad will participate and grab these
CA. Chintan Patel, RCM opportunities.
90999 21163
CA. Hitesh Pomal, RCM During the past month of November 2022, we had a Diwali get-together
98240 49402 and members enjoyed meeting each other during the festive season. We
Newsletter Committee started the new initiative of using M-Pass for the entry with the dual
Chairperson: objective of serving the members with the help of technology so they are
CA. Samir S. Chaudhary not required to come to the branch to collect passes. Secondly, we adopted
Co-Chairperson: sustainability initiative and by not printing the passes, we have tried to
CA. Hemlata Dewnani work for the environment as well. During the get-together, we
Convener: acknowledged the efforts of our past chairmen in shaping the Ahmedabad
CA. Jay Pankajbhai Shah Branch to achieve new heights year after year. The Ahmedabad Branch also
Members: hosted a 5-day direct tax series to sharpen our skill sets in the area of direct
CA. Abhishek Bardia taxes. Your branch was fortunate to host a Mega Career Counselling
CA. Ajay Daga program for students to join the CA course. Historical attendance was
CA. Akash Pawankumar Jain noticed on November 26, 2022, on the auspicious Constitution Day, as
CA. Homesh Mulchandani more than 3000 students from 50 schools attended this mega event. On
CA. Jaiminkumar G. Shah the same day, we had, for the first time in the history of ICAI, an orientation
CA. Karan Gopalbhai Gupta courses for newly enrolled COP holders to make them aware of the dos and
CA. Karan Ranka don'ts of practice. We also organized a CEO and CFO meet that was
CA. Karim Lakhani attended by more than 250 members of the industry, and we were able to
CA. Kushal B. Reshamwala be a catalyst for them.
CA. Mahadev Birla
CA. Mahavir Shah During the month of December, we are organizing a sub-regional
CA. Manishkumar Dubey conference on December 9th and 10th, 2022, in which we have tried to
CA. Mohit R Tibrewala
CA. Monish S. Shah
CA. Parth Joshi
CA. Naveen Surana
CA. Nehal Sheth
CA. Vishal P. Desai

Whats Inside??? GST Updates 06 Motivational Story 16
GST Quick Connect 09 Upcoming Event 17
Editorial 03 From the RBI 12 Event in Images 20
Direct Tax Updates 04 Excel in Excel 14 Media Coverage 24
Direct Tax Quick Connect 05 WCOA-2022 15 Visitor book 29

December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

cover topics of GST, direct tax, and RERA with a pre-booking the same. It will be available at the

focus on the real estate sector. branch at the latest by November 15, 2022.

We are privileged that we will be having a tax In previous years, there was a demand for TDS
conclave with all the branches of Gujarat at and service tax against the branch. I am pleased
Pramukhswami Shatabdi Mahotsav, and we will to inform you that we have worked on the same
have the opportunity of listening to stalwarts of and were able to settle all TDS demands from
the profession discuss developments in direct financial year 2009-10 to 2021-22, and currently,
taxes and GST. Currently, more than 1000 there is "NIL" TDS demand. In the case of service
members have registered, and we request that tax, we received a favorable order, and the
you get yourself registered as we have limited department has dropped the show cause notice
seats. against our branch.

We will be organizing RERA Ki Pathshala 2.0 We believe in adapting technology, and our
from December 23–24, 2022, consisting of six members' data also requires updating. For the
sessions to refresh our knowledge in the field of same reason, we will be trying to develop a
RERA compliance. Members willing to enter the member's common platform, which would help
practice of RERA may take advantage of this our members in connecting with the branch and
series. saving knowledge resources at one place,
making the experience more user friendly.
Your branch is hosting the national student
conference on December 23 and 24, 2022, at the Let us welcome the new year 2023 with joy and
University Convention Hall. As we are all happiness. I sincerely urge all of the members to
mentors for our articles and students, I urge you continue their support and contributions
to motivate your articles and known students to towards the activities of the Institute in the year
get themselves registered for this life-changing to come.
event.

This year, our theme is "Together, Everyone CA. Bishan R. Shah,
Achieves More." Based on the same theme, we Chairperson,
are publishing DIARY-2023 for our members. We Ahmedabad Branch of WIRC of ICAI
got a wonderful response from the members in

सं पक सेतु HAIRPERSON

CA Bishan R. Shah

Chairperson,
Ahmedabad Branch of WIRC of ICAI

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

EDITORIAL

This November, We, The intelligence.
CA fraternity added a
new glorious Technology is transformational and it is
achievement to our crown impacting the practice of accounting and
with The World Congress of assurance, proving to be a game changer for the
Accountants being hosted in profession. Knowledge of existing and
Mumbai. emerging digital technologies such as Artificial
The WCOA concluded on an intelligence, block chain, robotics, automation,
extremely delightful and big data is extremely essential for the new age
successful note. The best financial minds of the accountants.
world gathered here in Mumbai to celebrate the
ideas for future. The congress met to Leveraging professional opportunities in digital
contemplate and explore the new and era will require more focus on analytical and
sustainable ways of taking forward the advisory role by using technology as a tool.
accountancy profession.
The congress stressed upon the importance of
Emerging Technologies and their application in
our profession.

