As per newly inserted sub section (6A) & 6(B) of section 25 (Procedure of Registration) of the Act, all the existing registered persons/application submitted for new GST Registration will have to undergo mandatory Aadhaar authentication w.e.f. 1st April, 2020. (refer notification no. 18/2020 dated 23.03.2020 notifying 1st April, 2020 for verification of Aadhaar) Through Notification […]

Notification :-  15/2020– Central Tax  (Date of Application – 23.03.2020) Old Provision New Provision As per Section 44(1) of the CGST Act, 2017, due date of filing of Annual Return in form GSTR 9 for financial year 2018-19 was 31st December 2019. However, due date was extended up to 31.03.2020 for financial year 2018-19 vide […]

Notification :-  14/2020-Central Tax  (Date of Application-01.10.2020) Old Provision New Provision Dynamic Quick Response (QR) Code is mandatory from 1st April, 2020 (Refer Notification No. 72/2019 Central Tax dated 13.12.2019) Dynamic QR Code is applicable for:- Registered person whose aggregate turnover in a financial year exceeds 500 crore rupees In respect of supply of Goods […]

In order to provide relief to small scale industries, the Central Board of Indirect Taxes & Customs (CBIC) has increased the threshold Limit for mandatory issue of E-Invoices applicable from 1st October 2020. CBIC has issued Notification no. 61/2020-Central Tax dated 30.07.2020 notifying all the businesses having turnover more than Rs. 500 Cr. for issue […]

SEBI vide circular no. 140 dated 29.07.2020 has extended the timeline for submission of financial results for the quarter, half year and financial year ended June 30 by a month to September 15 2020.   Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 (‘LODR Regulations’) requires a listed company to submit its quarterly/half year/annual financial […]

Notification :-  13/2020-Central Tax  (Date of Application-01.10.2020) Old Provision New Provision E-Invoicing is mandatory from 1st April, 2020 (Refer Notification No. 71/2019 Central Tax dated 13.12.2019) E-Invoicing was applicable for:- Registered person whose aggregate turnover in a FY exceeds Rs 100 Cr. in respect of supply of Goods/Services to Registered Person (B2B). Implementation of E-Invoicing […]

Notification :-  12/2020-Central Tax  (Date of Application-21.03.2020) Old Provision New Provision Composition dealers are required to file Quarterly return in Form GST CMP-08 and Annual Return in Form GSTR-4 under GST Act. The Composition dealer who instead of furnishing Form GST CMP-08 have instead furnished a return in Form GSTR-3B are not required to furnish […]

Notification :-  11/2020-Central Tax  (Date of Application-21.03.2020) Old Provision New Provision New Provisions came in force to resolve conflicts arising between Insolvency and Bankruptcy Code (IBC) 2016 and GST Act Applicable for Corporate Debtors undergoing corporate insolvency resolution process and the management of whose affairs are being undertaken by Interim Resolution Professionals (IRP) or Resolution […]

Notification :-  10/2020-Central Tax  (Date of Application-21.03.2020) Old Provision New Provision Same as for other Union Territories / States. Applicable for tax payers having principal place of business in erstwhile  Union Territory till 26.01.2020 and in merged Union Territory from 27.01.2020 onward. Date of merger of these two UT’s is 26th Jan, 2020, therefore, new […]

Notification :-  09/2020-Central Tax  (Date of Application – 16.03.2020) Old Provision New Provision Foreign Airline companies covered under Section 381(1) of the Companies Act, 2013 are required to file Reconciliation Statement in Form GSTR 9C. Foreign Airlines company covered under Section 381(1) of the Companies Act, 2013 are now exempted from filing of Reconciliation Statement […]

Notification :-  08/2020-Central Tax   (Date of Application-01.03.2020) Old Provision New Provision Currently State-run lottery attracts 12% GST, while a State-authorised lottery attracts 28% GST. Uniform Tax Rate of 28% (GST) will be levied on lotteries from March 1, 2020. GST Council had decided to impose a single rate of 28 per cent on both state-run […]

The due date for filing of GSTR 1 for the period of March 2020 to June 2020 Month / Qtr Turnover Criterion Actual due date Extended due date Late Fee if not filed by extended due date Notification No Date of Notification Mar-2020 More than Rs. 1.5 Crore 11-Apr-2020 10-July-2020 INR 50/20- per day(CGST Rs. […]

CBDT vide Notification no. 32/2020 dated 12.06.2020 has notified “301” as the Cost Inflation Index for FY 2020-21. This will be used to compute (Long Term Capital Gain / Long Term Capital Loss) on assets held for more than 3 years which are sold in FY 2020-21. List of Cost Inflation Index notified till date […]

Central Board of Indirect Taxes vide Circular no. 139 dated 10th June, 2020 has clarified that, ‘Circular no 135  which restricts the refund of ITC in respect of Invoices whose details are not reflected in GSTR 2A’ is not applicable for Refund of ITC availed on Invoices / documents relating to Imports, ISD Invoices and […]

Finance Minister Nirmala Sitharaman through 40th GST Council Meeting (1st meeting after the Lockdown) has announced various measures to ease compliance burden on businesses. Some of the relief measures announced are as follows:- (1)Reliefs in respect of Late Fee (A) Returns for tax periods July, 2017 to January, 2020 – No Late Fee on GST […]

When whole of the country is in lockdown due to COVID 19 Pandemic, the Central Govt, in order to provide the liquidity in the hands of employers and employees decided to reduce the statutory contribution rate of PF from 12% to 10% for the wage months of May, June & July 2020 for all establishment […]

As announced in the union budget 2020 the Income Tax Department has finally launched the facility of Instant e-PAN. It will be available for those applicants having valid Aadhaar number and mobile number registered with Aadhaar. It will be paperless process and e-PAN will be issued to the applicants free of cost. Applicant can to […]

After announcement of Nation wide Lockdown in the month of March, functioning of the Income Tax Department (including application for lower/Nil deduction of TDS/TCS & approval of the same by Income Tax officer) has been severely disrupted. Therefore, to mitigate the hardship of the assessees and constraints faced by Income Tax officers in disposing of […]

Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for […]

Since 28th March 2020 when PM Modi announced the creation of PM-CARE fund to provide relief to the poor, Industries were asking the Govt to specify “Donations to the said fund should be counted as mandatory CSR Spends of companies”. In this regard, Ministry of Corporate Affairs vide Notification dated 26.05.2020 amended the Schedule 7 […]

The current Foreign Trade Policy 2015-2020 has been announced by Government of India on 1st April 2015 under Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 and was applicable till 31st March 2020. Director General of Foreign Trade (DGFT) notifies the hand book of procedures to be followed by Exporters and Importers. […]

The Prime Minister’s office while appealing to the people of India to donate for the “PM Care Fund” has expressed that “The COVID-19 pandemic has engulfed the entire world and has posed serious challenges for the health and economic security of millions of people worldwide. In India too, the spread of corona virus has been […]