GSTPAM News Bulletin June 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

INVITATION OF NOMINATIONS

*Chief Election Officer*	Election Committee Members
Shri. Pradip Kapadia	Shri. Ashvin Acharya	Shri. Mayur Parekh	Shri. Sachin Gandhi
	Shri. Chirag Parekh	Shri. Pranav Kapadia	Shri. Vijay Sachiv

(For the posts of office Bearers and Members of the Managing Committee for the year 2022-2023)

Pursuant to the appointment made by the Managing Committee as provided in Article 17(1) of the Constitution of the Association and in exercise of the powers conferred by Article 17(2), Nominations are hereby invited from the members of the Association, eligible to contest as per Article 17(3) of the Constitution, for the following posts for the year 2022-23:

One President
One Vice-President
One Hon.Treasurer
Two Hon.Jt.Secretaries
Fifteen members of the Managing Committee

The nomination forms for the above posts can be procured from the office of the Association or from the Library at Mazgaon and also available on GSTPAM website.
The nomination should reach the office of the Association at Mazgaon Tower not later than 5.00 p.m. on Friday, 10.06.2022 as per article 17(2) of the Constitution. No Nomination will be accepted on the last day; i.e. on Friday, 10.06.2022 at Library at GST Bhavan, Mazgaon, Mumbai 400010.
As per article 17(2) of the Constitution, the last date of submission of duly filled up and signed nomination Forms is Friday, 10.06.2022 up to 5 p.m. Nomination Form can also be submitted through e-mail of the candidate to the specially created e-mail ID of the Association for the purpose of the election i.e. at:
[email protected]. & also can be filed physically at Mazgaon Library & Tower respectively as per the date mentioned in clause 2. The procedure of how to submit the online Nomination Form is prescribed at point No. (13) of this circular.
Any member of the Association who is not in arrears of fees and whose delay in payment of fees has been condoned by the Managing Committee on or before the date of filing of his / her nomination Form, shall be eligible to file the nomination, subject to the provision of Article 17(3) of the Constitution which is reproduced herein below at point No. (12).
The nomination should be proposed by one member and seconded by another member of the Association (other than the members of the Election Committee), who are not in arrears of fees and whose delay, if any, in payment of fees has been condoned by the Managing Committee on or before the date of filing of such nomination Form, as per provision of Article 17 (4) of the Constitution. The further procedure for online submission of nomination form is explained in point No. (13) of this circular.
No member shall contest for more than one post as per Article 17(5) of the Constitution.
As per Article 17(6) of the Constitution, a contestant shall be entitled to withdraw his/her nomination if he / she so wishes on or before Tuesday, 14.06.2022 up to 5.00 p.m. Intimation of withdrawal Form may be done through the candidate’s e-mail ID which he / she had provided in his / her Nomination Form to the Association’s newly created ID for the purpose of election i.e.
[email protected]. However, if any candidate wishes to withdraw his / her nomination Form by submitting it physically he / she can do so by submitting the same at Mazgaon Library or at Association’s Office at the address herein mentioned before by Monday, 13.06.2022 up to 5.00 P.M. Please note that Physical withdrawal of nomination form shall be accepted at the Mazgaon Library only up to Monday, 13.06.2022 and thereafter on Tuesday, 14.06.2022 the withdrawal Form shall be accepted only at Association’s Office up to 5.00 p.m.
Election will be conducted as per Article 17 of the Constitution. Attention of the candidates is invited to Clause 15A inserted in Article 17, whereby a contestant, who desires recounting, shall ask in writing for recounting of votes within 15 minutes from the time of declaration of election results by the Chief Election Officer.
Election at Mumbai shall be conducted between 11.00 a.m. and 5.00 p.m. on Friday, 15.07.2022 at the GSTPAM, Mazgaon Library Hall, Mazgaon, Mumbai- 400 010.
Election at District places shall take place on Monday, 11.07.2022 as per schedule given here in below.
Nominations Forms Proposed/Seconded by any Member of the Election Committee shall be rendered as invalid.
ELECTION RULES:

Article 17 (3):Any member of the Association who is not in arrears of annual membership fees and/or of Additional Membership Fees of the Association on the date of filing of nomination and whose delay in paying such fee is condoned by the Managing Committee on or before the date of filing of nomination shall be eligible to file nomination for a post of the office bearer or a member of the managing committee.

Provided that a Member of the Association shall be eligible to file the Nomination Form for following posts subject to the fulfilment of the criteria mentioned against each post in the Table given herein below:

Post	Eligibility Criteria for filing the Nomination Form
Managing Committee Member	Eligible only if the Applicant has been a Member of the Association for at least two consecutive years (24 months from the date of admission) on the date of filing Nomination Form.
Hon. Jt. Secretary or Hon. Treasurer	Eligible only if the Applicant has been a Member of the Managing Committee for a period of at least two years.
Vice-President	Eligible only if the Applicant has held the position as an Office Bearer of the Association for a period of at least two years.
President	Eligible only if the Applicant has held the position as an Office Bearer of the Association for a period of at least two years.