Chartered Accountancy and Technology. CA professionals need to understand the
Succeeding Oil, Technology has become the industry trends and take proper steps for better
next most important aspect of the human compliance and decision making. The
society. expectations from CA's are continuously
Chartered Accountancy has not remained increasing to match the economic and
untouched with advancements in information technological changes. CA's are expected to go
technology. beyond their conventional role and deliver as a
Conventional CA practice has remained a fairly complete business solution provider and hence,
successful area in our profession but due to members need to continuously upgrade their
constant updations in technology, certain skillsets.
limitations have emerged with respect to
conventional practice. I also request to all the members who are willing
One of the major challenges of CA practice is the to contribute for newsletter on any topic can
problem of Scalability as the scope to expand share the same with us at
the operations is very restricted. Secondly, the [email protected]
Scope of Practice is confined to a limited area.
Another, Intense Competition in today's market 'TOGETHER EVERYONE ACHIEVES MORE'
is turning out to be a slow poison for CA Stay Safe and Stay Happy!!
practitioners as it is highly troublesome to
achieve competitive advantage over rivals. Happy learning!!

For these stated challenges, the new age CA CA Samirkumar Chaudhary
aspirants are looking for non-traditional and Treasurer, MCM (Ahmedabad Branch)
technology driven alternatives in our field. Chairman, Newsletter Committee

The role of a chartered accountant is
evolving continuously to accept newer
responsibilities in a dynamic global
environment. The future of CA profession
depends on being flexible and open to
innovation. The world is focused on automation
and therefore professional accountants need to
combine digital skills with emotional

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax Updates

1. F NO. 370133/ 16/2022-TPL dated Compiled by: CA Mohit R. Tibrewala
01.11.2022 - Draft Common Income Tax
Return Form for public consultation only the applicable questions and schedules
will be available to the taxpayer. The inputs
The proposed draft ITR takes a relook at the on the draft ITR may be sent electronically to
return filing system in tandem with the email address [email protected] with a copy
international best practices. It proposes to to [email protected] by 15th December 2022.
introduce a common ITR by merging all the
existing returns of income except ITR-7. h ps://incometaxindia.gov.in/communica ons/
However, the current ITR-1 and ITR-4 will circular/common-itr.pdf
continue. This will give an option to such
taxpayers to file the return either in the 2. Press Release dated 11.11.2022 - Direct
existing form (ITR-1 or ITR-4) or the Tax Collection for F.Y. 2022-23 upto
proposed common ITR, at their convenience. 10.11.2022.
The scheme of the proposed common ITR is
as follows: The provisional figures of Direct Tax
collections up to 10th November, 2022
(a) Basic information (comprising parts A to continue to register steady growth. Direct
E), Schedule for computation of total income Tax collections up to 10th November, 2022
(Schedule TI), Schedule for computation of show that gross collections are at Rs. 10.54
tax (schedule TTI), Details of bank accounts, lakh crore which is 30.69% higher than the
and a schedule for the tax payments gross collections for the corresponding
(schedule TXP) is applicable for all the period of last year. Direct Tax collection, net
taxpayers. of refunds, stands at Rs. 8.71 lakh crore
which is 25.71 % higher than the net
(b) The ITR is customized for the taxpayers collections for the corresponding period of
with applicable schedules based on certain last year. This collection is 61.31% of the
questions answered by the taxpayers total Budget Estimates of Direct Taxes for
(wizard questions). F.Y. 2022-23.

(c) The questions have been designed in such So far as the growth rate for Corporate
a manner and order that if the answer to any Income Tax (CIT) and Personal Income Tax
question is 'no', the other questions linked to (PIT) in terms of gross revenue collections is
this question will not be shown to him. concerned, the growth rate for CIT is 22.03%
while that for PIT (including STT) is 40.64%.
(d) Instructions have been added to assist After adjustment of refunds, the net growth
the filing of the return containing the in CIT collections is 24.51% and that in PIT
directions regarding the applicable collections is 28.06% (PIT only) 27% (PIT
schedules. including STT).
Refunds amounting to Rs.1.83 lakh crore
(e) The proposed ITR has been designed in have been issued during 1stApril, 2022 to 10th
such a manner that each row contains one November, 2022, which are 61.07% higher
distinct value only. This will simplify the than refunds issued during the same period
return filing process. in the preceding year.

