GSTPAM News Bulletin July 2022

CIRCULAR FOR RENEWAL OF MEMBERSHIP/SUBSCRIPTION CHARGES FOR THE F.Y. 2022-23

Dear Members,

RENEWAL OF MEMBERSHIP FOR F.Y. 2022-23

The Membership Fees for the year 2022-23 are due for renewal on 01.04.2022. We appreciate your Continuing support and participation in the activities of our Association.

The timely Renewal of Membership will enable the members to continuously receive the updates on various activities of GSTPAM along with the GST Review, News Bulletin, Circulars, Messages, Webinars and online access to the website www.gstpam.org. The Life Members only need to renew the subscription charges for the GST Review. The members can also avail the benefit of discount by paying advance for subsequent two years membership fees /subscription charges.

The Membership Renewal Fees received after 30th April, 2022 will be subject to approval of the Managing Committee. If the Renewal fees for a particular year are not paid, then the member is liable to pay Admission Fees again for Renewal in the subsequent year.

Delayed Renewal Members will be provided Pre Renewal GST Review subject to availability upon payment of such additional courier charges.

The details of Membership/Subscription Fees are given below for your ready reference:

Type of Membership	Membership Fees incl. GST	Admission Fees Incl. GST	Subscription Charges for GST Review	Total
New Membership Application
Donor Member	24,780.00	–	600.00	25,380.00
Patron Member	17,700.00	–	600.00	18,300.00
Life Member	11,800.00	944.00	600.00	13,344.00
Life Member (Conversion from Ordinary)	11,800.00	590.00	600.00	12,990.00
Ordinary Local Member	1,770.00	590.00	–	2,360.00
Ordinary Outstation Member	1,475.00	590.00	–	2,065.00
New Membership Application (Firm/LLP)
Ordinary Local Member	1,770.00	944.00	0	2,714.00
Ordinary Outstation Member	1,475.00	944.00	0	2,419.00
Patron Member	17,700.00	0	600.00	18,300.00
Donor Member	24,780.00	0	600.00	25,380.00
Advance Membership/ Subscription charges for subsequent two years 2023-24& 2024-25 (Non-Refundable)
Ordinary Local Member	3,186.00	–	–	3,186.00
Ordinary Outstation Member	2,655.00	–	–	2,655.00
Life Member (Individual/Firm/LLP)	0	–	1,200.00	1,200.00
Patron Member	0	–	1,200.00	1,200.00
Donor Member	0	–	1,200.00	1,200.00
Subscription for GST Review for F.Y. 2022-23 by Non-Members
Subscription fees for GSTR	–	–	1,000.00	1,000.00
Advance Membership / Subscription charges for subsequent two years 2023-24& 2024-25 (Non-Refundable)
Subscription Fees -GSTR	0	–	2,000.00	2,000.00

Modes of Payment:-

Cheque	A/c Payee Cheque drawn in favor of “The Goods & Services Tax Practitioners’ Association of Maharashtra” payable at Mumbai.
NEFT Details	The Goods & Services Tax Practitioners’ Association of Maharashtra Bank of India, Mazgaon Branch Current Account No. 007020100001816, IFSC Code – BKID0000070. Online generated transaction Acknowledgment should be sent by email on [email protected] along with membership and payment details Members are requested to send their physical form to the association for Approval, Issuance and Office record.
Cash	Renewal form along with requisite amount will be accepted between 10.30 a.m. and 5.30 p.m. on all working days except Saturday at our Office at Mazgaon Library – Mazgoan: 1st Floor, 104, GST Bhavan, Mazgaon, Mumbai – 400 010 Or Bandra Library – GST Bhavan, Ground Floor, A Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051. Or Mazgaon Tower-8 & 9, Mazgaon Tower, 21, Mhatar Pakhadi Road, Mazgaon, Mumbai – 400 010.
Identity (New Members)	New Members should provide the following as Identity Proof : PAN, Aadhar Card, Constitution Document. Address Proof(any one) : Electricity Bill / Passport/ Aadhar Card / Driving License/ Voter id/ Ration Card along with Membership Form
Identity Card (For Renewals)	Ordinary Local/Outstation Members should provide Two Photographs along with the Renewal Form for issue of I-cards.
Online Payment Link	Members can make online payment on our website www.gstpam.org. Members are requested to download Members Renewal form from website. Update the latest details in the form, scan it and mail at [email protected] Payment Link : https://www.gstpam.org/online/renew-membership.php If you are login first time? Click here for create your password

We value your continuation of the membership and look forward to your renewal to this effect.

Mahesh Madkholkar
Parth Badheka
Hon. Jt. Secretary

Dated:-31.01.2022

GST, MVAT & ALLIED LAW UPDATES

Compiled by
Adv. Pravin Shinde

Central Tax Notifications
Notification No	Date of Issue	Subject
08/2022	07.06.2022	Seeks to provide waiver of interest for specified electronic commerce operators for specified tax periods
09/2022	05.07.2022	Seeks to notify the provisions of clause (c) of section 110 and section 111 of the Finance Act, 2022
10/2022	05.07.2022	Seeks to exempt taxpayers having AATO upto Rs. 2 crores from the requirement of furnishing annual return for FY 2021-22
11/2022	05.07.2022	Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022
12/2022	05.07.2022	Seeks to extend the waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22
13/2022	05.07.2022	Seeks to extend dates of specified compliances in exercise of powers under section 168A of CGST Act
14/2022	05.07.2022	Seeks to make amendments (First Amendment, 2022) to the CGST Rules, 2017

Compensation Cess Notifications
Notification No.	Date of Issue	Subject
01/2022	24.06.2022	Seeks to bring into force the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022

Instruction GST
Instruction No	Date of Issue	Subject
01/2022	25.05.2022	Deposit of tax during the course of search, inspection or investigation
02/2022	14.06.2022	Procedure relating to sanction, post-audit and review of refund claims