Online Procedure to submit Election Nomination Form:

Subject to Note No. (2) and (4) of this circular, the online nomination Form may be filled up and signed by the contestant, proposer and seconder and should be scanned and the same should be sent through the e-mail id of the contestant registered with GSTPAM office.
In case of any Covid-19 wave or any force majeure, the election committee is authorized to change or modify any of the directions related to the such election & decision of the Election

Committee shall be binding on all. Any such decision shall be informed to all the members through Email/Whatsapp/GSTPAM website/ GST Review etc.
Outstation Election Centers:

Sr. No.	Election Centre at Outstation Place-as per Article 17A	Time
1	Dhule	10.00 A.M. to 01.00 P.M.
2.	Jalgaon	10.00 A.M. to 01.00 P.M.
3.	Kolhapur	10.00 A.M. to 01.00 P.M.
4.	Nagpur	01.00 P.M. to 04.00 P.M.
5.	Nashik	02.00 P.M. to 05.00 P.M.
6.	Pune	10.00 A.M. to 01.00 P.M.
7.	Ratnagiri	01.00 P.M. to 04.00 P.M.
8.	Sangli	10.00 A.M. to 01.00 P.M
9.	Sindhudurg ( Kudal)	10.00 A.M. to 01.00 P.M.
10.	Solapur	10.00 A.M. to 01.00 P.M.
11.	Thane	02.00 P.M. to 05.00 P.M.

Note: The list of the above outstation election centers is based on the data available with the Association on the date of Notice, the same can change if updated data is made available to the election committee.

For and on behalf of the Election Committee-GSTPAM

Place: Mumbai – 400 010	Shri Pradip R. Kapadia
Dated : 12th April, 2022.	Chief Election Officer

GST, MVAT & ALLIED LAW UPDATES

Compiled by
Adv. Pravin Shinde

Central Tax Notifications
Notification No.	Date of Issue	Subject
05/2022	17.05.2022	Seeks to extend the due date of filing FORM GSTR-3B for the month of April, 2022
06/2022	17.05.2022	Seeks to extend the due date of payment of tax, in FORM GST PMT-06, for the month of April, 2022 by taxpayers who are under QRMP scheme
07/2022	26.05.2022	Seeks to waive off late fee under section 47 for the period from 01.05.2022 till 30.06.2022 for delay in filing FORM GSTR-4 for FY 2021-22

Notification under Maharashtra Goods and Services Tax Act, 2017 (MGST)
Notification No.	Date of Issue	Subject
Notification No. 01/2022 – State Tax (Rate)	08.04.2022	Seeks to amend notification no. 01/2017 state tax (rate)
Notification No. 02/2022 – State Tax (Rate)	08.04.2022	Seeks to provide concessional rate of intra state supply of bricks conditional to not availing the ITC, as recommended by 45 GSTC
Notification No. 03/2022 – State Tax	08.04.2022	Seeks to amend notification no. 10/2019 – state tax to implement special composition scheme for brick kilns as recommended by 45 GSTC
Notification No. 04/2022 – State Tax	08.04.2022	Seeks to amend notification no. 14/2019 – state tax to implement special composition scheme for brick kilns as recommended by 45 GSTC
Notification No. 5/2022- Central Tax, Dtd. 17.5.2022	17.05.2022	Seeks to extend the due date of filing Form 3B for the month of April 2022 (Deem to be issued by Commissioner of State Tax u/s 39 (6) of MGST Act 2017)
Notification No. 6/2022- Central Tax, Dtd. 17.5.2022	17.05.2022	Seeks to extend the due date of payment of tax, in Form GST PMT – 06 for the month of April 2022, by taxpayer who are under QRMP scheme (Deem to be issued by Commissioner of State Tax u/r 61 (3) of MGST Rules 2017)

Circulars – MVAT Act
Circular No.	Date of Issue	Subject
01 T/2022	20.04.2022	Settlement of Arrears of Tax, Interest, Penalty or Late Fees under various Acts administered by Maharashtra Goods and Services Tax Department.

RECENT ADVANCE RULINGS UNDER GST

Brief Analysis by
CA Aditya Surte

Liquidated damages – Taxability under GST and time of supply

Whether receipt of liquidated damages on account of delay in commissioning of project is a supply liable to GST?

Applicant is engaged in production and distribution of electricity obtained from solar energy. It has engaged a contractor for construction of solar power project. The agreement has clauses for recovery of liquidated damages on account of delay in delivering of the contract and non- performance of the plant. The Applicant approached the AAR for ascertaining GST liability on liquidated damages on account of delay in commissioning and its time of supply.

The Authority while referring to the provisions of section 55 of the Indian Contract Act, 1872, observed that a combined reading of the provisions of sub-sections (1) & (3) of the said section 55 reveals that a failure to perform the contract at the agreed time renders it voidable at the option of the opposite party and, alternatively, such party can recover compensation for such loss occasioned by non-performance. It further observed that the liquidated damages in the Applicant’s case are consideration for tolerating an act or a situation arising out of the contractual obligation and the consideration received for such forbearance is taxable under CGST and SGST @ 9% each under the chapter head 9997 at Sr. No. 35 of Notification No. 11/2017-Central Tax/ State Tax (Rate).

Regarding the time of supply of service, the Authority observed that the contract itself prescribes the date on which the liquidated damages have to be determined and paid. Therefore, the date on which the liquidated damage is determined as per the formula prescribed in the clause 6 of the contract is the time of supply of service entry in 5(e) of Schedule II.

(Telangana AAR Order No. 07 of 2022 dated 16/02/2022 in the case of Achampet Solar Pvt. Ltd.)
Demo cars – Eligibility of ITC

Whether ITC can be availed on purchase of demo cars and on ancillary input services such as insurance and repair & maintenance in respect of such demo cars?

Appellant is an authorised dealer of Maruti Suzuki India Ltd. It purchases demo cars for demonstration purposes along with the purchases of vehicles for further supply. Each demo car is used for a maximum period of two years from the date of purchase after which it can be sold as a second-hand car. On an application for advance ruling before the Haryana AAR, the said Authority ruled that the GST paid on the purchase of demo vehicles and the procurement of ancillary services such as insurance and repair & maintenance in respect of such demo vehicles cannot be availed as ITC. Aggrieved by the order of the AAR, the Appellant preferred an appeal before the Haryana AAAR on the ground that the demo vehicles are always intended for further supply after the specified use and that no time limit has been prescribed under the CGST Act for further supply of vehicles.