(f) The utility for the ITR will be rolled out in h ps://pib.gov.in/PressReleasePage.aspx?PRID=
such a manner that only applicable fields of 1875316
the schedule will be visible and wherever
necessary, the set of fields will appear more 3. Circular No. 23/2022 dated 03.11.2022 –
than once. For example, in the case of more Explanatory Notes to the provisions of the
than one house property, the schedule HP Finance Act, 2022.
will be repeated for each property. Similarly, The Finance Act, 2022 (hereafter referred to
where the taxpayer has capital gains from as 'FA 2022') as passed by the Parliament,
the sale of shares taxable under section received the assent of the President on 30th
112A only, applicable fields of schedule CG, March, 2022 and has been enacted as Act No.
relating to 112A, shall be visible to him. 6 of 2022. This circular explains the
substance of the provisions of the FA 2022
Once the common ITR Form is notified, after relating to direct taxes. The detailed circular
taking into account the inputs received from can be accessed from the below given link.
stakeholders, the online utility will be
released by the Income-tax Department. In https://incometaxindia.gov.in/communicatio
such a utility, a customized ITR containing ns/circular/circular-23-2022.pdf

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax Quick Connect

Compiled by: CA Kushal Reshamwala

Section 35D: Amortisation of Certain necessary agreements, MOA and AOA
Preliminary Expenses 6. Charges incurred for registering the
company with the ROC
Where an assessee, being an Indian company or 7. Underwrittng Commission, brokerages
a person (other than a company) who is resident and other charges in connection with the issue
in India, incurs, after the 31st day of March, of shares, debentures and prospectus
1998, any expenditure specified in sub-section 8. Any other prescribed expense and not
(2), deductible under any other section.

(i) before the commencement of his business, The deduction shall be allowed shall be lower of
or the actual expense incurred for :
A. 5% of the Cost of the Project
(ii) after the commencement of his business, in
connection with the extension of his OR
undertaking or in connection with his B. 5% of the Capital Employed
setting up a new unit,
The amount so calculated above shall be
the assessee shall, in accordance with and allowed as a deduction equally over a period of 5
subject to the provisions of this section, be years.
allowed a deduction of an amount equal to one-
fifth of such expenditure for each of the five Where Cost of project means the actual cost of
successive previous years beginning with the the fixed assets, being land, buildings,
previous year in which the business commences leaseholds, plant, machinery, furniture, fittings
or, as the case may be, the previous year in which and railway sidings (including expenditure on
the extension of the undertaking is completed development of land and buildings), which are
or the new unit commences production or shown in the books of the assessee as on the last
operation. day of the previous year in which the business of
the assessee commences;
Following are the preliminary expenses which
are required to be amortized. Where Capital Employed means the aggregate
of the issued share capital, debentures and
1. Preparation of feasibility report; long-term borrowings as on the last day of the
previous year in which the business of the
2. Preparation of project report; company commences;

3. Conducting market survey or any other
survey necessary for the business of the
assessee;

4. Engineering services relating to the
business of the assessee :

5. Legal Charges for the drafting of

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Updates

Compiled by: CA. Parth Joshi

I. Rs.1,51,718 crore gross GST revenue 1. T h e C e n t r a l G o v e r n m e n t o n t h e
collected for October 2022; Second highest recommendations of the Council has made
collection ever with next only to the various amendment in the rules relating to anti-
collection in April 2022: profiteering authority by prescribing the
functions of Competition Commission of India,
The gross GST revenue collected in the month of omitting the reference of Anti-profiteering
October 2022 is Rs. 1,51,718 crore of which authority u/r 137 etc. [Notification No.
CGST is Rs. 26,039 crore, SGST is Rs. 33,396 24/2022-Central Tax dated 23rd November,
crore, IGST is Rs. 81,778 crore (including Rs. 2022]
37,297 crore collected on import of goods) and
Cess is Rs. 10,505 crore (including Rs. 825 crore 2. T h e C e n t r a l G o v e r n m e n t o n t h e
collected on import of goods), which is second recommendations of the Council has
highest till date. empowered the Competition Commission of
India established under sub-section (1) of
The revenue for October 2022 is second highest section 7 of the Competition Act, 2002, for
monthly collection, next only to the collection in examining whether input tax credits availed by
April 2022 and it is for the second time the gross any registered person or the reduction in the
GST collection has crossed Rs. 1.50 lakh crore tax rate have actually resulted in a
mark. Read more at - commensurate reduction in the price of the
[https://www.pib.gov.in/PressReleasePage.a goods or services or both supplied by him.
spx?PRID=1872591] [Notification No. 23/2022-Central Tax dated
23rd November, 2022]
II. Important Notifications / Circulars /
Orders / Instructions:
Notifications:

