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GST filing made easier.
Quarterly returns for taxpayers having turnover less than 5 Cr. from 1st Jan 2021.

GST filing made easier.

Negative figures allowed in Table 3 of GSTR 3B

Extension of due date to hold AGM for companies from 30th Sep 2020 to 31st Dec 2020.

Major Tax Updates for the past week

GSTR 04, for composition taxpayers is available on portal.

Last date to file (extended)is 31st August 2020.

Goods and Service Tax (GST) is evolving so much everyday. Lots of amendments and changes are introduced daily through notifications and circulars. Keep your business ready for these changes by availing expert's advice on impact of these changes on your business, as these changes may not show their impact today but they can surely effect your business in the long run.

Last date to file ITR for FY 2018-19 is 31st July 2020.

The Union Ministry of Micro, Small and Medium Enterprises (MSME), vide the notification dated 26th June, 2020, declare new process of classification and registration of enterprises as MSME.

An enterprise for this purpose will be known as ‘UDYAM’ and its registration process will be known as ‘UDYAM REGISTRATION’.

The process of registration has started from 1st July, 2020.

The existing Udyog Aadhar holder shall get themselves re-register till 31st march, 2021 or else their MSME status will be revoked.

Under Udyam Registration, PAN and GST are mandatorily required.

TDS on cash withdrawal from bank (applicable from 1st July 2020)

Tax Updates for the Week

File your belated/revised ITR for FY 2018-19 before 30th June 2020.

TDS returns due date for Quarter 4 FY 2019-20 is 30th June 2020.
Ensure timely filing of your returns to avoid late fees.

Key Decisions taken in GST council meeting today.
▪Late fee waived off on late filing of pending GSTR 3B from July 2017 to January 2020 for persons having Nil Tax Liability.
▪Maximum 500 Rupees as late fee for persons having Tax Liabilty.

Income Tax Due Dates for June 2020.
Get your ITR filed before its too late.

GST returns due dates in June 2020.
Please ensure timely filing to avoid interest.

Major tax updates for the past week.

ITR 1 & ITR 4 are now available on Income Tax Portal to file returns.

Last date to file ITR for FY 2018-19 is 30th June 2020 & for FY 2019-20 is 30th November 2020.

Govt of India decided for further upward revision of the ceiling limits for the Medium Enterprises in the MSME Definition. This will help in attracting Investments & creating more jobs in the MSME sectors & encourage Medium Enterprises to invest even more.



https://is.gd/yvSuSA

Govt further revises ceiling limits for MSME Definition Govt of India decided for further upward revision .... Click here to view the full Article

New ITR forms for FY 2019-20 (AY 2020-21) notified.

CBDT on 30th May notified the much awaited Income Tax Return Forms for filing of ITRs for FY 2019-20.



https://taxguru.in/income-tax/itr-income-tax-return-forms1-7-ay-2020-21-notified.html

ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified CBDT notifies Form ―Sahaj (ITR-1), Form ITR-2, F.... Click here to view the full Article

A comparison of reviews done by esteemed reviewers for Govt's 20 Lakh Crore package to Indians.



https://m.businesstoday.in/story/infographic-atma-nirbhar-bharat-package-math/1/404186.html

Infographic: How little Govt will spend of Rs 21 lakh cr stimulus package The fineprint of the Rs 20 lakh crore Atma Nirbhar economic package is finally out and the actual cash outgo from Centre's coffers for this stimulus is only 0.75% to 1.5% of GDP, a miniscule amount when compared to other countries. This BusinessToday.In i

New TDS rates for FY 2020-21 applicable from 14th May 2020 to 31st March 2021.

GSTR 9 & 9C date extended to 30th September 2020.

GST Audit due date for FY 2018-19 was 30th June 2020. Now it stands extended to 30th September 2020.
Earlier the department had given relief to small taxpayers by making Reconciliation Statement optional for taxpayers having turnover less than 5 crore in previous year.

CBIC again extends the expiration date of E-way Bills generated on or before 24th March 2020 and had expiry between 20th March 2020 to 15th April 2020.

Total area of Luxembourg as per World Bank is 2,43,000 hectares. India is planning to offer area twice the size of Luxembourg to companies fleeing China. A total area of 4,61,589 hectares has been identified across the country.


India offers land twice Luxembourg’s size to firms leaving China
https://economictimes.indiatimes.com/news/economy/policy/india-offers-land-twice-luxembourgs-size-to-firms-leaving-china/articleshow/75534412.cms

India offers land twice Luxembourg’s size to firms leaving China Land has been one of the biggest impediments for companies looking to invest in India.