The Appellate Authority observed that the GST law makes a very restricted and specific provision for allowing ITC on motor vehicles. A demo vehicle loses the character of a new vehicle in the first demonstration run and is sold akin to second hand goods which is different from new vehicle and accordingly treated differently under GST law. Thus, it cannot be said that the demo vehicle is for ‘further supply of such motor vehicles’.

The Authority further observed that if the contention of the applicant is allowed then all the motor vehicles, irrespective of the nature of supply will be eligible for ITC across industries. It will no longer be a restricted clause for Car Dealers but will be an open clause for all the trade and industry to avail the ITC on all the vehicles purchased by them. The demo vehicles received by the Appellant have never been received with the intent to simply ‘further supply/sell’ as such. ITC on these vehicles, thus, cannot be allowed.

On the question of ITC on ancillary services such as insurance and repair& maintenance relating to the demo vehicles, the Appellate Authority observed that the credit of the input services of repair/insurance/maintenance used in respect of said vehicles with seating capacity up to 13 passengers, cannot be allowed on the same rationale as above.

(Haryana AAAR Order No. HAR/AAAR/2019-20/03 dated 28/06/2021 in the case of Platinum Motocorp LLP)
Bus Body Building – Classification

Whether the activity of fabricating and mounting Tankers, Tippers, etc. on the chassis provided by the owner of such chassis, i.e., bus body building would be covered under the category of Supply of Services?

Applicant is engaged in building bodies of various vehicles falling under Chapter 87 of the First Schedule to the Custom Tariff Act such as mounting of tankers, tippers etc. on chassis provided by the owner of such chassis, either registered or unregistered.

The Authority, upon considering the detailed facts of the case, observed that bus body building on customer owned chassis is supply of service in accordance with Entry 3 of Schedule II to the CGST Act. Section 2(68) of the Act defines “job work” as any treatment or process undertaken by a person on goods belonging to another registered person. Therefore, bus body building on chassis owned by a GST registered customer is job work and finds entry at Sr. No. 26(ic) to Notification 11/2017-CT(R). Bus body building on chassis owned by un-registered customer is ‘manufacturing services on physical inputs (goods) owned by others, other than those registered under CGST Act’ which finds entry at Sr. No. 26(iv) to Notification 11/2017- CT(R).

(Gujarat AAR Order No. GUJ/GAAR/R/2022/23 dated 12/04/2022 in the case of Vasant Fabricators Pvt. Ltd.)

INCOME TAX UPDATES

By CA. Ajay Talreja

Section 44AD cannot be applied to Commission Agents

Case Name : Shri Selvaperumal Govindraj vs ITO (ITAT Chennai) Appeal Number : ITA No. 2720/CHNY/2019 Date of Judgement/Order : 08/04/2022 Related Assessment Year : 2013- 14 Courts : All ITAT ITAT Chennai

Shri Selvaperumal Govindraj vs ITO (ITAT Chennai) We noted that the legal position is very clear that profit rate as mentioned in the provisions of Section 44AD of the Act, cannot be applied to commission agents who are doing business of agency commission or earning commission income only in view of provisions of Section 44AD(6)(iii) of the Act. Hence, as canvassed by ld. counsel for the assessee, a reasonable profit can be estimated. Accordingly, we estimate the profit at the rate of 4% of total credits determined by the AO at Rs.1,58,01,195/-, after deducting sweep transfers. The AO will recompute the income accordingly.

ITO vs Kanubhai M. Patel (ITAT Ahmedabad) Pune Tribunal in the case of Dilip Battu Karanjule v. ITO [2016] 74 taxmann.com 12 (Pune – Trib.)