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

3. T h e C e n t r a l G o v e r n m e n t o n t h e refund claim of un-utilized Input Tax Credit (ITC)
recommendations of the Council has used in making zero rated supplies of services
substituted, Para 7 of the instructions relating without payment of Integrated Goods and
to Form GSTR-9 to incorporate the extended Service Tax.
date of 30th November, 2022 i.e., instead of
earlier mentioned period “between April, 2022 Held: MSA entered between the petitioner and
to September, 2022”, “April, 2022 to October, GI was clearly for purpose of sub-contracting
2022 filed up to 30th November, 2022”. services to petitioner by GI and do not in any
[Notification No. 22/2022-Central Tax dated manner indicate that petitioner is acting as an
15th November, 2022] "intermediary" so as to fall within scope and
Circulars: ambit of the definition of "intermediary" under
Section 2 (13) of the IGST Act. There does not
1. The Board in exercise of its powers seem to be any difference between the
conferred by section 168(1) of the CGST Act, meaning of the term "intermediary" under GST
2017 has issued the guidelines for verifying the regime and pre-GST regime. It was evident that
Transitional Credit. [Circular No. 182/14/2022- petitioner was providing services which had
GST dated 10th November, 2022] been sub contracted to it by GI. Main contractor
2. The Board in exercise of its powers i.e. GI in turn is receiving commission/agents
conferred by section 168(1) of the CGST Act, from its clients for main services that are
2017 has clarified on the date of applicability of rendered by petitioner pursuant to
the notifications pertaining to refund in case of arrangement of sub-contracting. Nothing had
inverted duty structure. [Circular No. been brought on record to show that petitioner
181/13/2022-GST dated 10th November, had a direct contract with customers of GI and
2022] there was nothing on record to show that
III. GST Portal Related Updates: petitioner was liaisoning or acting as an
1. Webinar on 'Filing of an Appeal by Tax- "intermediary" between GI and its Customers.
payers on GST Portal': For creating awareness Therefore, Respondent-department had erred
amongst all the stakeholders, GSTN is holding to hold that petitioner to be in a principle agent
webinars on 'Filing of an Appeal by Taxpayers on relationship with GI - Petitioner was not
GST Portal' on specified dates. Recording of 'intermediary and impugned order cancelling
these sessions will also be available on GSTNs GST refund was to be quashed.
dedicated YouTube channel, for viewing later
on. Case: Genpact India (P.) Ltd v. Union of India –
[https://www.gst.gov.in/newsandupdates/] [2022] – Hon'ble Punjab & Haryana HC - CWP-
6048-2021 (O&M)
§ IV. Important Judicial 2. Cancellation of registration based on
Pronouncements: physical verification carried out at place of
1. Where petitioner, a Business Process business without issuing notice mandating
Outsourcing (BPO) Service Provider entered taxpayer's presence at time of verification
into a Master Services Sub-Contracting with and without uploading verification report on
Genpact International Incorporated (GI), common portal was not sustainable:
since nothing had been brought on record to Issue/Facts: Registration certificate was
show that petitioner had a direct contract cancelled on ground that business was not
with customers of GI, petitioner was not being carried out from registered place of
'intermediary and order cancelling GST business after carrying out physical verification
refund was to be quashed: of place of business. Assessee had submitted
Issue/Facts: Petitioner is a Business Process application notifying change of place of
Outsourcing (BPO) Service Provider located in business and same was also highlighted in reply
India. Petitioner entered into a Master Services to notice.
Sub-Contracting with Genpact International
Incorporated (GI) located outside India. Held: Though registration was cancelled after
Additional Commissioner CGST (Appeals) had carrying out physical verification of place of
been held that services provided by petitioner business, Proper Officer in terms of Rule 25
are in nature of "Intermediary Services" as per failed to issue notice to assessee mandating his
Section 2 (13) of the IGST Act and do not qualify presence at time of verification.
as "export of services" and thereby rejecting