Notification under Maharashtra Goods and Services Tax Act, 2017 (MGST)
Notification No.	Date of Issue	Subject
Notification no 7-2022 state tax Date 14 th June 2022 Extraordinary no 210	14.06.2022	Seeks to waive the late fees payable for the period from the 1st day of May 2022 till the 30th day of June, 2022 for delay in furnishing of Form GSTR 4 for the financial Year 2021-22 under section 47 of MGST Act 2017
Order No. PWR-GST/2017/01/ADM-8/(I), Order No. PWR-GST/2017/01/ADM-8/(II), No.D.C.(A&R)-2/GST/PWR/Sections/2017-18/ADM-8/(III), No.D.C.(A&R)-2/GST/PWR/Sections/2017-18/ADM-8/(IV) Dated 15.06.2022 (EO NO. 94)	16.06.2022	Order for power delegation & area jurisdiction in case of DCST – INV & ACST – INV
No. GST.1021/C.R.30/Taxation-1. EO No. 213 Dt.20/06/2022	20.06.2022	Seeks to provide waiver of interest for specified electronic commerce operators for specified tax periods
No. D.C. (A and R)-2/GST/PWR/Sections/2017-18/ADM-8. Dt. 29 june 2022	29.06.2022	Delegation of powers to extend time limit provided under rule 94A(1) of MGST Rules, 2017

MVAT Notifications
Instruction No	Date of Issue	Subject
No. PWR/2012/6/Adm-8, dated 21st June 2022	22.06.2022	MVAT Power Delegation to AC INV
No. PWR/2012/4/Adm-8, dated 21st June 2022	22.06.2022	MVAT Power Delegation to DC INV
No. DC (A & R)/PWR/JURIS-2012/2/Adm-8, dated 21st June 2022	22.06.2022	MVAT Territorial Jurisdiction to AC INV
No. DC (A & R)/PWR/JURIS-2012/1/Adm-8, dated 21st June 2022	22.06.2022	MVAT Territorial Jurisdiction to DC INV

RECENT ADVANCE RULINGS UNDER GST

Brief Analysis by
CA Aditya Surte

Hostel lodging & boarding services – Taxability & Classification

Whether supply of lodging and boarding services to students undergoing training under healthcare is liable to GST? If yes, what is the classification of the service?

Applicant is engaged in the business of providing boarding and lodging to the students undergoing training under healthcare related vocational program by charging Rs. 9,000/- per candidate per month, of which Rs. 3,500/- is towards rent for accommodation at fixed cost and Rs. 5,500/- towards food on head count / actual number of candidates.

Applicant contended that the amount charged to the students works out to only Rs. 300/- per day for both accommodation and food as a composite supply and that the supply of food is ancillary to supply of accommodation service, which is the principal supply. Therefore, the entire value of supply shall be exempt under entry at Sr. No. 14 of Notification No. 12/2017-CTR, dated 28/06/2017.

The Authority observed that since the rent for accommodation is fixed and the amount charged for food is variable based on head count or actual number of candidates, the customer does not pay a single price, no matter how much of the package is actually received. For this reason, the two supplies are not integral to one another. The Authority further observed that the Kerala High Court in the case of Abott Health Care Pvt. Ltd., (2020) 74 GSTR 37 (Kerala) held that a composite supply must take into account supplies as affected at a given point in time on “as is where is” basis. In the present case this condition is not fulfilled. Therefore, there are two distinct supplies – one for accommodation and the other for food.

The Authority ruled that the supply of accommodation is exempt since the per day rent is below Rs. 1,000/-. Further, the supply of food is taxable @ 12% with ITC up to 14/11/2017 and 5% without ITC from 15/11/2017 onwards.

(Telangana AAR Order No. 26 of 2022 dated 03/06/2022 in the case of Healersark Resources Pvt. Ltd.)
Promotional Items – Eligibility of ITC

Whether the GST paid on inputs / input services to implement promotional scheme is eligible as ITC?

Applicant is engaged in the business of manufacture and supply of ghee and other products. They sell their products through various retail stores across the country. With the objective of expanding the market share the Applicant launched a sales promotional offer under the name of ‘Buy n Fly’ scheme. Based on the quantity and value of purchases made by retailers from sub-stockists, the rewards fixed under the scheme, namely, trip to Dubai, Gold voucher, Television or Air Cooler would be awarded by the Applicant to retailers. The Applicant procured these goods and / or services to be awarded under the scheme on payment of applicable GST.

Applicant contended that marketing and business expansion is an indispensable activity of every company’s operations and that the promotional scheme was launched by the Applicant to promote the sales of its taxable products. Therefore, the goods and/or services procured by the Applicant are used in its business or in the course of its business by way of handing over them as rewards to the eligible retail outlets who participated in the scheme. The Applicant further contended that it fulfils all the conditions of eligibility of ITC as specified u/s 16(2) of CGST Act and submitted that once the conditions prescribed u/s 16 are satisfied, ITC becomes a vested and indefeasible right.

On the issue of blockage of ITC u/s 17(5), the Applicant submitted that clause (h) of sec. 17(5) deals with goods disposed of by way of ‘gift’ which cannot be equated with ‘rewards’. Based on the dictionary meaning of ‘gift’ and decisions of the Hon’ble Supreme Court, the Applicant contended that ‘gifts’ are only those which are given on a voluntary basis i.e., one’s own volition without any conditions attached, whereas reward is provided with an expectation of some benefit to be received. In the instant case, the object of the scheme is purely sales promotion and not to offer any gifts voluntarily to its retailer outlets/dealers without conditions or eligibility criteria.

The Authority observed that sec. 17(5)(g) of the CGST Act restricts the ITC on the goods/services procured for personal consumption, even if those goods/services are procured in the furtherance of business. The goods/services procured for disbursement under the promotional scheme are of a personal nature and distributed to the retailers for their personal consumption. The Authority further observed that the rewards are not in the nature of discounts to the products but are in the nature of personal consumables and qualify to be termed as ‘gifts’. Sec. 17(5)(h) expressly restricts ITC on such gifts, even if they are procured in the course or furtherance of business.

The Authority, therefore, held that the ITC of the taxes paid on the goods/services procured to be distributed as rewards is not available to the Applicant under sec. 17(5)(g) r/w sec. 17(5)(h) of the CGST Act.

(Tamil Nadu AAR Order No. 36/ARA OF 2021 dated 30/09/2021 in the case of GRB Dairy Foods Pvt. Ltd.)

INCOME TAX UPDATES

By CA. Ajay Talreja

IMPORTANT CASE LAWS IN INCOME TAX

Kalluri Krishan Pushkar v. Dy. CIT (2016) 236 Taxman 27 / 135 DTR 351 (AP &T)(HC) Section 276C(1) in The Income- Tax Act, 1995

(1) If a person wilfully attempts in any manner whatsoever to evade any tax, penalty, or interest chargeable or imposable under this Act, he shall, without prejudice to any penalty that may be imposable on him under any other provision of this Act, be punishable,- (i) in a case where the amount sought to be evaded exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months, but which may extend to seven years and with fine. (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months, but which may extend to three years and with fine.