held that where assessee identified land on behalf of existing and known persons and entire money towards purchase of land had been financed by such persons to whom land was ultimately sold within a short span of its acquisition without putting land for agricultural use at any point of time, it was to be held that activities carried out by assessee towards purchase and sale of impugned land was adventure in nature of trade and thus a business activity chargeable to tax. In the case of Harshadkumar Amrutlal Patel v. DCIT [2019] 111 taxmann.com 31 (Ahmedabad – Trib.), the Ahmedabad ITAT held that where assessee had purchased agricultural land and immediately thereafter converted said land into non-agricultural land for commercial use, etc., driving force for purchase of land was to exploit it commercially, and, thus, profit arising on sale being nearly 30 times of investment in a period of 3-4 years owing to such concerted and planned transaction of purchase and sale of land had been rightly regarded as business activity by Assessing Officer. The Kerala High Court in the case of N.A. Baby v. DCIT [2015] 62 taxmann.com 22 (Kerala) held that where assessee having purchased agricultural land, converted same into barren land and thereupon sold it within short period of purchase, said activity was to be regarded as adventure in nature of trade and, consequently, profit earned on sale of land was to be taxed as business income. Now, in the facts of the present case, the assessee bought four plots of land, consolidated the same into a single plot, converted their use from agricultural to non-agricultural and sold the same to SPIL at a profit. It is evident from contents of letter dated 15-09-2007, that the intention at the time of purchase of land was to sell the same to SPIL at a profit, and assessee has no intention to hold the land as an investment or utilize for any other purpose. In our view, the case is directly covered by facts in the case of G. Venkataswami Naidu & Co. v. CIT 35 ITR 594 (SC) and also Pune ITAT in the case of Dilip Battu Karanjule v. ITO [2016] 74 taxmann.com 12 (Pune – Trib.) wherein on identical facts, the Courts held that the intention at the time of purchase has to be seen and if the intention at the time of purchase was to sell land at a profit the transaction would qualify as ‘adventure in the nature of trade’. In the instant facts. the assessee took an interest-bearing unsecured loan (which was arranged by SPIL) to give effect to the transaction. The assessee did not make any improvements to the land and as soon the land use was converted to non-agricultural, the assessee sold the same to SPIL for a profit, as was intended from the beginning. Thus, in our view, though the assessee was acting as a full time employee and acted on the request of his employer to undertake the present transaction, still in our considered view, the present engagement qualifies as an adventure in the nature, by applying the ratio of the above decisions. It may also be useful to refer to the observation of Ld. AO while passing the assessment order, at page 13, Para 10 observed as below: “The above analysis of the engagement letter proves that the assessee has merely invested his money in this arrangement to get good return in short time as per company’s offer of acquiring impugned land having clear title and in no way it can be said that he is doing a business of estate agent since if he has been doing this business he would have not signed the said agreement letter with the company or he would have put up his own condition against the company’s condition and then a fix price or a fix percentage of consideration of land would have been worked out as an amount of remuneration/compensation for doing this work. The assessee has managed the fund for purchase of land through his own efforts and subsequently sold the said land to earn profit on it meaning thereby he has put in his money as an investment to earn profit. Above analysis jointly read with our earlier observation in this order on the aspect of doing a business of real estate broker clearly indicates that the assessee has only acted to earn profit by making investment in this opportunity. The above observations of Ld. AO in the assessment order also indicate to the fact that the assessee has engaged in the afore-mentioned transaction to make profit, although the transaction was entered into at the request of his employer, SPIL. Hence, from an analysis of facts, it is apparent that the assessee has entered into a transaction with the intent to sell land at a profit by undertaking the necessary steps to convert their land use from non-agricultural to agricultural, which in our considered view would qualify as ‘an adventure in the nature of trade’. In view of the above, we are of the considered view that the transaction undertaken qualifies as ‘adventure in the nature of trade’ and hence provisions of section 50C would not apply to the instant set of facts.

Clubbing of Income under Income Tax Act, 1961 FAQ”S

Q. 1 is the meaning of clubbing of income?

Ans: Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in respect of his income (if any) as well as income of other person too. The situation in which income of other person is included in the income of the taxpayer is called as clubbing of income. E.g., Income of minor child is clubbed with the income of his/her parent. Section 60 to 64 contains various provisions relating to clubbing of income.

Q. 2 Do any clubbing provisions exist in case of transfer of income without transfer of asset?

Ans: As per section 60, if a person transfers income from an asset owned by him without transferring the asset from which the income is generated, then the income from such an asset is taxed in the hands of the transferor (i.e., person transferring the income). E.g., Mr. Raj has given a bungalow owned by him on rent. Annual rent of the bungalow is Rs. 84,000. He transferred entire rental income to his friend Mr. Kumar. However, he did not transfer the bungalow. In this situation, rent of Rs. 84,000 will be taxed in the hands of Mr. Raj.

Q. 3 Do any clubbing provisions exist in case of a revocable transfer?

Ans: Revocable transfer is generally a transfer in which the transferor directly or indirectly exercises control/right over the asset transferred or over the income from the asset. As per section 61, if a transfer is held to be a revocable, then income from the asset covered under revocable transfer is taxed in the hands of the transferor. The provisions of section 61 will not apply in case of a transfer by way of trust which is not revocable during the life time of the beneficiary or a transfer which is not revocable during the lifetime of the transferee.

Q. 4 Can remuneration received by spouse of an individual be clubbed with his/her income?

Ans: Under certain circumstances as given in section 64(1)(ii), remuneration (i.e., salary) received by the spouse of an individual from a concern in which the individual is having substantial interest is clubbed with the income of the individual. Provisions in this regard are as follows: The individual is having substantial interest in a concern (*). Spouse of the individual is employed in the concern in which the individual is having substantial interest. The spouse of the individual is employed without any technical or professional knowledge or experience (e.,remuneration is not justifiable).(*) An individual shall be deemed to have substantial interest in any concern, if such individual alone or along with his relatives beneficially holds at any time during the previous year 20% or more of the equity shares (in case of a company) or is entitled to 20% of profit (in case of concern other than a company). Relative for this purpose includes husband, wife, brother or sister or lineal ascendant or descendant of that individual [section 2(41)]. Illustration A Mr. Raja is beneficially holding 21% equity shares of Essem Minerals Pvt. Ltd. Mrs. Raja is employed as Manager (in accounts department) in Essem Minerals Pvt. Ltd. at a monthly salary of Rs. 84,000. Mrs. Raja is not having any knowledge, experience or qualification in the field of accountancy. Will the remuneration (i.e., salary) received by Mrs. Raja be clubbed with the income of Mr. Raja?

** In this situation, Mr. Raja is having substantial interest in Essem Minerals Pvt. Ltd. and remuneration of Mrs. Raja is not justifiable (i.e., she is employed without any technical or professional knowledge or experience) and, hence, salary received by Mrs. Raja from Essem Minerals Pvt. Ltd. will be clubbed with the income of Mr. Raja and will be taxed in the hands of Mr. Raja.

Illustration B Mrs. Kumar is beneficially holding 25% equity shares of SM Construction Pvt. Ltd. Mr. Kumar is an architect and he is employed as site observer of one of the construction sites of the SM Construction Pvt. Ltd. at a monthly salary of Rs. 28,400. The remuneration received by Mr. Kumar is justifiable considering his knowledge, experience and qualification. Will the remuneration received by Mr. Kumar be clubbed with the income of Mrs. Kumar because she is having substantial interest in SM Construction Pvt. Ltd.? **

In this situation, Mrs. Kumar is having substantial interest in SM Construction Pvt. Ltd., but Mr. Kumar is deputed on the basis of his knowledge, experience and qualification and, hence, remuneration paid to him is justifiable. The clubbing provisions of section 64(1)(ii) apply only in a case where spouse is deputed without any technical or professional knowledge or experience. In this case, the remuneration of spouse is justifiable, hence, salary received by Mr. Kumar will not be clubbed with the income of Mrs. Kumar but will be taxed in his hands.