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Verification report generated after carrying out release of goods on payment of penalty under
physical verification was not uploaded on section 129 and thus, order demanding tax and
common portal in Form GST REG-30 within 15 provisional penalty could not be passed under
days from date of such verification. Order section 129(3). Appellate authority had held
cancelling registration was not sustainable. that order under said Section was passed under
Department was to be directed to restore presumption. Impugned order was to be
registration and give assessee eight weeks to upheld. Writ petition was to be dismissed.
upload returns for period registration stood
cancelled. Case: State of UP v. Maa Vindhyavasini
Case: Bimal Kothari v. Assistant Tobacco (P.) Ltd. – [2022] – Hon'ble Allahbad
Commissioner (DSGST) – [2022] – Hon'ble HC – Writ (C) No. 20203 of 2019
Delhi HC - W.P.(C) No. 9207 of 2019, CM No. 5. A l c o h o l i c l i q u o r f o r h u m a n
37947 of 2019 consumption is not "food " so as to attract
lower rate of GST of 5% instead of 18% as per
3. GST Refund claim in respect of ITC is Notification No. 6/2021:
not time-barred, if filed on the common portal Issue/Facts: Whether liquor for human
within the 2 year time-limit: consumption is "food " so as to attract lower
Issue/Facts: Whether GST refund claim of ITC rate of GST of 5%.
can be considered as time-barred, if filed on the
common portal within the 2 year time-limit. Held: It is an admitted fact that there is no
definition of "food and food products" under
Held: The date of filing of the application by the the Act but at the same time, whatever
petitioner on common portal would be liable to consumed by human beings cannot be
be treated as date of filing claim for refund to construed as "food and food products" for the
the satisfaction of requirement of Section 54 of purpose of exemption under GST. Alcoholic
the CGST Act and Rule 89 of the CGST Rules. The liquor cannot be treated as an item of food for
procedure evolved in Circular dated 15-11-2017 many a reasons, more particularly, for the
cannot operate as delimiting condition on the advertisements carried on the item that
applicability of statutory provisions. consumption of the same would be injurious to
health, etc. Therefore, the argument of the
Case: Chromotolab and Biotech Solutions v. learned counsel for the petitioner that since
Union of India – [2022] – Hon'ble Gujarat HC – alcoholic liquor found in entry 26 in terms of
R/Special Civil Application No. 16308 of 2020 Notification No.11/2017, dated 28-6-2017, and
4. Tax and penalty cannot be demanded thereafter, has to be treated as an article of
under section 129 when taxpayer had not food and as such, it is liable to be taxed at 5%
approached department for provisional (2.5% CGST & 2.5% SGST) cannot be accepted.
release of detained goods on payment of Hence, the same is required to be taxed at 18%.
penalty as prescribed, therefore order
setting aside tax demand and penalty was to Even otherwise, Notification No. 6/2021, dated
be upheld: 30.09.2021, published in the Gazette on 30-9-
Issue/Facts: Tax was demanded and penalty 2021 itself incorporates services by way of job
was imposed in respect of goods detained work in relation to manufacture of alcoholic
alleging transportation of same goods twice liquor for human consumption as item No.(ica)
based on same invoice. Original order was set in Column No. 3 of Serial No. 26 and the rate of
aside by appellate authority due to absence of tax is mentioned @ 9% (i.e., 9%+9%=18%). Since
materials required for such detention and the manufacture by the petitioner relates to
seizure of goods. alcohol for human consumption by way of job
work, the petitioner is liable to pay tax at 18%.
Held: As per section 129 of CGST Act, goods
detained can be released if assessee/owner of As Notification 6/2021 is clarificatory in nature,
goods pays penalty specified under section it will have retrospective operation.
129(3) ibid. If assessee does not want to pay
penalty under section 129, department can Case: Esveeaar Distilleries (P.) Ltd. v.
impose penalty under section 122 and not Assistant Commissioner (State Tax), Tirupati-
under section 129(3). Respondent/assessee had II Circle – [2022] – Hon'ble Andhra Pradesh HC
not approached department for provisional - Writ Petition No.15534 of 2022

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December- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Quick Connect

Compiled by: CA. MONISH S SHAH

Important AAR /AAAR/HC JUDGMENTS/ SC JUDGMENTS

1. C S R - e x p e n d i t u r e i n c u r r e d i n

furtherance of business, eligible for ITC : HELD - any deposit made in the modes

Telangana AAR prescribed under Section 49(1) are mere

deposits towards tax, interest, penalty, fee

Whether ITC is available on CSR (Corporate or any other amount by such person credited

Social Responsibility) expenditure spent by to the Electronic Cash Ledger - A combined

the company? reading of Section 49(1) of CGST Act and

Rule 87(6) and (7) of CGST Rules both show

Ruling: that such deposit does not mean that the

amount is appropriated towards the

The expenditure made towards corporate Government exchequer - The deposit in the

responsibility under section 135 of the Electronic Cash Ledger, therefore, does not

Companies Act, 2013, is an expenditure amount to payment of the tax liability. If the

made in the furtherance of the business. scheme of the Act and the relevant

Hence the tax paid on purchases made to provisions of Section 39(7) is read in

meet the obligations under corporate social conjunction with the manner of payment of

responsibility will be eligible for input tax tax prescribed under Section 49, it is clear

credit under CGST and SGST Acts. that any registered person can pay the tax

not later than the last date on which he is

2. Date of payment towards GST liability required to furnish such return. But on filing

is to be construed from the date of filing of of GSTR-3B only, the amount lying in his

GSTR-3B and not from the date of deposit Electronic Cash Ledger is debited towards

of cash into Electronic Cash Ledger payment of tax, interest or tax liability -

Under the scheme of the Act, payment of tax

M/s RSB TRANSMISSIONS INDIA LIMITED cannot be made prior to filing of GSTR 3B

Vs UNION OF INDIA return, though such deposits may be made

or are lying in Electronic Cash Ledger. Tax

GST - Sections 39, 47, 49 & 50 of the CGST Act, liability gets discharged only upon filing of