BRIEF FACTS & DECISIONS Assessee filed the return of income declaring the total income of 2.10 crore on which tax and interest of ₹ 68.28 lakh became payable. However, out of the above tax payable, the assessee did not pay a sum of ₹ 58.15 lakh. Notice under section 221(1) was issued to him by the DCIT to produce the details of tax paid. Assessee filed a letter stating that he had done contracts for the State Government on which tax was payable.

However, self-assessment tax was not paid as he did not receive the amounts due from the State Government and that he was willing to pay the tax once these amounts were received from the Government. Prosecution proceedings were launched against the assessee. DECISION: High Court rejected the assessee’s plea that prosecution should be quashed as notice under section 156 was not served on the assessee. High Court held that such notice is not required to be issued for prosecution. High Court further held that existence of other modes of recovery cannot act as a bar to the initiation of prosecution proceedings.

Pradip Burman v. ITO (2016) 382 ITR 418/ 236 Taxman 606 / 129 DTR 404 (Delhi)(HC) Section 276D in The Income- Tax Act, 1995

Failure to produce accounts and documents If a person wilfully fails to produce, or cause to be produced, on or before the date specified in any notice served on him under sub- section (1) of section 142- such accounts and documents as are referred to in the notice or wilfully fails to comply with a direction issued to him under sub- section (2A) of that section, he shall be punishable with rigorous imprisonment for a term which may extend to one year or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both.

BRIEF FACTS & DECISION Assessee filed return of income declaring total income of Rs. 75,31,769. Subsequently, when the Income-tax department received information regarding existence of a foreign bank account, the assessee offered to pay the tax on the amount lying in his foreign bank account. Later, assessee filed appeal against the assessment order and penalty order passed by the Assessing Officer. The assessee also filed a stay application, before Additional Chief Metropolitan Magistrate, against launch of prosecution on the ground that the appeal before the appellate authority is pending. The Additional Chief Metropolitan Magistrate dismissed the stay application filed by the assesse.

DECISION On writ petition, High Court held that pendency of appeal before the authority has no bearing on the prosecution. The Court also held that at the time of commission of alleged offence the petitioner has not reached the age of 70 years hence the instruction No. 5051 dated 07-02-2011 which stated that no prosecution can be initiated against a person who is above the age of 70 years was held to be not applicable.

Babita Lila v. UOI (2016) 387 ITR 305 / 288 CTR 489 / 243 Taxman 258 (SC)

Section 277 of the Income Tax Act,1961. False statement in verification, etc. If a person makes a statement in any verification under this Act or under any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable,- (i) in a case where the amount of tax, which would have been evaded if the statement or account had been accepted as true, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months, but which may extend to seven years and with fine. (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months, but which may extend to three years and with fine.

BRIEF FACTS & DECISIONS

The assessees had residences at Bhopal and Aurangabad and filed their returns of income at Bhopal.
Search operations under section 132 of the Act were simultaneously conducted at both places on the strength of the warrant of authorisation under section 132 of the Act, issued, signed and sealed by the Director of Income-tax (Investigation), Bhopal. 3. In the course of the interrogation of the assessees on whether they or any of them either individually or jointly did hold any locker, their answer was in the negative.
Their statements were recorded by the Income-tax Officers.
Further investigation revealed that they did hold a locker in a bank at Aurangabad.
The office of the Deputy Director of Income-tax (Investigation), Bhopal issued a show-cause notice to the assessees under section 277 of the Act alleging that they had made false statement under section 132(4) thereof and seeking a reply to why prosecution should not follow by virtue thereof.
Pursuant to this, a complaint was filed by the Deputy Director of Income-tax (Investigation), Bhopal, in the Court of the Chief Judicial Magistrate, Bhopal, asserting that by making such false statement in the course of search operations which were judicial proceedings in terms of section 136 of the Act, the assessees had committed offence under sections 109, 191, 193, 196, 200, 420, 120B and 34 of the Indian Penal Code, 1860.
The Chief Judicial Magistrate issued process and on petitions before the High Court by the assessees seeking quashing of the proceedings on the ground that the search operations having been undertaken by the Income-tax Officers, the complaint could not have been lodged by the Deputy Director of Income-tax (Investigation) who was not the appellate authority in terms of section 195(4) of the 1973 Code and further no part of the alleged offence having been committed within the territorial limits of the court of the Chief Judicial Magistrate, Bhopal, the latter had no jurisdiction to either entertain the complaint or take cognizance of the accusations.
The High Court upheld the jurisdiction of the Chief Judicial Magistrate and the competence of the Deputy Director (Investigation) to lodge the complaint.
On further appeal: The Apex Court Held accordingly, that the Deputy Director of Income-tax (Investigation), Bhopal, was not an authority to whom appeal would ordinarily lie from the decisions/orders of Income-tax Officers involved in search proceedings so as to empower him to lodge the complaint in view of the restrictive preconditions imposed by section 195 of the 1973 Code.
The complaint filed by the Deputy Director of Income-tax, (Investigation), Bhopal thus on an overall analysis of the facts of the case and the law involved was incompetent. The complaint was unsustainable in law having been filed by an authority, incompetent in terms of section 195 of the 1973 Code.
Court also held that it could not be said that in the singular facts and circumstances, no part of the offence alleged had been committed within the jurisdictional limits of the Chief Judicial Magistrate, Bhopal.
On a cumulative reading of sections 177, 178 and 179 of the 1973 Code in particular and the in-built flexibility discernible in the latter two provisions, in the attendant facts and circumstances of the case where a single and combined search operation had been undertaken simultaneously both at Bhopal and Aurangabad for the same purpose, the alleged offence could be tried by courts otherwise competent at both these places. To confine the authority within the territorial limits to the court at Aurangabad would amount to impermissible and illogical truncation of the ambit of sections 178 and 179 of the 1973 Code.

Anidhi Impex Pvt. Ltd. v. ITO (2019) 73 ITR 379 (Mum.)(Trib.)

SECTION 143(2)-Where a return has been furnished under Section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may rely in support of the return: Provided that no notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.