Q. 5 Can income from assets transferred to spouse without adequate consideration be clubbed with the income of transferor-spouse?

Ans: As per section 64(1)(iv), if an individual transfers (directly or indirectly) his/her asset (other than house property) to his or her spouse otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor). Income from transfer of house property without adequate consideration will also attract clubbing provisions, however, in such a case clubbing will be done as per section 27 and not under section 64(1)(iv). The clubbing provisions of section 64(1)(iv) will apply even if the form of asset is changed by the transferee-spouse. There are certain situations in which the clubbing provisions of section 64(1)(iv) are not applicable).

Illustration C Mr. Soham holds 8,400 debentures of Shyamal Minerals Ltd. He gifted these debentures to his wife. Will the income from debentures be clubbed with the income of Mr. Soham?

** In this situation, the debentures are transferred to spouse. Transfer is via gift (i.e., without any consideration) and, hence, income generated from the transferred asset, i.e., interest on such debentures will be clubbed with the income of Mr. Soham. Illustration D Mr. Kapoor gifted Rs. 8,40,000 to his wife. The said amount is invested by his wife in debenture of a company. Will the income from the debenture purchased by Mrs. Kapoor from gifted money be clubbed with the income of Mr. Kapoor? ** Rs. 8,40,000 is transferred to spouse. Fund is transferred via gift (i.e., without adequate consideration) and, hence, the provisions of section 64(1)(iv) will be attracted. The provisions of clubbing will apply even if the form of asset is changed by the transferee-spouse. In this case asset transferred is money and, subsequently, the form of asset is changed to debentures, hence, income from debentures acquired from money gifted by her husband will be clubbed with the income of her husband. Thus, interest on debenture received by Mrs. Kapoor will be clubbed with the income of Mr. Kapoor.

Q. 6 Are there any situations in which the clubbing provisions do not apply in case of income from assets transferred to spouse?

Ans: The clubbing provisions of section 64(1)(iv) are not applicable in the following situations: If the transfer of asset is for adequate consideration; If the transfer of asset is in connection with an agreement to live apart; If the asset is transferred before marriage, no income will be clubbed even after marriage, since the relation of husband and wife should exist both at the time of transfer of asset and at the time of accrual of income;

Q. 7 Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?

Ans: As per section 64(1)(vi), if an individual transfers (directly or indirectly) his/her asset to his/ her son’s wife otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor being father-in-law/mother-in-law). The provisions of clubbing will apply even if the form of asset is changed by the transferee-daughter-in-law. If the asset is transferred before marriage of son, no income will be clubbed even after marriage, since the relation of father-in-law/mother-in-law and daughter-in-law should exist both at the time of transfer of asset and at the time of accrual of income. If on the date of accrual of income, the relation of father-in-law/ mother-in-law and daughter-in-law does not exist, then the provisions of clubbing will not apply.

Q. 8 Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?

Ans: As per section 64(1)(vii), if an individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred benefit of his/her spouse, then income arising from the asset so transferred will be clubbed with the income of transferor. As per section 64(1)(viii), if any individual transfers (directly or indirectly) his/ her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred benefit of his/her son’s wife, then income arising from the asset so transferred will be clubbed with the income of transferor.

Q. 9 Is minor child’s income clubbed with the income of parent? How can parent claim TDS deducted on his minor’s child income?

Ans: As per section 64(1A), income of minor child is clubbed with the income of his/her parent (*). Income of minor child earned on account of manual work or any activity involving application of his/her skill, knowledge, talent, experience, etc. will not be clubbed with the income of his/her parent. However, accretion from such income will be clubbed with the income of parent of such minor. Income of minor will be clubbed with the income of that parent whose income (excluding minor’s income) is higher. If the marriage of parents does not sustain, then minor’s income will be clubbed with the income of parent who maintains the minor. In case the income of individual includes income of his/her minor child, such individual can claim an exemption under section 10(32)) of Rs. 1,500 or income of minor so clubbed, whichever is less. (*) Provisions of section 64(1A) will not apply to any income of a minor child suffering from disability specified under section 80U. In other words income of a minor suffering from disability specified under section 80U will not be clubbed with the income of his/her parent.

Q. 10 Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member?

Ans: As per section 64(2), when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consideration or converts his property into the property belonging to the HUF (it is done by impressing such property with the character of joint family property or throwing such property into the common stock of the family), then clubbing provisions will apply as follows: Before partition of the HUF, entire income from such property will be clubbed with the income of transferor. After partition of the HUF, such property is distributed amongst the members of the family. In such a case income derived from such property by the spouse of the transferor will be clubbed with the income of the individual and will be charged to tax in his hands.

INCOME TAX CIRCULARS & NOTIFICATIONS

Compiled by
CA. Aloke R. Singh

Income Tax Circulars
Circular No.	Date of Issue	Subject
9/2022	09.05.2022	Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961
10/2022	17.05.2022	Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961.
11/2022	03.06.2022	Clarification regarding Form No 10AC issued till the date.

