GSTPAM News Bulletin September 2022
THE GOODS & SERVICES TAX PRACTITIONERS’ ASSOCIATION OF MAHARASHTRA INTENSIVE STUDY COURSE CIRCULAR FOR THE YEAR 2022-23
Respected Members,
It is 6th year of the GST act is implemented. After implementation of GST, whole fraternity of Indirect Tax Practitioners and Trade are facing various challenges with regard to implementation, transition, interpretation, practical aspects, prescribed schedule rates, AAR, Department Audit, various notices related to ITC mismatch and so on.
We all are aware about the practical difficulties we are facing while applying the rules and procedures of the GST law and the frequent amendments to the law especially due to frequent lockdown. With the view to update our fellow members on the latest development in law and to discuss the practical issues arising there from, our association has been regularly conducting Intensive Study Course. This year the Intensive Study Course is designed to enable the members to study and discuss various issues on Indirect Tax Laws mainly on GST Law, as well as on profession tax, etc.
With the same enthusiasm to discuss mainly on various aspects of GST Law, We are starting our hybrid mode Intensive Study Course for the year 2022-23 from Friday, 16-09-2022 onwards, upto June, 2023.
The Intensive Study Course is such an academic activity of our association which is designed to facilitate the members to study and discuss various issues in group. At the intensive study Course, one of the members acts as a group leader and leads the discussion on issues of the relevant subject/ topic and one of the seniors in the profession monitors the discussion. The meetings are generally arranged ON Hybrid mode on 1st , 3rd and 5th Friday of the month during 3.30 p.m. to 6.00 p.m.. There are around 15-16 meetings will be arranged for the Intensive Study Circle.
1st The inaugural meeting of the Intensive Study Course is scheduled to be held on Friday, 16-09-2022 onwards, upto June, 2023. between 3.00 p.m. – 6.00 p.m. on hybride mode on the subject “Issues in Assessment and Recovery proceedings under GST”. The topic will be lead by Group Leader CA Dharmen Shah and the Monitor of CA Ashit Shah.
The group strength is restricted to a limited number of members to facilitate better interaction within the group. The Intensive Study Course Fee is fixed at Rs. 1,650/- including GST for Members and Rs. 1,850/- including GST for Non members. You are requested to enroll at the earliest to avoid disappointment.
Member interested to act as group leader should inform by filling up the option in the Form of “I wish to be a group leader for the subject” and are requested to contact the Convener on the mobile numbers mentioned- on Cell No. 9552451930/ 98211 21433 / 9324541329
Note :
1 GST lectures will be in form of group discussion, which will be helpful to study the GST law.
2 If the materials are received 3 days earlier to the date of meeting, the same will be circulated through mails to the participants.
3 Participants are requested to discuss only the points related to the particular topic of the meeting and to come prepared for the subject, which will be helpful for the discussion.
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Pravin Shinde Chairman |
Dilip Nathani Convenor 9821121433 |
Pravin Jadhav Convenor 9324541329 |
Manakchand Baheti Convenor 9552451930 |
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:
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Type of Membership |
Membership Fees incl. GST |
Admission Fees Incl. GST |
Subscription Charges for GST Review |
Total |
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New Membership Application |
||||
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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:-
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Cheque |
A/c Payee Cheque drawn in favor of “The Goods & Services Tax Practitioners’ Association of Maharashtra” payable at Mumbai. |
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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. |
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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. |
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Identity |
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 |
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Identity Card |
Ordinary Local/Outstation Members should provide Two Photographs along with the Renewal Form for issue of I-cards. |
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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.