BRIEF FACTS & DECISION

The AO had served notice u/s 143(2) on 27 August 2013 upon a certain person who was in part time employee of the assessee till 31 March 2011. Subsequently, the AO had again issued notice u/s 143(2) on the directors beyond the time limit for the said notice.
The Tribunal noted that the assessee had submitted affidavit from the part time employee wherein the said person had refused to accept the notice (as he was no longer associated with the assessee), and he could not send the notice to the company due to the change in address. Further, the directors also filed affidavits reconfirming the facts.
The Tribunal after analyzing the provisions of S. 282 of the Act and the provisions of the Civil Procedure Code, 1908 considered that the notice was not served upon a person who was authorised to receive it and thus lead to invalid service/ non-service of notice and the assessment order u/s 143(3) was to be quashed.

Himalayan Cooperative Group Housing Society v. Balwan Singh (2015) 7 SCC 373

BRIEF FACTS & DECISION

The Authorised representative contended before the Tribunal that the notice u/s.143(2) was not served on the partners of the assessee firm as is the requirement under the law.
He submitted that the service of notice on Shri Harish C. Pawar, Manager of the assessee did not tantamount to a valid service and hence the assessment be quashed.
Departmental representative placed on record a copy of order sheet of the assessment proceedings.
The Tribunal noticed that entry dated 13-08-2012 of the assessment proceedings notes that Shri D. P. Lunawat, Advocate attended on behalf of the assessee
This order sheet entry further records that office copy of notice u/s. 143(2) was shown to Shri D. P. Lunawat, duly signed by the assessee firm and received by Shri Harish C. Pawar, Manager.
It goes on to state that the ld. AR was asked if he still had any objection to the service of notice, to which Shri Harish C. Pawar stated that ‘he has no objection.
Accordingly, the Tribunal held that if the assessee objects to the AO’s jurisdiction, but his Authorized Representative later conveys no-objection, it means that the assessee has withdrawn his objection.
Submission that the AR had no authority to convey no-objection and cannot bind the assessee is not acceptable.
Once the assessee empowers his Authorised representative to appear before authorities, all of the Authorised representative concessions are binding on the assessee. 10. Accordingly Challenge to the assessment on the basis that there was valid service is held to be not valid.

Anil Kisanlal Marda v. ITO (2019) 177 ITD 749 / 182 DTR 153 / 201 TTJ 100 (Pune)(Trib.)

143(2) : Assessment – Notice – If a notice is issued but is returned unserved by the postal authorities and thereafter no effort is made to serve another notice before the deadline, it shall be deemed to be a case of “non-service” and the assessment order will have to be quashed. BRIEF FACTS & DECISION; Tribunal held that there is a difference between “issue” of notice and “service” of notice. Service of notice is a pre-condition for assuming jurisdiction to frame the assessment. Under Rule 127, service at the PAN address is valid even if it is different from the address in the Return. If a notice is issued but is returned unserved by the postal authorities and thereafter no effort is made to serve another notice before the deadline, it shall be deemed to be a case of “non-service” and the assessment order will have to be quashed.

Corpus fund utilised for purchase of capital asset cannot be added to Income of Trust

Case Name : CIT (Exemption) vs Om Prakash Jindal Gramin Jan Kalyan Sansthan (Delhi High Court)

Present appeal has been filed challenging the order dated 03rd September, 2019 passed by the Income Tax Appellate Tribunal (hereinafter referred to as ‘ITAT’) in ITA No. 6012/Del./2015 for the Assessment Year 2010-11.
Learned counsel for the Appellant states that the ITAT has erred in upholding the order of CIT(A) allowing the utilization of corpus fund of Rs.19 crore towards revenue expenditure as application of income under Section 11(1)(d) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). He states that after transfer of corpus fund of Rs.19 crore to general reserve, the Respondent/Assessee has purchased land worth Rs. 5,27,45,958/- only and has given a donation of Rs. 13.4 crore to another Trust.
He further states that the impugned decision implies that a Trust can transfer funds from corpus to general reserve and still claim that the department adjudicate the real nature of the expenditure incurred from general reserve account and grant exemption. According to him, Section 11(1)(d) does not permit exemption in cases where donation received is transferred from corpus to general reserve even if the nature of expense incurred from general reserve is charitable in nature.
A perusal of the paper book reveals that both CIT(A) and ITAT have set aside the assessment order on the ground that Rs.19 crore cannot be added as additional income of the Trust since exemption on corpus donation is allowed on purchase of land, as it is a purchase of capital asset. This Court also finds that there is no ground of appeal either before the ITAT or before this Court challenging the concurrent finding of the CIT(A) and the ITAT that the substance of the transaction was that the corpus fund had been utilised for a purchase of a capital asset.
This Court is further in agreement with the findings of the CIT(A) and ITAT that the substance of the transaction must prevail over the form and, if required, the Appellant must examine the nature of the transaction. In fact, this approach is commended by the Allahabad High Court in Sri Dwarkadheesh Charitable Trust vs. Income Tax Officer, “C” Ward [(1975) 98 ITR 557(AII)], which has been quoted by the appellant in the present appeal. The relevant portion of the Allahabad High Court judgment is reproduced hereinbelow:- “18. Normally, if a charitable trust mikes a gift of property which constitutes its own capital or corpus, it will be income in the hands of the receiving trust. The receiving trust will be free to apply or spend the property which is the subject-matter of gift for any of the purposes for which it can spend money or property; though the property was capital in the hands of the donor trust, it will be deemed to be income in the hands of the receiving trust. But, if the donor trust makes the gift on the express condition that the subject-matter will constitute capital or corpus of the receiving trust, and the donee-trust accepts the gift or donation subject to the condition that it will form part of the capital or corpus of the donee-trust, the subject-matter of the donation becomes part of the corpus or capital of the donee-trust. In such, a case the subject-matter of the donation will not constitute, or be deemed to be, the income of the receiving trust. There is no law which prohibits such a transaction. A bilateral contract to that effect is perfectly valid and enforceable. If, in spite of it, the receiving trust spends the donation as if it were its income, the receiving trust would be guilty of misapplication of its assets and could be restrained in suitable proceedings from committing breach of trust.”
Consequently, this Court is of the view that no substantial question of law arises for consideration in the present appeal. Accordingly, the same is dismissed.