Income Tax Notifications
Notification No.	Date of Issue	Subject
50/2022	06.05.2022	Income-tax (Thirteenth Amendment) Rules, 2022 notified. Rule 2DCA inserted after Rule 2DC.
51/2022	09.05.2022	Income-tax (Fourteenth Amendment) Rules, 2022 notified. Amendments made in Form 3CF, Form 10A, Form 10AB, Form 10BD and Form 10BE, in Appendix II in the Income Tax Rules, 1962.
52/2022	09.05.2022	Amendments made in Notification no. 30 of 2021 date 01.04.2021.
53/2022	10.05.2022	Income-tax (Fifteenth Amendment) Rules, 2022 notified. Clause (vii) inserted after clause (vi) of Rule 114(3), Rule 114BA and 114BB inserted after Rule 114B.
54/2022	27.05.2022	The Faceless Penalty (Amendment) Scheme, 2022 introduced to amend The Faceless Penalty Scheme, 2021.
55/2022	27.05.2022	For the purposes of giving effect to the Faceless Penalty (Amendment) Scheme, 2022, the Central Government amends in the Notification No. 03/2021 dated 12.01.2021.
56/2022	28.05.2022	The CBDT authorises the Assistant Commissioner of Income Tax / Deputy Commissioner of Income Tax (International Taxation), Circle -1(1)(1), Delhi to act as the ‘Prescribed Income-tax Authority’ for the purpose of issuance of notice u/s 143(2) of the Act.
57/2022	31.05.2022	Income-tax (Sixteenth Amendment) Rules, 2022 notified. Rule 44FA inserted after Rule 44F.
58/2022	31.05.2022	The Central Government hereby notifies u/s 10(46) of the Income- tax Act, 1961, ‘National Biodiversity Authority’ (PAN AAALN0331K), an Authority established under the Biological Diversity Act, 2002, in respect of the income arising to that Authority, as specified in this notification.
59/2022	06.06.2022	The Central Government hereby makes specifications u/s 9A(8A) of the Income Tax Act, 1961, in case of Eligible Investment Fund, as per the said notification.

DGFT & CUSTOMS UPDATE

By CA. Ashit Shah

Reduction in Road and Infrastructure Cess on Petrol and Diesel:

Central Government has exempted the goods covered under HSN 2710 viz. Petrol and High Speed Diesel Oil, when imported in to India, from so much of the additional duty of Customs leviable thereon u/s. 111 read with Sixth Schedule to the Finance Act, 2018 as in excess of Rs. 5 & Rs. 2 per liter by amending N. No. 18/2019 – Customs dated 06-07-2019, w.e.f. 22-05-2022.

[N. No. 25/2022 – Customs, dated 21-05-2022]
Reduction in duty on Coal:

Reduction in the duty on goods covered under HSN 2701 viz. (a) Anthracite/Pulverized Coal Injection (PCI) coal; and (b) Coking coal by amending N. No. 11/2021 – Customs, dated 01-02- 2021, w.e.f. 22-05-2022.

[N. No. 27/2022 – Customs, dated 21-05-2022]
Increase in the export duty on certain products:

Central Government has increased the export duty on certain specified products when exported out of India w.e.f. 22-05-2022, as under by amending the existing N. No. 27/2011 – Customs, dated 01-03-2011.

Sr. No.	Chapter Heading	Description of goods	Rate of Duty
21	2601 11	Iron ore and concentrates (Non-Agglomerated)	50%
22	2601 12	Iron ore and concentrates, (Agglomerated) other than iron ore pellets	50%
43		Flat rolled products of iron or non-alloy steel, clad, plated or coated
48A	7219	Flat-rolled products of stainless steel, of a width of 600 mm or more	15%
48B	7222	Other bars and rods of stainless steel; angles, shapes and sections of stainless steel	15%
48C	7227	Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel	15%

[N. No. 28/2022 – Customs, dated 21-05-2022]

Removing the levy of Anti-Dumping duty on Amoxycillin:

Central Government revokes the anti-dumping duty imposed on ‘Amoxycillin’ also known as ‘Amoxycillin Trihydrate’, falling under tariff item 2941 10 30, originating in or exported from China PR and imported into India, vide N. No. 21/2017 – Customs (ADD), dated 16-05-2017, is removed from 11-05-2022.

[N. No. 13/2022 – Customs (ADD), dated 11-05-2022]
Levy of Anti-Dumping duty on PU Leather:

Central Government levied anti-dumping duty on Polyurethane Leather which includes any kind of textile coated one sided or both sided with Polyurethane falling under tariff item 5603 94 90 or 5903 20 90 of the First Schedule to the Customs Tariff Act, 1975, originating in, or exported from People’s Republic of China and imported in to India for a period of 5 years and duty shall be payable in Indian Currency.

[N. No. 14/2022 – Customs (ADD), dated 11-05-2022]
Levy of Anti-Dumping duty on Ceramic Tableware and Kitchenware:

Central Government levied anti-dumping duty on “Ceramic Tableware and Kitchenware, excluding knives and toilet items” falling underheadings6911 and6912 of the First Schedule to the Customs Tariff Act, 1975, originating in, or exported from the People’s Republic of China, and imported into India, for a period of 5 years and duty shall be payable in Indian Currency. It is further clarified that in case the goods are declared as ‘originating in Malaysia’, the anti- dumping duty as per rates mentioned above shall apply.

[N. No. 16/2022 – Customs (ADD), dated 24-05-2022]
Extension of period of Anti-Dumping duty on “Styrene Butadiene Rubber:

Anti-dumping duty on imports of “Styrene Butadiene Rubber (SBR) of 1500 series and 1700 series” falling under sub-heading 4002 19 of the First Schedule to the Customs Tariff Act, originating in or exported from European Union, Korea RP or Thailand, was imposed vide N. No. 43/2017 – Customs(ADD), dated 30-08-2017, is further extended till 31-10-2022.