| Dated:-31.01.2022 | Mahesh Madkholkar
Parth Badheka Hon. Jt. Secretary |
GST, MVAT & ALLIED LAW UPDATESCompiled by |
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Notification under Maharashtra Goods and Services Tax Act, 2017 (MGST) |
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| Notification No. | Date of Issue | Subject |
| 03/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 11/2017-Sales Tax (Rate) dated 29.06.2017 |
| 04/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 12/2017-Sales Tax (Rate) dated 29.06.2017 |
| 05/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 13/2017-Sales Tax (Rate) dated 29.06.2017 |
| 06/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 1/2017-Sales Tax (Rate) |
| 07/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 2/2017-Sales Tax (Rate) |
| 08/2022- StateTax (Rate) | 08.08.2022 | Seeks to amend Notification No 3/2017-Sales Tax (Rate) |
| 09/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 5/2017-Sales Tax (Rate) |
| 10/2022-State Tax (Rate) | 08.08.2022 | Seeks to amend Notification No 2/2022-Sales Tax (Rate) |
| 11/2022-State Tax (Rate) | 08.08.2022 | Rescinds notification No 45/2017 – State Tax (Rate) |
| 15/2022-State Tax | 08.08.2022 | Seeks to amend Notification No 10/2019-Sales Tax (Rate) |
| 16/2022-State Tax | 08.08.2022 | Seeks to amend Notification No 14/2019-Sales Tax (Rate) |
| Notification No. 11/2022—State Tax Dt.08.08.2022 | 08.08.2022 | Seeks to extend due date of furnishing Form GST CMP – 08 for the quarter ending June, 2022 till 31.07.2022 |
| Notification No. 12/2022—State Tax Dt.08.08.2022 | 08.08.2022 | Seeks to extend the waiver of late fee for delay in filing Form GSTR – 4 for F Y 2021-2022 |
| Notification No. 13/2022—State Tax Dt.08.08.2022 | 08.08.2022 | Seeks to extend dates of specified compliances in exercise of power under section 168A of MGST Act |
| Notification No. 14/2022—State Tax Dt.08.08.2022. | 08.08.2022 | Seeks to make amendment (First Amendment, 2022) to the MGST Rules, 2017 |
| Notification No. 15/2022—State Tax Dt.08.08.2022 | 08.08.2022 | Seeks to amend notification No 10/2019- State Tax |
| Notification No. 16/2022—State Tax Dt.08.08.2022 | 08.08.2022 | Seeks to amend notification No 14/2019- State Tax |
| MAHARASHTRA ACT NO. XXXIX OF 2022. | 26.08.2022 | Maharashtra Goods and Service Tax (Amendment) Act, 2022. (MAHARASHTRA ACT NO. XXXIX OF 2022) (English) |
| MAHARASHTRA ACT NO. XXXIX OF 2022. | 26.08.2022 | Maharashtra Goods and Service Tax (Amendment) Act, 2022. (MAHARASHTRA ACT NO. XXXIX OF 2022) (Marathi) |
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Circulars under Maharashtra Goods and Services Tax Act, 2017 (MGST) |
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| Circular No. | Date of Issue | Subject |
| 09 T of 2022 CBIC circular no. 177/09/2022-TRU | 10.08.2022 | Clarification regarding applicable GST Rate & Exemption on certain services. |
| 10 T of 2022 CBIC circular no. 179/11/2022-GST | 10.08.2022 | Clarification regarding GST Rate & classification (goods) based on the recommendations of the GST Council in its 47th meeting held on 28th – 29th June, 2022 at Chandigarh |
INCOME TAX UPDATESBy CA. Ajay Talreja |
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Treatment of Share Transactions In Income Tax Return
The COVID 19 saw the rise in COVID cases as well as Demat account. Many people while sitting idle at their home developed the interest in the shares dealing. Though it’s a good income generating tool, but people are unaware of the tax affect on the share transactions. This unawareness among the investors are the major reason of difficulty for the ITR preparer. The Income Tax consultant when asked the client about their share information, many of them don’t disclose it. The government of India has launched the AIS/TIS form in Income Tax portal which clearly depicts any share transaction incurred by the assessee in the current year. Any purchase or sales of equity shares/ listed shares/ debentures/ mutual funds etc is shown under the form. Thus hiding the information from the Income Tax Consultant will be unfair. There are confusion among the place to shown income for the transaction in share, Mutual fund transaction . Below mention table show under which head to show the income. Income from Intra Day to be shown under business income (speculative) Amount would be net of profit and loss Loss from intra day to be shown under business income (speculative) Amount would be net of profit and loss Income from Long term gain To be shown under capital gain scripwise detail need to be mention Income from short term gain To be shown under capital gain Scripwise Detail NOT required Income from F & O To be shown under business head (non speculative) Net turnover to be shown Loss from F & O To be shown under business head (non speculative) Audit required for claiming such loss Thus the selection of income under the below mentioned head respectively put the assessee to file in ITR form no ITR 4, ITR 3, ITR 2. Hiding the material information about transaction related to dealing in shares would lead to the notices from the department since such are easily accessed from the AIS form. It is advisable to be aware of the tax affect on the income / loss generating from the share transactions and provide information to the ITR preparer as when required.