INCOME TAX CIRCULARS & NOTIFICATIONS

Compiled by
CA. Aloke R. Singh

Income Tax Circulars
Circular No.	Date of Issue	Subject
12/2022	16.06.2022	Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961
13/2022	22.06.2022	Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961
14/2022	28.06.2022	Order under section 119 of the Income-tax Act, 1961 in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange

Income Tax Notifications
Notification No.	Date of Issue	Subject
60/2022	10.06.2022	Vide this notification, the CBDT u/s 118 of the Income-tax Act, 1961, specifies the subordination of various officers of the Department.
01/2022	09.06.2022	Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961.
61/2022	10.06.2022	The CBDT specifies the powers and functions of Assessing Officers concurrently, to facilitate the conduct of Faceless Assessment proceedings u/s 144B of the said Act, in respect of various class of persons, as specified in this notification.
62/2022	14.06.2022	The Central Government notifies the cost Inflation Index for FY 2022-23 as 331.
63/2022	15.06.2022	The Central Government notifies u/s 47(viiaf), the transfer of capital asset from NTPC Limited (PAN: AAACN0255D), being transferor public sector company, to NTPC Green Energy Limited (PAN: AAICN1737G), being transferee public sector company, under the plan approved by the Central Government on 21st day of March, 2022.
64/2022	16.06.2022	Income-tax (Seventeenth Amendment) Rules, 2022 notified. Sub-rule (2A) inserted after sub-rule (2) of Rule 21AI. Rule 21AIA inserted after rule 21AI.
65/2022	16.06.2022	The Central Government specifies that no TDS shall be made u/s 194-I of the Income-tax Act on payment in the nature of lease rent or supplemental lease rent, as the case may be, made by a person (hereafter referred as ‘lessee’) to a person being a Unit located in International Financial Services Center (hereinafter the ‘lessor’) for lease of an aircraft subject to the conditions laid down in this notification.
66/2022	17.06.2022	Income-tax (Eighteenth Amendment) Rules, 2022 notified. In rule 10TD, in sub-rule (3B), for the words and figures “assessment years 2020-21 and 2021-22”, the words and figures “assessment years 2020-21, 2021-22 and 2022-23” shall be substituted.
67/2022	21.06.2022	Income-tax (Nineteenth Amendment) Rules, 2022 notified w.e.f. 01.07.2022. Sub-rule (2D) inserted after (2C) and sub-rule (6D) inserted after (6C) of Rule 30. Sub-rule (3D) inserted after (3C) of Rule 31. ) In rule 31A, clause (xvii) inserted after clause (xvi), in sub-rule (4). Sub-rule (4D) inserted after (4C)
68/2022	24.06.2022	The Central Government, in consultation with the Chief Justice of the High Court of Uttarakhand, the Court in the State of Uttarakhand, as mentioned in column (2) of the Table in this notification, as Special Court for the area specified in column (3) of the Table in this notification, for the purposes of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
02/2022	24.06.2022	Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT
69/2022	27.06.2022	The Central Government hereby specifies the sovereign wealth fund, namely, Seventy Second Investment Company LLC (PAN: ABICS2676N), as the specified person in respect of the investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 subject to the fulfilment of the conditions as per this notification.
70/2022	28.06.2022	The Central Government notifies that where the variation between the arm’s length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2022-2023.
71/2022	28.06.2022	The CBDT makes further amendments in the Notification No.70/2014 dated 13.11.2014, as specified in this notification.
72/2022	28.06.2022	The CBDT makes amendments in the Notification No.54/2014 dated 22.10.2014, as specified in this notification.
73/2022	30.06.2022	Income-tax (Twentieth Amendment) Rules, 2022 notified. Provisio inserted after Rule 31A(1).
74/2022	30.06.2022	The Central Government notifies virtual digital assets, as specified in this notification, which shall be excluded from the definition of virtual digital asset.
75/2022	30.06.2022	The Central Government specifies a token which qualifies to be a virtual digital asset as non-fungible token within the meaning of section 2(a)(47A) of the Act but shall not include a non-fungible token whose transfer results in transfer of ownership of underlying tangible asset and the transfer of ownership of such underlying tangible asset is legally enforceable.
76/2022	30.06.2022	Corrigendum to Notification no. 71 dated 28.06.2022.
77/2022	01.07.2022	Corrigendum to Notification no. 73 dated 30.06.2022.
78/2022	04.07.2022	Corrigendum to Notification no. 60 dated 10.06.2022.
79/2022	06.07.2022	The Central Government notifies u/s 10(46) of the Income Tax ACT, 1961, ‘Uttar Pradesh Electricity Regulatory Commission’ (PAN AAALU0227H), a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (U.P. Act No.24 of 1999), in respect of the following specified income arising to that Commission, as specified in this notification.

DGFT & CUSTOMS UPDATE

By CA. Ashit Shah

Extension of time period in Mega Power Project:

Time period extended for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of provisional mega power projects by amending N. No. 50/2017 – Customs, dated 30-06-2017.

[N. No. 31/2022 – Customs, dated 07-06-2022]
Exemption for Petroleum Crude and ATF:

Exempt imports of Petroleum Crude covered under HSN 2709 and Aviation Turbine Fuel (ATF) from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act, as is equivalent to the Special Additional Excise Duty. This exemption would be effective from 1st July 2022.

[N. No. 32/2022 – Customs, dated 30-06-2022]
Enhance duty on Gold:

Basic Custom duty enhanced by amending N. No. 50/2017 – Customs, dated 30-06-2017, in respect of following items:

Sr. No.	Chapter Heading	Description of goods	Rate of Duty	Enhanced BCD
354	71	Gold dore bar, having gold content not 95%	6.90 %	11.85 %
356	71 or 98	i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units, and gold coins having gold content not below 99.5%, imported by the eligible passenger;	7.50 %	12.50 %
		ii) Gold in any form other than (i), including tola bars and ornaments, but excluding ornaments studded with stones or pearls.	7.50 %	12.5 %
357A	7108	All goods other than those mentioned at S. No. 354	7.50 %	12.5 %

[N. No. 33/2022 – Customs, dated 30-06-2022]

Moreover, increase in Basic Custom Duty (BCD) rate on Gold imported under TRQ of India-UAE CEPA by amending N. No. 22/2022 – Customs, dated 30-04-2022 from 6.60% to 11.50 %.