[N. No. 17/2022 – Customs (ADD), dated 30-05-2022]
Extension of period of Anti-Dumping duty on “Jute Products:

Anti-dumping duty on imports of “Jute products” namely, Jute Yarn/Twine (multiple folded/ cabled and single), Hessian fabric, and Jute sacking bags falling under Tariff Headings 5307, 5310, 5607 or 6305 of the First Schedule to the Customs Tariff Act, originating in or exported from Bangladesh and Nepal was imposed vide N. No. 01/2017 – Customs (ADD), dated 05-01- 2017, is further extended till 30-11-2022.

[N. No. 18/2022 – Customs (ADD), dated 31-05-2022]
Alignment of RoDTEP Items, rates and value caps as per Finance Act 2021 w.e.f 01.01.2022:

DGFT issued the Notification to Notify a new RoDTEP Schedule (Appendix 4R) aligning the schedule with the Customs Tariff Schedule as per updated Finance Act 2021. The new RoDTEP Schedule will be effective of 01.01.2022

[N. No. 04/2015-20, DGFT, dated 11-05-2022]
eBRCs for RoSCTL Claims:

DGFT has issued a Trade Notice in relation to RoSCTL Claims made by exporter. RoSCTL claims get processed without eBRC however it is subject to receipt of export proceeds in time. Exporters who have claimed RoSCTL for shipping Bills up to 31.12.2020 should make sure that their eBRCs are uploaded by their respective banks on the DGFT portal latest by 15.07.2022. Failing to upload the eBRC, DGFT may initiate action as per para 4.96 of HBP notified vide Public Notice No. 58 dated 29-01-2020.

[Trade Notice No. 12/2022 – 2023, dated 30-05-2022]
Paper Import Monitoring System (PIMS) for Import of certain Paper Products under chapter 48 w.e.f 01.10.2022

Import Policy for around 201 products under chapter 48 from “FREE” to “FREE subject to Compulsory registration of “PIMS”. Importers of Paper Products under chapter 48 must register and get PIMS number from DGFT Portal for import of the listed items. The Automatic Registration Number under PIMS will be valid for 75 days and multiple Bill of Entries are allowed within the same registration number in the validity period.

[Notification No. 11/2015-2020 – DGFT, dated 25-05-2022]

CHARITABLE TRUSTS UPDATES

By Adv. Hemant Gandhi &
CA Premal Gandhi

Concept of Mutuality and its Interplay with Charitable Institutions

A mutual society is an organization, where a group of people come together for the benefit of the members of that association or society so formed. Another distinct feature of a mutual society is that such members have the right to claim the benefit from that society/association.

In common parlance, a mutual society implies that the contributors and the recipients are one and the same. Therefore, there cannot be a legal transfer or transaction between the mutual society and its members and such societies are not normally subjected to tax on the principle that a person cannot make a profit from himself.

The Hon’ble Supreme Court in Bangalore Club v. CIT [2013] 29 taxmann. com 29/212 Taxman 566

held that the following principles govern mutuality.

The principle of mutuality relates to the notion that a person cannot make a profit from himself. An amount received from oneself is not regarded as income and is, therefore, not subject to tax; only the income which comes within the definition of section 2(24) is subject to tax (income from business involving the doctrine of mutuality is denied exemption only in special cases covered under clause (vii) of section 2(24) of the Income Tax Act.

The crucial test of mutuality is that all the contributors to the common fund must be entitled to participate in the surplus and all the participators in the surplus must be contributors to the common fund. Therefore, there must be a complete identity between the contributors and the participators If this requirement is satisfied, the particular form which the association takes the contributions is immaterial. Conversely, where there is no such identity between the class of contributors to the common fund and the class of participators in the surplus, the profits of the association would be assessable to tax.

The surplus or income generated by society may not be distributed to the members. The test is whether the money belongs to the members or not. In CIT v. Merchant Navy Club [1974] 96 ITR 261 (AP), it was held that it is of no consequence whether the surplus is paid back to the members or is kept with the society for its future development. In this case, it was observed that it was immaterial whether the surplus is paid back to the members in cash or is put to reserve with the club for its development and for providing better amenities to its members. Further, the participation of the members in the surplus must be in their character as contributors to the common fund or as consumers, and not as shareholders getting dividends on their share amount or as debenture holders earning interest.

An organisation formed for charitable purposes is registered under section 12AA/12AB of the Income- tax Act, 1961 so that any application out of income can be claimed as application of income and therefore income is not subject to tax.

CBDT has issued an explanatory circular dated 19.12.2008 No.11/2008, F No. 134/34/2008-TPL which clarifies that both mutuality and charitable purpose can co-exist. The circular states that where industry or trade associations claim both to be charitable institutions as well as mutual organizations and their activities are restricted to contributions from and participation of only their members, these would not fall under the purview of the proviso to section 2(15) owing to the principle of mutuality. However, if such organizations have dealings with non-members, their claim to be charitable organizations would now be governed by additional conditions stipulated in the proviso to section 2(15) [Circular No. 11/2008 [F No.134/34/2008-TPL]

However the concept of Mutuality have been denied in the following cases as the services were being provided to members as well as non -members.

The High Court of Delhi in the case of CIT v. India Habitat Centre [2020] 114 taxmann.com 84/269 Taxman 401 held that where India Habitat Centre, inter alia set up with primary aim and objective to promote habitat concept, was registered as a charitable trust, principle of mutuality for computation of its income was not required to be gone into as income was to be computed as per sections 11, 12 and 13. In this case, the court held that the assessee cannot be treated as a hybrid organisation i.e. partly mutual society and partly charitable even if it was providing specific services to members and non-members if overall it was not generating surplus and no profit motive. In other words, the entire organisation should be treated as charitable in nature.