Private offices will be allowed to function with 33% strength, Arvind Kejriwal announced. All Delhi government offices engaged in essential services will function with full strength.

People need to follow guidelines and social distancing norms amid relaxations.

Delhi to implement all lockdown relaxations with conditions: CM Kejriwal All Delhi government offices engaged in essential services will function with full strength and private offices will be allowed to function with 33 per cent strength, Kejriwal announced via a video conference.

Haryana has been suffering monthly revenue losses of Rs 6,000 crore due to the coronoavirus-triggered lockdown.

Haryana Mulling to Impose New Coronavirus Cess on Liquor: Deputy CM Chautala

As India goes for Lockdown 3.0 i.e. lockdown for 2 more weeks upto 17th May, Haryana CM issues new guidelines to resume operations for Industries in Haryana. Guidelines to come into force immediately.


https://economictimes.indiatimes.com/news/politics-and-nation/haryana-cm-issues-new-guidelines-to-resume-operations-in-industry/articleshow/75488812.cms

Haryana CM issues new guidelines to resume operations in industry As per the revised guidelines, activities shall be allowed on the automatic route after obtaining a self-declaration from the industrial units, commercial establishments and construction projects, online, of complying with the Standard Operating Procedures (SOPs) as provided by the MHA.

GST collections may show negative growth into September, says GIFT study
Goods and Services Tax (GST) collections may likely witness a slow or even negative growth rate for at least six months from March to September due to the impact on Covid-19 on manufacture industry, business and consumption. An analysis of different scenarios reveal that GST revenue for the past 30 months has been uneven, volatile, indolent and far below official targets, point out KJ Joseph, N Ramalingam and L Anitha Kumary, faculty at the Gulati Institute of Finance and Taxation (GIFT), a think-tank in Thiruvananthapuram.


https://www.thehindubusinessline.com/economy/gst-collections-may-show-negative-growth-into-september-says-gift-study/article31470069.ece

GST collections may show negative growth into September, says GIFT study Goods and Services Tax (GST) collections may likely witness a slow or even negative growth rate for at least six months from March due to the impact on Covid-19 on manufacture, business and consumpti

Lockdown 3.0: Central Govt classification of Districts in Green, Orange and Red Zone.

All districts of Delhi in Red Zone.
Faridabad in Red Zone while Gurugram in Orange Zone.



https://www.businesstoday.in/latest/trends/coronavirus-lockdown-3-govt-identifies-delhi-mumbai-all-metros-as-red-zones-post-may-3/story/402547.html

Coronavirus lockdown 3.0: Govt identifies Delhi, Mumbai, all metros as red zones post May 3 Coronavirus update: The government has identified 130 districts as red zones, while 284 have been marked as orange zones and 319 are green zones

Rajasthan State Govt hikes duty and taxes on Liquor & Beer to 45%.

Ministry of Home Affairs (MHA) held a comprehensive review meeting on lockdown situation today.
"There have been tremendous gains & improvement in the situation due to lockdown till now. To ensure that these gains are not squandered away, thelockdown guidelines should be strictly observed 3rd May", says the spokesperson from MHA.

CBIC expedite the refund processing to help MSMEs/Exporters. Provides immediate duty drawbacks and GST refunds to tackle the liquidity crunch.

Income Tax Audit: Deferring GST and GAAR reporting in TAX AUDIT

Business entities having a turnover of more than Rs 1 crore (or Rs 2 crore if they have opted for presumptive taxation) and professionals with gross receipts of more than Rs 50 lakh have to comply with the tax audit requirements. The due date for its filing is September 30 and if the taxpayer is covered by transfer pricing provisions, the due date is November 30.

The Central Board of Direct Taxes (CBDT) in an order issued on Monday said the board has received representations with regard to difficulty in implementation of reporting requirements under clause 30C (pertaining to GAAR) and clause 44 (pertaining to GST compliance) of the Form No 3CD in view of the global pandemic due to COVID-19 and requested for deferring it’s applicability.

"The matter has been examined and in view of the prevailing situation due to COVID-19 pandemic across the country, it has been decided by the board that the reporting under clause 30C and clause 44 of the tax audit report shall be kept in abeyance till March 31, 2021,” the CBDT said

A GST relief package is on the way. Freezing of GST payments for 6 months under consideration for worst hit sectors like Restaurants, Aviation and Hospitality.
Proposal also include to switch to Cash based principle of levying tax rather than currentl Invoice based principle.

GST council to take final decision.

6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled Other proposals include switch to a cash-based tax system from current invoice-based one.