[N. No. 36/2022 – Customs, dated 30-06-2022]

Exemption of SWS on Gold:

Exempts all goods falling under heading 7108 – Gold of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported into India, from the whole of the Social Welfare Surcharge leviable thereon under the section 110 of the said Finance Act.

[N. No. 34/2022 – Customs, dated 30-06-2022]
Exemption of IGST:

Exemption from Integrated Tax and Compensation Cess on goods imported under AA/EPCG/EOU Schemes by amending N. No. 16/2015, 18/2015, 20/2015, 22/2015, 45/2016, 52/2013- Customs.

[N. No. 37/2022 – Customs, dated 30-06-2022]
Extension of period of Anti-Dumping duty on Toluene Di-isocyanate (TDI):

Central Government extended the levy of anti-dumping duty on “Toluene Di-isocyanate (TDI) falling under headings 2929 10 20 of the First Schedule to the Customs Tariff Act, 1975, originating in, or exported from the People’s Republic of China, Japan and Korea RP and imported into India, for further period up to 27-09-2022.

[N. No. 19/2022 – Customs (ADD), dated 03-06-2022]
Extension of period of Anti-Dumping duty on “New / Unused pneumatic tyre:

Anti-dumping duty on imports of ““new/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16” used in buses and lorries/trucks” falling under tariff item 4011 20 10 of the First Schedule to the Customs Tariff Act, originating in or exported from China PR, imposed vide N. No. 45/2017-Customs (ADD), dated the 18th September, 2017, is further extended till 17-12-2022.

[N. No. 21/2022 – Customs (ADD), dated 08-06-2022]
Levy of Anti-Dumping duty on “Fluoro Backsheet:

Central Government have levied anti-dumping duty on imports of “Fluoro Backsheet except transparent backsheet” falling under Tariff Headings 3920 and 3921 of the First Schedule to the Customs Tariff Act, originating in or exported from China PR and imported in to India, for a period of 5 years.

[N. No. 22/2022 – Customs (ADD), dated 15-06-2022]
Procedure for issue of GAICT of SCOMET items:

Foreign Trade Policy 2015 – 2020 amend the procedure for issue of Global Authorisation for Intra-Company Transfer (GAICT) of SCOMET items including software and technology. Henceforth, GAICT policy would be applicable only for export / re-export of items, including software and technology under SCOMET Category 8 (except items listed in Annexure-I), and to only the countries listed in Table 1 above. Revised ANF (Aayat Niryat Form) – ANF 20(b), ANF 20(c) and End Use Certificate proforma Appendix 2S (iv) for applying for GAICT also notified.

[Public Notice No. 14/2015-2020 – DGFT, dated 13-06-2020]
Import Policy Condition of Water Melon Seeds:

Import of Water Melon Seeds falling under ITC(HS) code 12077090 is ‘Free’ till 30.09.2022. Given import shall be allowed from Kandla (INIXY1) and Mundra (INMUN1) Ports only.

[N. No. 13/2015-2020 – DGFT, dated 21-06-2022]
Clarification on Chip Import Monitoring System (CHIMS):

Subsequent to the issuance of Notification No.05/2015-2020 dated 10.05.2021 amending the import policy of items covered under ITC(HS) codes 85423100, 85423200, 85423300, 85423900 and 85429000 falling in Chapter-85 of ITC (HS) from ‘Free’ to ‘Free subject to compulsory registration under Chip Import Monitoring System (CHIMS)’, DGFT has received various representations from members of Trade & Industry seeking clarification on CHIMS.

The issues were referred to M/o Electronics & Information Technology and based upon the clarification received, responses thereto are given below:
1. Whether multiple consignments against a CHIMS registration can be imported within the validity period of CHIMS Registration?
  
  Response: Importer may include multiple products in one registration number. However, for each shipment a separate registration number is required.
2. Whether air/sea shipments are exempted from CHIMS?
  
  Response: The CHIMS is applicable for air/sea shipments also. The CHIMS registration can also be made on the same day of arrival of import.
3. Whether CHIMS is applicable on microprocessors covered under ITC (HS) code 84733010 and memory modules covered under ITC (HS) code 84733099?
  
  Response: The microprocessors covered under ITC (HS) code 84733010 and memory modules under ITC (HS) code 84733099 are excluded from CHIMS.
  
  [Circular No. 40/2015 – 2020 – DGFT, dated 27-06-2022]

CHARITABLE TRUSTS UPDATES

By Adv. Hemant Gandhi &
CA Premal Gandhi

The Impact of Non-renewal or Cancellation of registration for a Charitable Institution

A charitable/religious organization is mainly constituted either a Trust or as a registered society or as a section 8 Company and hence, the status of a charitable organization shall be different depending upon the legal status. It may be noted the status for the purpose of assessment under sections 11 to 13 shall be that of AOP irrespective of the form of legal constitution of a charitable organization. Therefore, it brings us to a very important issue what will the taxable status of the Charitable institutions and what shall be rate of tax applicable to it:

RATE OF TAX AS APPLICABLE IN CASE OF FORFEITURE AND PENAL TAXATION

Rate of tax as applicable to various forms of charitable organizations where section 12AB registration is intact but exemptions under provision of sections 11 and 12 are not available due to forfeiture of exemptions or there is penal taxation due to some other non-compliance under section 11,12 or 13 (excluding section 12A)

The income computed under section 11 shall be subjected to tax and computed on commercial basis before 85% of application.
The rate of taxes shall be at maximum marginal rate or the rates applicable to AOP as the case may be depending on sections 11 to 13 under which the tax demand is raised.
The income from business activity under section 11(4A) shall be taxed at normal rates under section 164(2).
The income due to violation of section 13(1)(c) or (d) shall be taxed at maximum marginal rate under section 164(2).
The income due to violation of section 13(8) shall be taxed at normal rate as no specific condition for MMR is there in section 164(2).
The status of all section 12AB registered organisation compliant with conditions of section 12A shall be of an AOP.

RATE OF TAX AS APPLICABLE IN ABSENCE OR WITH. DRAWAL OF SECTION 12AB REGISTRATION OR NON. COMPLIANCE OF CONDITIONS UNDER SECTION 12A

Rate of tax as applicable to various forms of charitable organization where section 12AB registration is not there or withdrawn or there is a violation in the condition of section 12A resulting in a situation where the organisation is not eligible to be assessed under the provision of sections 11 to 13:

The income under these situations needs to be computed under section 14 like any other assessee under five heads of income. It may be noted that an exempt organisation pays penal taxes for various violations, but an organisation not registered under section 12AB is assessed under the Income Tax law like any other non-exempt assessee liable to pay tax on income.
For trust and society, the applicable tax rates shall be the rates as applicable to AOP together with the exemption limit.
For section 8 company, the applicable tax rate shall be the rate that applies for a company without any exemption limit.