Section 194R TDS on Benefits/Perquisites/Gifts arising out of Business or Profession
Section 194R: TDS @ 10% on Benefits or Perquisites arising out of Business or Profession
1. Applicable from 01-07-2022.
2. Rate of TDS = 10%
3. Limit of Deduction = Exceeding Rs. 20,000 in a F.Y.
4. Deductor = Any Person- Carrying Business/Profession (Except-Individual/HUF Not Liable to Tax Audit in P.F.Y)
5. Deductee = Resident
6. Valuation of Benefit or Perquisites:- (FMV, Exclusive of GST) Purchased : Purchase Price Manufactured : Price Charged from other outside customers
7. Methods of deduction of TDS/way to Ensure TDS deduction/deposit. Deduction/Payment by Provider: Gross up method to be followed OR Tax Payment by Recipient:
8. Obtain Declaration and a Copy of Advance Tax Challan that the due tax has been Paid. (This is also to be reported in Form 26Q- TDS Return)
9. What to do for Period from 01-04-2022 to 30-06-2022 as the TDS is Applicable From 01-07-2022 For Calculation of Threshold Limit:– Benefit Provided during 01-04-2022 to 30-06-2022 to be considered For TDS Deduction:- TDS is Only Deductible on Benefit Provide after 01-07-2022
Providing Free Ticket for an event. Providing Free Samples. Expenditure on Leisure Trip/Leisure Component with Business Conference Trip Expenditure on Family accompanying-the person on Business Conference Trip Expenditure on Prior Stay/Over Stay of Participants on Business Conference Trip (The above examples are only illustrative)
DGFT & CUSTOMS UPDATEBy CA. Ashit Shah |
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1. Notifications issued under Customs Tariff
| N. No. | Remark | Date |
| 46/2022 – Customs | Extend the existing time limit for concessional import duties on specified edible oils up to and inclusive of the 31st March, 2023. At present, crude palm, soyabean and sunflower oils imports attract only the 5% agri infra cess and a 10% education cess upon it, meaning a total tax incidence of 5.5%. Currently, the basic customs duty on refined varieties of palm oil is 12.5%, while social welfare cess is 10%. So the effective duty is 13.75%. | 31-08-2022 |
| 24/2022 – ADD | Impose anti-dumping duty on Opal Glassware covered within Chapter Heading 7013 from UAE & China PR for a period of 5 years. | 03-08-2022 |
| 25/2022 – ADD | Impose provisional anti-dumping duty on imports of Ursodeoxycholic Acid (UDCA) covered within Chapter 29 originating in or exported from China PR and Korea RP for a period of six months. | 18-08-2022 |
| 26/2022 – ADD | Extend the levy of ADD on Jute Products originating in or exported from Nepal and Bangladesh. | 31-08-2022 |
2. Circulars issued under Customs:
| Circular No. | Remark | Date |
| 12/2022 | Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962 | 16-08-2022 |
| 13/2022 | Revised Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962 | 16-08-2022 |
| 14/2022 | Custom duty on Display Assembly of a cellular mobile phone | 18-08-2022 |
| 15/2022 | Simplification for procedure for compounding of offences under Customs Act, 1962 | 23-08-2022 |
| 16/2022 | Faceless Assessment – Standard Examination Orders through RMS – Phase 1, Part 1 | 29-08-2022 |
3. Notifications under DGFT:
| N. No. | Remark | Date |
| 23/2015-2020 | Amendment in import policy of Malonyluera (Barbituric Acid) and its salt covered under HSN 29335200 whereby now import would be allowed without NOC from Narrcotics Commissioner, Gwalior. | 01-08-2022 |
| 24/2015-2020 | Amendment in import policy of Cyclanes, cyclanes and cycloterpenes covered under HSN 29021100 whereby now BIS certification for import of “Hexane, Food Grade” is removed with immediate effect. | 04-08-2022 |
| 25/2015-2020 | Amendment in export policy of Wheat Flour, Maida, Samolina, Wholemeal atta, under HSN 1101 remain “Free” but exports shall be subject to recommendation of Inter-Ministerial Committee (IMC) constituted for allowing export of wheat. The provisions as under Para 1.05 of the Foreign Trade Policy 2015-2020 regarding transitional arrangement shall not be applicable under this notification. | 08-08-2022 |
| 27/2015-2020 | Amendment in export policy of Rice (Basmati and Non-Basmati) to EU states and other European Countries viz. United Kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require certificate of inspection from EIA/EIC. Exports to remaining European countries (except United Kingdom, Iceland, Liechtenstein, Norway and Switzerland) will require certificate of inspection by Export Inspection Council (EIC) or Export Inspection Agency (EIA) for exports from 1st January, 2023. | 17-08-2022 |
