GST ki shiksha by CA Rohit aggarwal

🦚 Namaskar!

*GST Updates 02.03.2021*

The GST collection in February this year stood at Rs 1.13 lakh crore. There is 7% increase in collection showing economic recovery: Finance Ministry.

Centre releases ₹1.04 lakh crore GST compensation shortfall to states since October 2020.

Awadh Bar Association Moves Allahabad High Court For GST Appellate Tribunal At Lucknow.

Petition in Kerala High Court challenges Conditions imposed for lifting of Provisional Attachment of Bank Account.

Hospitals may have to pay GST on food to inpatients.

*UPCOMING DUE DATES*

1️⃣ *Income Tax:*

▶️ *15.09.2020* is the due date to pay *2nd Intstallment of Advance Tax* for FY 2020-21 (AY 2021-22).

▶️ *30.09.2020* is the due date to *file Belated/Revised* Income tax return for FY 2018-19.

▶️ *31.10.2020* is the due date *to file Tax Audit Report* in case of Tax Audit assessees for FY 2019-20 (AY 2020-21).

▶️ *31.03.2021* is the due date for *SFT (Significant Financial Transactions)* response (Form 61A/ Preliminary) for FY 2019-20.

▶️ *31.03.2021* is the due date of filing of *TDS/TCS Return of Q1 & Q2* (FY 20-21).

2️⃣ *Goods and Services Tax:*

▶️ GSTR-3B Due Dates:

❇️ *12.09.2020/ 23.09.2020/ 27.09.2020* for *May, June and July month* for the taxpayers having *turnover upto Rs. 5 Crores* and the principal place of business situated in *West and South India*.

❇️ *15.09.2020 /25.09.2020/ 29.09.2020* for *May, June and July month* for the taxpayers having *turnover upto Rs. 5 Crores* and the principal place of business situated in *East and North India*.

*Notes:*

a. *Interest @ 9%* shall be applied after passing above-mentioned *due date till 30.09.2020*.

b. For taxpayers with *turnover more than INR 5 crores*, normal due dates *(20th of next month)* will be applicable.

3️⃣ *Corporate & Allied Laws:*

▶️ *30.09.2020 is the due date*

a. To file *DPT-03* (Return of Deposits);

b. To file *DIR-3 KYC* (KYC of directors);

c. To file *MSME Form-1* for half year ended March 31,2020;

d. To file *PAS-6 (Reco of Share Capital)* duly certified by PCS or CA in practice for half year ended March 31,2020.

▶️ *30.09.2020* is the due date to file *Form 11* (Annual Return) in case *of LLP.*

▶️ MCA has announced a *“Moratorium Period”* from *01.04.2020 to 30.09.2020* for filing of ROC Forms and *no additional fees* will be charged for such period *due to late filing* of any form due within this period *subject to certain exceptions*.

Delinking of credit note/ debit note with original invoice has been implemented on the GSTN portal today. This was much awaited. Now linking of Debit Note / Credit Note with original invoice is not mandatory on GST Portal.

Birthday gift by CA Rohit aggarwal
For CA -IPCC, CS-EXE, CMA -INTER TAXATION YOUTUBE LECTURE WILL BE SHORTLY AVAILABLE

*Change in GST Registration process, applicable w.e.f 21/08/2020- Aadhar Authentication introduced*

*Notifcation No 62/2020 dated 20/08/2020*

*Brief*

(a) *If person opts for Aadhar Authentication*

If a person applying for GST registration and opted for Aadhar Authentication then officer has to act upon the application within 3 working days. In simple terms, on successful authentication of Aadhaar, registration will be deemed approved within 03 working days if no SCN/query issued by officer .

(b) *If person does not opts for Aadhar Authentication*

If person doesn’t opts for Aadhar Authentication then *physical verification of his place of business will be done* & only after that registration number will be issued.

*Imp Note*

(a) Once registration application is submitted, an authentication link will be shared on GST registered mobile numbers and email ids mentioned in the GST application

(b) Taxpayer need to complete Aadhaar authentication of all Promoters/ Partners/ Authorized Signatories/ Karta etc. as mentioned in the application

(c) Persons already registered on GST portal are not required to undergo Aadhar authentication

OIDAR Services in GST ONLINE INFORMATION DATABASE ACCESS AND RETRIEVAL (.... Click here to view the full Article

https://taxguru.in/goods-and-service-tax/renting-motor-vehicle-service-gst.html/comment-page-1 -2113419

Renting of motor vehicle service under GST The introduction of the Goods and Services Tax (GS.... Click here to view the full Article

Important News !!!