2017 – Rule 87 of the CGST Rules, 2017 – GSTR 3B return - the last date of which is

Mode and manner of payment of tax - 20th of the succeeding month on which the

Whether merely depositing of amount in tax is due and even though GSTR-3B return

Electronic Cash Ledger amounts to deposit can be filed prior to the last date and such tax

of tax or payment to exchequer liability can be discharged on its filing, but

mere deposit of amount in the Electronic

- Validity of demand of interest for late filing Cash Ledger on any date prior to filing of

of GSTR-3B when amount deposited as tax GSTR-3B return, does not amount to

through valid challans prior to filing of GSTR- payment of tax due to its State exchequer –

3B Thus, only on filing of GSTR-3B return, the

debit of the tax dues is made from Electronic

- Whether the amount deposited as tax Cash Ledger and any amount lying in deposit

through valid challans by a registered person in the Electronic Cash Ledger prior to that

in the Government Exchequer prior to the date does not amount to discharge of tax

filing of the GSTR-3B Returns could be liability. A combined reading of Section 39

treated as discharge of the tax liability due (7), 49 (1) and Section 50(1) read with its

for the period in question in respect of which proviso and Rule 61(2) also confirms this

the GSTR-3B return is being filed late or position - The contention of the petitioner of

whether interest could be levied on delayed having discharged the tax liability by mere

filing of GSTR-3B in such circumstances deposit in the Electronic Cash Ledger prior

under Section 50 of the CGST Act. to the due date of filing of GSTR-3B return

would be against the scheme of GST Law and

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would make the working of GST regime Marginal Scheme?
unworkable - Any deposit in the Electronic Ruling;
Cash Ledger prior to the due date of filing of Applicant who is under Marginal Scheme can
GSTR 3B return does not amount to claim Input Tax Credit on the expenses like
discharge of tax liability on the part of the Rent, Advertisement expenses,
registered person - Since the petitioner filed Commission, Professional expenses and
its GSTR-3B return belatedly, the Revenue other like expenses subject to section 16 to
has rightly computed the interest on such 21 and rules 36 – 45 of CGST Act and Rule
delayed payment - Writ petition is dismissed. 2017.
ITC Can be claimed on Capital Goods by the
3. Industrial Safety Belt not exceeding Applicant under Marginal Scheme subject to
Rs.1000 sale value, taxable at 5% GST: AAR section 16 to 21 and rules 36-45 of CGST Act
and Rule 2017.
The West Bengal AAR, has recently, while
deciding upon an application filed before 5. The Uttarakhand Authority of Advance
it,held that industrial safety belt not Ruling (AAR) has ruled that when the
exceeding Rs.1000 sale value is taxable at transaction value of the goods transport
5% GST. agency (GTA) service is added to the free
value of diesel, the value of free diesel filled
The aforesaid observation was made by the by the service recipient in the vehicle(s)
AAR when an application was filed before it provided by the applicant will be subject to
by SinghaBaheni Industries, engaged in the GST.
manufacturing of industrial Safety Belts and
full Body Harness. The two-member bench of Anurag Mishra
and Rameshwar Meena has observed that
With the applicant submitting that while the input, i.e., fuel, to run and operate the
supplying the aforesaid items, it charges tax vehicle, provided free of cost by the
at 5% sale value of which does not exceed recipient of the service, for transportation
Rs.1000/- per piece and at 12% where sale of of goods, shall form part of the value of
each piece exceeds Rs.1000, the present supply in view of Section 15 of the CGST Act,
application before the AAR filed under sub 2017. The cost of the input has to be paid by
Section (1) of section 97 of the GST Act and the supplier of services but incurred by the
the rules made there, raised the question as recipient, as for the purpose of the levy of
to what shall be the rate of tax and HSN Code GST, the cost of all the inputs, whether
of manufacturing of Industrial safety belt provided free of cost or not, has to be
and Harness. included in the value of supply.

The item industrial safety belt The applicant is in the process of discussing
manufacturing by the applicant would be providing transport of goods service by road
classified under chapter sub- heading 6307 to a recipient who is not a related person, for
20 90 and tax would be levied at 5% of item which a consignment note will be issued by
sale value not exceeding Rs.1000/- per piece the applicant.
and at 12% in case where sale value exceeds
Rs.1000/- per piece. As per the draft agreement, the applicant
will have to transport the goods from the
4. ITC Can be claimed under marginal factory of the recipient to the destination
Scheme on Rent, Advertisement expenses, specified by the recipient by deploying a
Commission, Professional expenses : AAR vehicle with a driver/staff to run/operate
Whether applicant who is under Marginal exclusively for the transport of their goods.
scheme can claim Input Tax Credit on the However, the fuel required to transport the
expenses like Rent, Advertisement goods shall not be within the scope of work
expenses, commission, Professional of the applicant and shall be borne by the
expenses and other like expenses? recipient of the service. As a result, while
Whether ITC is allowed to be claimed on charging GST at the applicable rate on the
Capital Goods for the Applicant under freight consideration charged to the