We also need to analyse the applicability of section 164(2) & (3) of the Income-tax Act,1961 in the above cases:

The provisions of section 164(2) & (3) of the Income-tax Act, 1961 provide that the following non-exempt portion of income section 11 or 12 shall be charged to tax at the rate of tax applicable to the income of an Association of Persons:

The portion of income derived from property held under trust either wholly or partly for charitable or religious purposes.
Voluntary contributions as defined under section 2(24)(iia).
Business income as derived under section 11(4A).

The above provisions make it clear that only the above type of income shall be subjected to tax at maximum marginal rate. All other income of a trust shall be taxed at the rate applicable to an individual.

In addition to the above provisions, there is a proviso to section 164(2), Which provides that, where the income becomes taxable by virtue of section 13(1) (c) or 13(1)(d), the tax shall be charged on the relevant income at maximum marginal rate. It may be noted that proviso to section 164(2) doesn’t give reference of section 13(8), hence, the forfeiture of benefit of exemption due to non-compliance under proviso to section 2(15) shall not be taxed at maximum marginal rate.

Hence, it can be said that the non-exempt income of a charitable or religious organisation will be taxed at the rates applicable to an Association of Persons and they will be entitled to the basic exemption limit. But, when the income becomes taxable due to the contravention mentioned under section 13(1)(c) & (d), then that particular portion of income will be taxed at the maximum marginal rate and the remaining income will be taxed at normal rates.

NON-APPLICABILITY OF SECTION 167B

There is a common misconception that under the situation as mentioned above, trust (other than registered society and company) will be assessed as AOP under section 167B at maximum marginal rate. However, section 167B will not be applicable in case of charitable trust or institutions because of the following reasons:

Section 167B of Income-tax Act, 1961 specifically excludes Companies and societies registered under Societies Registration Act, 1980 or any other similar legislation.
The different rates as prescribed in section 167B are applicable where shares of members are unknown. But as far as charitable or religious organizations are concerned, there is no scope of share of income or surplus among members concerned. Secondly, there are no individual private beneficiaries, and the beneficiaries are the public at large.

This position has also been affirmed in the Circular: No. 320 [F. No. 131(31)/81-TP(Pt.)], dated 11-1-1982. The text of the circular is as under:

“Whether the section is applicable to income received by trustees on behalf of provident funds created exclusively for the benefit of employees

A reference is invited to paragraphs 15.1 to 15.7 of the Explanatory Notes on the provisions relating to direct taxes in the Finance Act, 1981 [Circular No. 308, dated 29-6-1981) which explain the scope and ambit of section 167A, as inserted by the Finance Act, 1981.
A question has been raise whether the provisions of section 167A of the Income-tax Act which provide for charging of tax at the maximum marginal rate on the total income of an association of persons where the individual shares of members in the income of such association are indeterminate or unknown would also apply to income receivable by trustees on behalf of provident funds, superannuation funds, gratuity funds, pension funds, etc., created bona fide by persons carrying on business or profession exclusively for the benefit of the persons employed in such business. The Board have been advised that cases where income received by the trustees on behalf of a recognised provident fund, approved superannuation fund and approved gratuity fund is governed by section 10(25) of the Income-tax Act, the question of their being charged to tax does not arise. So far as cases where income is receivable by the trustees, on behalf of an unrecognized provident fund or an unapproved superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession are concerned, they will continue to be charged to tax in the manner prescribed by section 164(1)(iv) of the Income-tax Act, as hitherto. Similarly, in the cases of registered societies, trade and professional associations, social and sports clubs, charitable or religious trusts, etc., where the members or trustees are not entitled to any share in the income of the association of persons, the provisions of new section 167A will not be attracted and, accordingly, tax will be payable in such cases at the rate ordinarily applicable to the total income of an association of persons and not at the maximum marginal rate.”The stand has been reaffirmed by the following case laws which are mentioned herein for ready reference:
1. In Ass CWT v. Club of Mahabaleshwar [1993] 44 TTD 520 (Pane-Trib)it was observed that Circular No. 320, dated 11-1-1982, supports the view that assessee, a members’ club, is AOP and not an individual and hence is not an assessable entity liable to wealth tax.
2. In Lodge Hamilton 26 v. ITO [1998]66 ITD 609 (Ahd. – Trib), it was observed that Circular No. 320, dated 11-1-1982, issued by the Board does not deviate from the provisions of law or in any manner override the provisions of section 167A

THE NEED OF FINANCIAL KNOWLEDGE TO GUIDE TEENAGERS

By Mr. Tushar P. Joshi

All of us are aware, money does not grow on trees hence personal finance should be explained to kids right from a very young age. Most of them do not know the struggle made by parents in earning the money and have no clue where money comes from and where it goes. Various aspects of personal finance such as Income, Expenses, Loans and Retirement plans are never discussed with teen. Many financial problems faced later in life can be avoided if they are provided with proper personal finance solutions from their early years. Just like physical education, personal finance should also be a part of their syllabus so that they can understand the value of earning and spending money judiciously from the very beginning. Financial experts claim that there are few things which are considered a must when it comes to imparting personal financial knowledge to teenagers. Also if your kids aren’t aware of these things currently, then it is high time you start introducing them to such issues. Some of them are mentioned below.