Highlights of Today's Webcast conducted by ICAI for all CA Students !!!!!

For all the students who are going to have exams in July 2020, some very good clarifications directly from ICAI President, Vice-President and BoS.

- They are understanding the whole scenario of Covid-19, everything of social distancing and students heath. Exams will be surely there from July 29th, 2020. (ICAI President’s Word)

- 100% Digital Checking of Papers will be there from this attempt, that will minimum save 1 month time. Thats a super news for everyone.

- They are working as their head project on reverification of paper within 7 days of applying for same.

- Opening of Correction window will be there for change in Centre (3rd-4th Week of June 2020). For no other thing, correction window will open.

- Nov 2020 exams will be most probably in December 2020 and not later than that. Paper checking will be taking much lesser time from this attempt than usual due to digitalization.

- Difficulty level of paper wont be like that everyone spreading. It will be as if you are giving in May 2020. Focus on studies only and avoid all such rumours.

- 2 Mock Test Series for surewill be conducted by ICAI for this attempt.

Lets unite together and achieve all goals.

Thanks
CA Rohit aggarwal

Live Webinar on ICAI in Conversation with its Students

BREAKING: ICAI CONFIRMED ABOUT JULY 20 & NOV 20 CA EXAMS || 23rd May 2020 || CA Effects

CA Parveen Sharma Sir Message To ICAI President CA Parveen Sharma Sir Message To ICAI President Note - In this video CA Parveen Sharma Sir try to bring attention to Students about ICAI issuing wrong answer...

*Announcements: RBI Governer: 22/05/2020*

1. *Term loan moratorium extended till August 31, 2020* - The loan moratorium will be extended till August 31, 2020. This makes it a six months moratorium.

2. *Deferement of Interest on Working Capital* - Interest on working capital is deferred by another 3 months i.e. till 31st August, 2020.

3. *Conversion of Interest on working capital to interest term loan* - Lending institutions are being permitted to convert the accumulated interest on working capital facilities over the deferment period (up to August 31, 2020) into a funded interest term loan (Repayable before 31st March, 2021).

4. *Margin for Working Capital - Drawing Power* - Lending institutions are being permitted to restore the margins for working capital to the original level by 31st March, 2021.

5. *Reduce repo rate by 40 bps to 4 percent.* Accordingly, Interest rate would be reduced.

6. *Export Credits* - Maximum permissible export credit (Pre and Post Shipments) extended from 12 months to 15 months.

7. *Payment against Imports* - Extension of time limit for making payments against imports from 6 months to 12 months

8. *Support to EXIM Bank* - Facility of Rs 15,000 crore line of credit for 90 days for US dollar swap facility will be provided to EXIM Bank.

9. *Extension of Resolution Timelines* - Deferement or moratorium period shall excluded while calculating 180 days resolution period.

10. *Group Financing* - Group exposure extended from 25% to 30%

10. *Support to SIDBI*- In order to provide greater flexibility of SIDBI, another 90 days extension for the 90-day term loan facilities will be offered.

11. *Assets Classification* - Loan Moratorium shall not have any implications on changes in assets classification, credit history and ageing norms etc.

12. *Trade Impact* - Volume of world trade can shrink by 13%-32% this year.

Following are the Documents Required for MSME Loan.

1.Duly filled Application form
2.Identity Proof: Passport, driving licence, PAN card, Voter's identity card
3.Residence Proof: Passport, lease agreement, trade license, telephone and electricity bills, ration card and sales tax certificate
4.Age Proof: Passport, Voter's identity card, Photo PAN card

Financial Documents
- Last 12 months' bank statement
- Business registration proof
- Proprietor(s) PAN Card Copy
- Partnership deed copy
- Company PAN card copy
- P&L and balance sheet copy of last 2 years
- Tax documents
- Municipal tax document

Some banks that provide MSME loans
* State Bank of India
* HDFC Bank
* Allahabad Bank
* Central Bank of India
* ICICI Bank
* Bajaj Finserv
* Oriental Bank of Commerce
* Union Bank of India
* Indian Bank

New tds and tcs rate w.e.f 14 may 2020

*Stimulus of 20 Lakh Cr Bifurcation:-

1. *MSME Step-1*-Collateral Free Automatic Loan for MSME. Those MSME having Loan upto 25cr and turnover upto 100cr will be covered in this scheme. 100% Central Govt Guaranteed. Will help 40 Lac Units. This loan will be for 4 Yrs with a Moratorium of 12 Months. 45 Lakh MSME Units will get benefit from It. Total 3 Lakh Cr Loan will be Given under this scheme.