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recipient under the forward charge reason, book the expenses incurred by them
mechanism, the cost of the fuel consumed or as per the norms of the industry.
used for the transport of the goods would be
excluded. "For "GTA service" to come into play, the
transportation of goods has had to be
The applicant has requested an advance undertaken by the applicant only, and hence
ruling on whether the value of free diesel the amount on account of the price of fuel
filled by the service recipient in the fleet(s) that the supplier was liable to pay in the
placed by the GTA service provider under the normal course of business operation and in
accepted terms of the contractual relation to such supply, which has been
agreement will be subject to the charge of drafted to be incurred by the recipient of the
GST by adding the value of GTA service under supply (as per the agreement supra) and not
the CGST Act, 2017. included in the price actually paid for the
goods or services or both, is included in the
The applicant has contended that the value of a supply of services to arrive at the
transaction is revenue neutral in nature, but transaction value," the AAR observed.
we observe that this argument is devoid of
any merit as the dues to the government are · Notification No.23/2022 – Central Tax
payable as per the provisions of the Act and From 23/11/2022
cannot be set off. There is an impossibility of
compliance at the end of the applicant. The Competition Commission of India to
examine whether input tax credit availed by
The AAR rejected the contention of the any registered person or reduction in tax rate
applicant and has held that the cost have actually resulted in commensurate
price/procurement price of the fuel, i.e., reduction in price of the goods or services or
diesel in the instant case, is open to all in the both supplied by him.
market and even the business houses,
industries, etc., consuming diesel for any

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From the RBI

Complied by CA. Mayur Modha

In the month of November-2022, there are various Master directions, Master circulars, notifications
issued by RBI, Summary and brief understanding of few of them is as under:

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Excel in Excel

Compiled by: CA. CS. Hemlata Dewnani

Filter by Selected Cell's Value

Do you use the “Filter by Selected Cell's AutoFilter and select it.
Value” option? If you do, then you will
be pleased to know there is a Quick Click the Add button and you are done! See
Access Toolbar icon that applies it in one click or image below..
through Shortcut You can create

WARNING: This tip doesn't work in a formatted

table.

If you are unsure about the Quick Access
Toolbar check out this post below.

That option is usually accessed via the right click
menu, but that takes three clicks to use – see
image below

You can now click an entry in a table and click
that new AutoFilter icon to filter by that cell's
value. The icon should appear on the end of your
Quick Access Toolbar.
It automatically adds the filtering drop downs to
the table if it wasn't already turned on.
Now about the shortcut after adding check at
what position this option is in the customize
Access Tool bar list
In our case it is 5 than shortcut will be Alt + 5

If you want other number you can move up the
Auto filter button with Move up option
(As shown in image below)

To add the icon to the Quick Access Toolbar,
right click the Quick Access Toolbar (it is either
above or below the ribbon and already has small
icons on it).
Choose Customize Quick Access Toolbar.

From the Choose commands from drop down
select All Commands.
Scroll down the list beneath until you find

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21st World Congress of Accountants - 2022

Compiled by: CA. Pooja Thakkar

The WCOA 2022 was an apt platform for the further said “Globalization and Digital Economy
exchange of ideas through interactive have posed new challenges before us. As
discussions for accounting, finance, and financial experts, you understand it better. You
business professionals. The ICAI hosted the have the potential to guide the world in finding
prestigious global event for the first time since a solution to these challenges”.
its forum was set up in 1904. Over six thousand
professionals related to accountancy attended Addressing the conference virtually Union
the Congress including more than 1,800 foreign Finance Minister – Smt. Nirmala Sitharaman
delegates from 100 nations. The rousing highlighted the adoption of a sustainable
oratory of every speaker left an imprint that will lifestyle so that the future of the earth is
last as a lifetime reminiscence. ensured.