| 28/2015-2020 | Amendment in import policy of “artemia cyst” under HSN 05119140 is revised from “Restricted” to “Free” with immediate effect. | 25-08-2022 |
| 29/05-2020 | Amendment in export policy of Wheat or Meslin Flour under HSN 1101 is no longer exempted from export restrictions / ban. The status of other 9 items in N. No. 31 /2009-2014 remains unchanged. | 27-08-2022 |
CHARITABLE TRUSTS UPDATESBy Adv. Hemant Gandhi & |
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COMPARATIVE TABLE FOR FORMS OF REGISTRATION FOR NPO’s IN INDIA
| Sr No. | Description | Society | Trust | Company |
| 1 | Relevant Act for registration / incorporation | The societies Registration Act, 1860 | Only the Trust Deed is registered under the Registration Act, 1908. However, in 5 states they are supposed to get registered with Charity Commissioner office like Maharashtra. | Companies Act, 2013 |
| 2 | Ease of formation | Relatively simple, it may take 1-2 months | Takes Minimum 2-3 months, if it is to be registered with Charity Commissioner office. | Relatively complicated, it may be registered in month. |
| 3 | Authority for registration | Registrar of Societies of the concerned State | Sub-Registrar/Charity Commissioner at the District level. | Registrar of the companies of the concerned state. |
| 4 | Approval of name | Separate application not required. Name is generally granted if available | Not required | Application for name approval has to be made in PART-A of SPICe + form. There are strict guidelines for approval of name. |
| 5 | Minimum No. of Subscribers / Trustees required | 7 (Seven) | 2 (Two) | 2 (Two) |
| 6 | Governing Structure | Two tier structure a) General Body b) Board of Directors. | Single tier structure the trustees are the ultimate authority. | Two tier structure a) General Body b) Board of Directors. |
| 7 | Voting Rights | All members have equal rights. | All trustees have equal rights. | The voting rights may vary on the basis of shareholding. The voting right can be based on individual votes also. |
| 8 | Types of activities allowed | Any kind of charitable and public utility activity can be undertaken. | Any kind of charitable and public utility activity can be undertaken. | Any kind of charitable and public utility activity can be undertaken. |
| 9 | Annual Documents to be filed | This requires a list of managing body to be filed every year. But different states have different requirement for filing additional document every year. Normally the annual audited accounts, Director’s report and the list of governing body member has to be filed every year. | Annual Accounts & Budgets needs to be filed. | Annual return and audited accounts are required to be filed every year with ROC. |
| 10 | General and Board / Governing Body meetings | General and Board/ Governing Body meetings are required to be held as prescribed in the bye-law of the society | No provisions are laid down in this regard. Adequate clauses should be framed in the Trust Deed itself. | Specific provisions have been laid down. At least 1 Annual General Meeting and 2 Board meetings are required to be held every year. |
| 11 | Transfer of Membership | Membership is not transferable. | Membership is not transferable. | Membership can be transferred. Restriction on transfer can also place. |
| 12 | Payment to functionaries | Permitted as the general body may decide. | Provision should be available in the trust deed for any such payment. | Permitted as the general body may decide. |
| 13 | Compliances expenditure | The compliances are minimal. Consequently, compliance expenditure is also negligible | The compliances are minimal. Consequently, compliance expenditure is also negligible | Annual returns, Balance sheet, Director KYC and ACTIVE KYC are filed along with certain government fees. However, the Quantum of expenditure is not significant |
| 14 | Area of operation | Can operate throughout India even if registered in one particular state. No separate registration is required for operating in another State. | Can operate throughout India. | Can operate throughout India as the registration is granted by the Central Government. |
| 15 | Income Tax Registration | Compulsory | Compulsory | Compulsory |
| 16 | FCRA Registration or Prior Permission | Compulsory for receiving foreign funds | Compulsory for receiving foreign funds | Compulsory for receiving foreign funds |