2. *MSME Step-2*- 20000Cr will be infused as Subordinate Debt for stressed MSME. 2 Lakh SME will get benefit from this. Govt will provide 4000 cr to CGTSME Trust.

3. *MSME Step-3*- Their is a Fund of Fund to be created. Rs 50000cr will be infused as equity to standard MSME. Will help them to expand their capacities.

4. *MSME Step-4*- Definition of MSME changed. Investment Limit which defines a SME is changed. Now Turnover criteria is also introduced. Different between manufacturing and service SME is removed. Micro Units- Investment limit increased to 1Cr from 20Lakh. And Turnover can be upto 5Cr. Other changes are also done. For Medium Enterprise the limit increased to 10 Cr Investment and turnover 50Cr. 20Cr and 100Cr

5. *MSME Step-5*- Tenders upto 200Cr relating to Govt procurement will not be Global Tenders any more. mSME will get benefit out of it

6. *MSME Step-6*- E-Market Linkage will be Provided to all MSME due to less possibility of Trade fares. All Central Govt outstanding will be cleared within 45 Days by Govt Help of all MSME.

7. *EPF Step-1*- EPF Payment was paid by Govt for Mar, April and May now Extended by another 3 Months. 12%+12% will be paid by Govt of India.

8. *EPF Step-2*- Contribution reduced from 12% to 10% for those organisation having more than 100 employee is done now.

9. *NBFC, MFI, HFC-Step-1*- Special 30000cr Liquidity window will be given. Govt will buy debt papers of these institutions even if investment grade. These will be fully guaranteed by govt of India.

10. *NBFC Step-2*- To Give 45000cr Liquidity will be given to NBFC. First 20% Loss will be born by Govt of India. Even unrated papers will be get money under this scheme.

11. *Discom Steps*- Discom not able to pay the power generation Companies. 90000cr Special fund created to pay all outstanding of Power Generation Companies. PFC and REC will give this money

12. *Contractors Step* 6 Month extension will be given to all Govt contractors of Railways, Roads, Other departments. Govt Agencies will partially release Bank Guarantees to the extent of work completed. A Big Step.

13. *Realestate Step*- Covid19 can be treated as act of God. Using the Force Major Clause the project registration will be extended by 6 Month automatically. Completion dates of existing projects to be extended automatically by 6 Months by Govt authorities.

14. *Tax Related Step*- Non Salaried TDS and TCS rates will be reduced by 25% from existing rates. This will be effective from tomorrow and will remain till 31-03-2021.

15. *Tax Related Step*- All Pending Refunds will be issued immediately to all even above 5 Lakhs. For AY 2020-21 the ITR Dates extended to 30th Nov 2020, And Tax Audit Date extended to 31st October 2020.

Regards
CA Rohit aggarwal

CBDT deferred Reporting Requirement under clause 30C(GAAR) & 44(GST) in Form 3CD till 31st March 2021.

on Renting of motor vehicle service under GST by CA Rohit aggarwal

🖥 *HIGHLIGHTS OF ICAI WEBCAST UPDATES: ADDRESSED BY ICAI PRESIDENT & VICE PRESIDENT*:
🎈ICAI is working to provide reverification result within 7 Days

🎈ICAI to reduce the time taken to announce result by 15 Days
100% Machine Checking of Papers by 2024

🎈ICAI is creating a Case Study of Question Bank of 5000 Case Studies.

🎈Council has approved the Virtual/Online Classes for Post Qualification Courses

🎈CDS Portal will be started immediately after Lockdown

🎈ICAI will come out with Research Paper on Revival of Economy post COVID-19

🎈Guidelines might be issued for Digital Signing of Audit Reports due to Covid 19

🎈ICAI looking for Case Study Developer

🎈 ICAI will promote work from home culture for women members

🎈No reduction in Job Opportunities for CA's due to COVID-19

🎈Correction window might be reopened only for change of center and not group.

🎈No extension of Last Attempt of Old Syllabus of IPCC/FINAL

🎈No postponement/preponement of June 2020 attempt

🎈Level of Examination of June 2020 exam will be same, Exam Postponement Will Not Make Exam Harder

🎈ICAI - MTP will Commence After 1st May

🎈Whether MCQ Question Paper of June 2020 will be given or not
- is not clearify yet

🎈Lockdown period will not be treated as Holidays for Articles and considered as working but those who are on leaves for examination it will not be considered as working

🎈Earmarked 100 crore for Student Scholarship

🎈No exemption for CS from CA Articleship

🎈 Council Will Come Online every month to answer queries

Regards
CA Rohit aggarwal