WCAO as the acronym sounds was truly an As the pitch of the conference was set, it further
enthralling WOW!! Every professional who took us to the latent issues of rapid expansion of
attended in person and virtually is left with an automation and raised a demand of the need to
awe-inspiring experience. What Future India is speak out, speak up and lead on trust among
ready for was quite perceivable from the every limb of business sectors private and
thematic issues captured throughout the public. With growing expectations from all the
conference. stakeholders, it has become a prerequisite to
acquire new skillsets that shall aid in rendering
Today I am proud and privileged to be a part of our services effectively and efficiently in the
one of the most entrusted Fraternities of industrial revolution we are heading steadfastly
Chartered Accountants around the planet - The to.
ICAI. This spectacular congregation subtly also
reminded to abide by the emblem gifted to us Disruptive technologies have unearthed
from kathoupanishad which clearly inscribed collective commitment from us to cater to
our fiduciary duties, “Ya esa suptesu jagarti” of digital transformation. The Panel discussions
being a person awake in those that sleep, greatly enhanced vision to transform the void
keeping the Nation First while we perform our into milestones and confronting the limitations
responsibilities of transparency and fairness. as possibility of transformation. High level
coverage of every facet of the economy like
What was staged showcased our vibrant taxation landscape in India, SMEs, Regulatory
culture, intricately balanced our strengths and Framework, Fintech, and Navigating the Global
ability towards embracing the pace of digitally- Economic Recovery were insightful to explore
driven business culture. A beautifully crafted the new avenues unprecedently.
program that sowed the seeds of unity amongst
every member present from across the globe The cultural rendezvous at the end of each day
forging its foundations in “Building Trust, revived our lives with an aura of joy and
Enabling Sustainability” as the memento of the positivity. Finally, I express my gratitude to all
event. the individuals who made this happen a
successful story with special mentions to CA.
The opening remarks from the Lok Sabha (Dr.) Debashis Mitra President, ICAI, CA. Aniket
Speaker Shri Om Birla recapitulated, Chartered Sunil Talati Vice-President, ICAI along with the
Accountants as the engines of the economic all the Members and Government Nominees of
world and the pillars of the Economy in India and the 25th Council of ICAI whose relentless
abroad inculcated a tremendous sense of faith efforts made our day as proud Chartered
in professionals. The Speaker of Lok Sabha Accountants! Jai Hind.

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Motivational Story

Compiled by: CA. CS. Hemlata Dewnani

Poke The Box – by Seth Godin

Juggling is about throwing, not catching hiding. If you're always dreaming,
We're conditioned to make the catch. We're you can't be held responsible for
conditioned to hurdle whatever obstacle is in your work: first, because you're
our way. We're conditioned to save the day, not crazy, and second, because you're
matter what, and to not drop the ball. “If you too busy doing the next thing to
spend your time and energy and focus on be held responsible for the last
catching, it's inevitable that your throws will one.
suffer. You'll get plenty of positive feedback for
the catches you make, but you'll always be · “If you're not making a difference, it's
behind, because the throws you manage to almost certainly because you're afraid”.
make will be every less useful”.
“Paradoxically, if you get better at throwing, the o That fear can manifest itself on
catches take care of themselves. The only way to either end of the spectrum.
get better at throwing though, is to throw”.
Throw poorly, then throw again. Throw well, o It's not good to be too fat or too
then throw again. “Get good at throwing first”. thin, or to have blood pressure too
high or too low, and in the same
Fear on the left, fear on the right. way, it not's good to start too little
“Some of us hold back when we should be or too often.
starting instead. We hold back, promise to do
more research, wait for a better moment, seek Conclusion:
out a kinder audience”. This habit is extremely “Innovation is mysterious. Inspiration is largely
common, and it eats up our genius and destroys unpredictable… But once the habit is ingrained
our ability to make the contribution we're quite and you become the starter, the center of the
capable of making. This is 'hypogo' – where we circle, you will find more and more things to
get trapped into not enough starting. notice, to instigate, and to initiate”. So Start as a
way of life to everything
· The flip side is also true. 'Hypergo' is
starting too much, dealing with our fear “Now that we've got that out of the way, what
of shipping by starting something else are you going to do about it? Hide? Crouch in a
instead. corner and work as hard as you can to fit in?
That's not safe either. Might as well do
o The person who constantly asks something that matters instead”.
questions, interrupts and takes “You can't lose”.
endless notes isn't just annoying – “Just Go – Do that”.
they're also self-sabotaging and

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Upcoming Event

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Event in Images

CEOs & CFOs’ Round Table Meet on 04-11-2022
Two Days Faculty Development Programme on 05th & 06th November, 2022

Diwali Get-Together 2022 on 08-11-2022

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Direct Tax Refresher Course on 07-11-2022 Direct Tax Refresher Course on 14-11-2022

Faculty Development Program on 12-11-2022

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Seminar On Importance Of Spiritual Education One Day Orientation Programme for
For Joyful Professional Life on 23-11-2022 Newly Enrolled with COP on 26-11-2022

Seminar on Ethics on 24-11-2022

Super Mega Career Counselling on 26-11-2022

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Media Coverage

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Visitor Book

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Disclaimer: The opinion expressed in this E-Newsletter are those of the authors. They do not purport to reflect the opinions or views of the ICAI or its
members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever
on the part of the ICAI concerning the legal status of any country, area or territory or its authorities, or concening the delimitation of its frontiers.

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