Keep track of Expenses– It is very important to keep track of your expenditures on a daily basis. It doesn’t matter whether you are utilising some software or simply do in daily diary. The first step towards controlling your expenditure doesn’t mean you don’t hang out with friends or don’t go for clubbing or outing. When you are maintaining a record, you’re saving, your own money. Periodical scrutiny of such recorded expenditure will be a good guidance for future actions involving outgoing of your funds.
Start Early– It is crucial to start earning early in order to be financially independent, and it is equally important to start saving or investing early. The golden rule of any saving plan is power of compounding, simply because time is on your side. Teens must also be earning to start investing. As a teenager, any excess pocket money can be saved and invested in useful avenues.
Spend Wisely– You must encourage your kids to save money from an early age. So they can understand the value of living on their own by their own means. It is their choice whether to live alone or with another roommate, or use your old car or buy a new one. The main goal to keep in mind is spending less than earning. Every rupee that your teenage kid spends unwisely is a loss to the investment potential.
Say No To Loan – When your kid will be commencing his or her career on their own, the key point to be emphasised is to spend within the limit. High expenses tend to hit hard in the beginning, so most kids end up exhausting the credit card limits. When that is controlled timely, it will limit your option. Your kid may at times be tied up to paying back and won’t be able to proceed ahead with anything, and will be stuck in vicious circle. In short, always ensure that your child do not fall in the debt trap or lured by present-day lending proposals mushroomed on social media or calls from unknown sources.
Do Not Compare– You donot have to finalise the first apartment you see or if your old car is still in working condition, there is no need to buy a new one. Parents must make their teenage kids understand the value of struggling to earn income. Most parents in their early career were also struggling with their finances when they were young so just because parents can afford to buy a new car, every four years, doesn’t mean the kids can follow that practise. Kids should learn how to be comfortable with limited means too. It is not wise to buy latest tech gadgets if you are low on money, just by watching their friends using the same.
Experts Opinion– All teenage kids face problems with their finances. This is because typically the expenses they incur are more than the money they earn or the pocket money they receive, as the case may be. Parents must advice their kids to connect with other likeminded teenagers and understand their experiences with money. There are many teenagers who are trying to make it large with limited funds and their story or expert advice is available on blogs, facebook posts or tweets. Teens should stay in touch with other students who share the same interests so as to manage money more efficiently. In this generation where social media plays a big role, it is easy to get guidelines on every single aspect of personal finance from such avenues.
Set Goals– Dreaming big and idealistic is the key to achieving your goals. Keep a practical achievable goal and work for it. Teenagers should be taught this aspect of personal finance from the beginning. Teens understand this concept if they are made to save for something they want – be it a bike or a tech gadget or a holiday, rather than give the funding immediately on asking. The smart way to educate your teenage children regarding personal finance is by using practical examples and instances which matter to them. For example, you can teach them about liabilities by discussing about education loans, as this is an integral part of higher studies. Practical hands on approach and constant guidance are absolute must while imparting personal finance knowledge to teenagers.

UPDATES ON FINANCE

Compiled by
CA. Pratik B. Satyuga

Highest 1 Year FD Rates (As on 01st July 2022) < Rs 2 Crore.

Institution	1 Year FD Rate
Indusind Bank	6.00%
Yes Bank	6.00%
RBL Finance Bank	6.10%
Equitas Small Finance Bank	6.10%
Jana Small Finance Bank	6.25%

Note : Senior Citizens would generally get 0.50% more than the above mentioned rates.

Post Office Deposit Rates (As on 01st July 2022).

Particulars	Rate of Interest	Maximum Deposit (Rs)
Post Office Saving Account	4.00% p.a.	No Limit
National Saving Recurring Deposit Account	5.8% p.a. (QuarterlyCompounded)	No Limit
National Saving Time Deposit Account	5.5% p.a. (Upto 3 Yrs)	No Limit
Senior Citizen Saving Scheme Account (SCSS)	7.40% p.a.	1,50,000/- p.a.
Public Provident Fund (PPF)	7.1% p.a. (Annually Compounded)	1,50,000/- p.a.
National Savings Certificates (NSC)	6.8% p.a. (Annually Compounded)	No Limit
Kisan Vikas Patra (KVP)	6.9% p.a. (Annually Compounded)	No Limit
Sukanya Samriddhi Accounts	7.6% p.a. (Annually Compounded)	1,50,000/- p.a.

Lowest Home loan Rates for Self Employed Professionals (As on 01st July 2022).

Institution	Rate
Kotak Mahindra Bank	7.05% onwards
HSBC Bank	7.09% onwards
Union Bank of India	7.40% onwards
Indian Bank	7.40% onwards
HDFC Bank	7.55% onwards

Top Performing Mutual Funds (As on 01st July 2022).

Fund Name	Current NAV	1 Year Returns
Invesco India Infra – Direct (G)	32.45	5.56%
Axis Small Cap Fund – Direct (G)	62.40	9.00%
Invesco India Infra –(G)	28.17	5.56%
Axis Small Cap Fund (G)	55.92	8.71%

Major Currency Rates (As on 01st July 2022).

Country	In Rs. on 01/04/22	In Rs. on 01/06/22	In Rs. on 01/07/22	Change MoM (Rs)	YTD Returns
United States of America (USA) – USD($)	75.99	77.59	78.95	1.75%	3.90%
United Kingdom (UK) – GBP (₤)	99.61	97.11	95.50	-1.66%	-4.13%
European Union (EU) – Euro (€)	86.32	83.08	82.34	-0.89%	-4.61%

Major Commodity Rates (As on 01st July 2022).

Commodity	Rate on 01/04/22	Rate on 01/06/22	Rate on 01/07/22	Change MoM	YTD Returns
Gold (MCX) – 10 Gms	64,700.00	50,788	51,520	1.44%	-20.37%
Silver (MCX) – 1 Kg	68,153.00	61,400	58,418	-4.86%	-14.28%
Crude Oil (MCX) – 1 Unit (BBL)	7,483.16	8,788	8,387	-4.56%	12.08%

Indian Indices

Index	1st April 2022	1st June 2022	1st July 2022	MoM Returns	YTD Returns
Sensex (BSE)	60,157.92	55,381.17	52,863.34	-4.55%	-12.13%
Nifty 50 (NSE)	17,903.25	16,594.40	15,703.70	-5.37%	-12.29%
Bank Nifty	38,141.20	35,358.95	33,264.75	-5.92%	-12.79%

Global Indices

Index	1st April 2022	1st June 2022	1st July 2022	MoM Returns	YTD Returns
Dow Jones (USA)	34,740.89	33,156.31	30737.77	-7.29%	-11.52%
Nasdaq (USA)	14,269.53	12,176.89	11006.83	-9.61%	-22.86

Disclaimer : Utmost care has been taken to present accurate figures. However, the reader is advised to verify the same and consult a Financial Advisor before taking any financial decision.

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GSTPAM News Bulletin Committee for Year 2021-22

Parth Badheka
Chairman

Jatin N. Chheda
Jt. Convenor

Aloke R. Singh
Jt. Convenor

This News Bulletin is available on GSTPAM website www.gstpam.org/news