| 17 | Labour and other relevant laws | To be complied with as per applicability | To be complied with as per applicability | To be complied with as per applicability |
| 18 | Foreigner as a member / trustee | Possible | Not Possible | Possible |
| 19 | Risk of having a foreigner on board | Difficulties may be faced getting FCRA registration. No other threat perceived. | Difficulties may be faced getting FCRA registration. No other threat perceived. | Difficulties may be faced getting FCRA registration. No other threat perceived. |
| 20 | Audit | If total income exceeds the minimum threshold limit. | If total receipt exceeds the minimum threshold limit. | Mandatory irrespective of income |
Be Positive!By Mr. Tushar P. Joshi |
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In our profession high work pressure about the due dates of filling Returns, audits etc. many times lead to Tension and invite various diseases like Blood Pressure, Diabetes and at the cost of our health we compromise. I have tried to highlight certain points for our healthy life.
The state of your mental health says a lot about your life. Experts say that people who focus more on positive thinking and have positive attitudes not only enjoy life more but also lead healthier lives. Optimists are said to deal with pain and hardship then their pessimistic counterparts. Remember your body reacts to your thoughts, feelings and action. So if you’re in a bad mood, your body will respond in similar manner. While keeping you fit by eating right and managing stress is alright. Positive thinking goes a long way in ensuring good health.
➤ If you’re feeling unwell and tell yourself that you’re coming down with a high fever, chances are that it will come true. Your mind is more powerful than you think. Stop thinking that you are going to fall sick or will take time to recover from a sickness. Experts call this the placebo effect – a placebo is treatment that provides whatsoever no medical gains except making the patient believe that it is helping them get better. Several patients reported relief from their problems although they did not actually take any medicine.
➤ The classic example of the same is during World War II. After running out of pain killing Morphine. Dr’s place a simple saline solution (Salt & Water) they continued telling the wounded soldiers it was morphine to calm them. The surprisingly many of the soldiers reported that pain has been subsided. So the substance look like a read medication but in reality it’s not. Dr’s saying to patient that he or she will feel better. So the placebos help the brain release natural chemicals and change brain activity.
➤ Thinking positive may not come naturally to everyone. To make that change, you need to make a conscious effort. Whenever you find yourself getting negative thoughts. Stop them. Start thinking of a happy event or memory that will cheer you up.
➤ Make positive statements. Instead of thinking or saying, “I can’t do this or this is impossible”, state positive affirmations-“I will give my best shot or I have so many things to be grateful about”, sends out positive vibes.
➤ Down in the dumps or feeling out of sorts with an illness? Visualisation is a great technique that will actually help you feel better. Imagine yourself healthy and happy. When you visualize your thoughts, they send out positive signals to your brain making you feel better.
➤ Positive emotions like humour, friendship and love are known to supercharge your health. Experts have since long asserted that laughter is great for you. Life is full of humour if you stop and experiences it. Watch funny movies or TV shows, read books and jokes that make you smile, meet people who make you laugh. Laughter increases creativity, reduces pain and even accelerates healing.
➤ Catch up with friends. With the hectic lives we lead, we often forget how relaxing and calming is while meeting a friend can be. Good friendships are important so make sure you surround yourself with genuine ones. Having close buddies help you recuperate faster from sickness. Attending our RRC in my view play as vital Role.
➤ Social service and volunteering boosts feelings of compassion, which in turn make you a better person. When you help someone, you also help yourself. There are several orphanages, old age homes, mentally and physically challenged centres and animal shelters that need you to spend time with people and animals living there. You don’t need to go there every week. Go once in a while and notice the difference. You can make a resolution to visit them on your Birthday or Anniversary.