FINANCIAL PLANNING VIA LIFE INSURANCE

By Mr. Tushar P. Joshi

As per the principal of Risk Management Either you retain the risk of Transfer the risk. And smart people like you will always transfer the risk.

According to me Insurance is the best tool to have at your disposal in order to protect yourself from exposure to risks that will affect your financial planning in future. Even with the best plans in place to grow your wealth, unexpected events can, and do occur.

Preparation is the best strategy for dealing with life-changing events like injury, disability and major illness. Unfortunately, many who fail to prepare for unforeseen events often find themselves as risk of depleting their life saving to cover the medical and other expenses.

Insurance is your greatest protection from the adverse effects of unexpected events, as your risk and financial responsibility is transferred to the insurer. There are many kinds of insurance policies available to safeguard your financial well-being,

As essential part of financial planning is creating provisions for your family and loved ones following your death. Life insurance can ensure financial security to those who mean the most to you, such as your spouse, children and dependent parents. A carefully executed life insurance policy can help to prepare for life’s uncertainties and give peace of mind knowing that the future of those who rely on you is secured.

Life Insurance pays for immediate expenses:

In event of death Bill can start accumulating fast. Life insurance can be used to pay for immediate expenses, such as funeral expenses, unsettled hospital and medical bills, mortgage payment, business commitments and meeting school and college education expenses for children.
Family’s standard of living can be maintained:

With the right coverage, your family’s lifestyle and standard of living can be sustained; adding much needed normalcy during a difficult time and can maintain dignity.
Options Available:

There are two basic types of life insurance: Term and Endowment policies. Term life policies offer death benefits, only so if insured die nominee will get money, but if insured live past the pre-determined period of the policy, there is no benefit.

Endowment Policies are more expensive, but these policies are open-ended and also accumulate a bonus cash value that the policyholder can enjoy during the retired life blissfully.
Tailor made policy and coverage:

If you have dependent children, spouse and dependent parents then, policy that would protect them after death is a must. Ideally, policies are opened for the breadwinner of the family, but a spouse’s (House Wife) contributions are often overlooked. You might consider a policy to cover

childcare, carpooling and household expenses in the event of a spouse’s (House Wife) death. On the other side, as you get older and children are no longer dependent on you for income, you can gradually reduce your coverage.
Adequate coverage makes a difference:

An old school rule of thumb is that your life insurance policy equals five to ten times of your annual income. Nowadays, advisors will look at the number of dependents you have, how long they will be dependent upon you, and the lifestyle they expect to live after your death. It’s not a simple equation, but in general, you will need more coverage than a typical plan offered by an employer, which usually is sum total of one or two years of your gross Income.
You can improve your credit rating:

A life insurance policy is considered as a financial asset and may increase your credit score, which could be beneficial when trying to obtain a home or business loan. Every asset has value and value is equal to cash and cash is KING.
So Life insurance is not a Luxury Product:

It’s wise to talk to an expert who can dispel all you doubt through the pros and cons of available plans and help you to choose coverage that may be best for your individual situations, now and in the future.

UPDATES ON FINANCE

Compiled by
CA. Pratik B. Satyuga

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

Institution	1 Year FD Rate
Jana Small Finance Bank	6.50%
Indusind Bank	6.50%
Yes Bank	6.25%
RBL Finance Bank	6.25%
Equitas Small Finance Bank	6.10%

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

Post Office Deposit Rates (As on 01st June 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. (Quarterly Compounded)	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 June 2022).

Institution	Rate
Union Bank of India	6.90% onwards
Kotak Mahindra Bank	7.00% onwards
HSBC Bank	7.00% onwards
HDFC Bank	7.00% onwards
Indian Bank	7.00% onwards

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

Fund Name	Current NAV	1 Year Returns
Invesco India Infra – Direct (G)	34.49	19.01%
Axis Small Cap Fund – Direct (G)	64.69	19.80%
Invesco India Infra –(G)	34.49	19.07%
Axis Small Cap Fund (G)	58.04	18.30%

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

Country	In Rs. on 01/04/22	In Rs. on 01/05/22	In Rs. on 01/06/22	Change MoM (Rs)	YTD Returns
United States of America (USA) – USD($)	75.99	76.44	77.59	1.50%	2.11%
United Kingdom (UK) – GBP (₤)	99.61	95.68	97.11	1.49%	-2.51%
European Union (EU) – Euro (€)	86.32	80.62	83.08	3.05%	-3.75%

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

Commodity	Rate on 01/04/22	Rate on 01/05/22	Rate on 01/06/22	Change MoM	YTD Returns
Gold (MCX) – 10 Gms	64,700.00	51,406.00	50788	-1.20%	-21.50%
Silver (MCX) – 1 Kg	68,153.00	65,085	61,400	-5.66%	-9.91%
Crude Oil (MCX) – 1 Unit (BBL)	7,483.16	7,707.00	8,788	14.03%	17.44%

Indian Indices

Index	1st April 2022	1st May 2022	1st June 2022	MoM Returns	YTD Returns
Sensex (BSE)	60,157.92	56,975.99	55,381.17	-2.80%	-7.94%
Nifty 50 (NSE)	17,903.25	17,069.1	16,594.40	-2.78%	-7.31%
Bank Nifty	38,141.20	36,163.75	35,358.95	-2.23%	-7.29%

Global Indices

Index

1st April 2022

1st May

2022

1st June 2022

MoM Returns

YTD

Returns

Dow Jones (USA)

34,740.89

33,787.01

33,156.31

-1.87%

-4.56%

Nasdaq (USA)

14,269.53

12,710.42

12,176.89

-4.20%

-14.67%

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
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