➤ When you spend a certain amount of time in prayer, and spiritual beliefs, you send positive vibrations your side. Have faith and it will go a long way in being a faithful companion. Prayer and meditation are good ways to connect to your spiritual side.
➤ Recently we have read Mr. Rakesh Jhunjhunwala king of Stock Market who passed away. Before few months when he was hospitalised he commented “I have enough money but despite that I can’t buy my health.”
➤ So finally to conclude I can say the professional who are optimistic; lead healthier lives. And it is rightly said “Health is Wealth”
UPDATES ON FINANCECompiled by
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Highest 1 Year FD Rates (As on 01st September 2022) < Rs 2 Crore.
| Institution | 1 Year FD Rate |
| Jana Small Finance Bank | 7.00% |
| Equitas Small Finance Bank | 6.82% |
| RBL Finance Bank | 6.50% |
| Indusind Bank | 6.25% |
| Yes Bank | 6.25% |
Note : Senior Citizens would generally get 0.50% more than the above mentioned rates.
Post Office Deposit Rates (As on 01st September 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 September 2022).
| Institution | Rate |
| HDFC Bank | 8.35% onwards |
| Union Bank of India | 7.90% onwards |
| HSBC Bank | 7.70% onwards |
| Indian Bank | 7.60% onwards |
| Kotak Mahindra Bank | 7.50% onwards |
Top Performing Mutual Funds (As on 01st September 2022).
| Fund Name | Current NAV | 1 Year Returns |
| Invesco India Infra – Direct (G) | 37.49 | 13.23% |
| Axis Small Cap Fund – Direct (G) | 70.42 | 12.71% |
| Invesco India Infra –(G) | 32.46 | 11.58% |
| Axis Small Cap Fund (G) | 62.95 | 13.92% |
Major Currency Rates (As on 01st September 2022).
| Country | In Rs. on 01/04/22 | In Rs. on 01/08/22 | In Rs. on 01/09/22 | Change MoM (Rs) | YTD Returns |
| United States of America (USA) – USD($) | 75.54 | 78.65 | 79.54 | 1.13% | 5.30% |
| United Kingdom (UK) – GBP (₤) | 98.96 | 96.05 | 92.25 | -3.96% | -6.78% |
| European Union (EU) – Euro (€) | 83.05 | 80.50 | 79.84 | -0.82% | -3.87% |
Major Commodity Rates (As on 01st September 2022).
| Commodity | Rate on 01/04/22 | Rate on 01/08/22 | Rate on 01/09/22 | Change MoM | YTD Returns |
| Gold (MCX) – 10 Gms | 51,290.00 | 51899.00 | 50730.00 | -2.25% | -1.09% |
| Silver (MCX) – 1 Kg | 66,820.00 | 58000.00 | 51600.00 | -11.03% | -22.78% |
| Crude Oil (MCX) – 1 Unit (BBL) | 7,726.00 | 7371.19 | 9063.28 | 22.96% | 17.31% |
Indian Indices
| Index | 1st April 2022 | 1st August 2022 | 1st September 2022 | MoM Returns | YTD Returns |
| Sensex (BSE) | 59,276.69 | 57823.10 | 58710.53 | 1.53% | -0.96% |
| Nifty 50 (NSE) | 17,436.90 | 17243.20 | 17542.80 | 1.74% | 0.61% |
| Bank Nifty | 37,148.50 | 37637.95 | 39301.25 | 4.42% | 5.79% |
Global Indices
| Index | 1st April 2022 | 1st August 2022 | 1st September 2022 | MoM Returns | YTD Returns |
| Dow Jones (USA) | 34,818.27 | 32755.71 | 31454.58 | -3.97% | -9.66% |
| Nasdaq (USA) | 14261.50 | 12877.04 | 11707.44 | -9.08% | -17.91% |
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 2022-23
 Ashit C. Shah Chairman |
 Sunil D. Joshi Jt. Convenor |
 Aloke R. Singh Jt. Convenor |
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The opinions and views expressed in this Bulletin are those of the contributors. |