M B S P & CO LlP

12/06/2020

*Key highlights of the 40th GST Council Meeting:*
For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to period), there shall be no late fee at all

2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500
This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020

3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%

4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020

5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020
In all cases where registration has been cancelled till June 12, 2020

28/05/2020

FM Sitharaman launches facility of instant PAN through Aadhaar based e-KYC

06/05/2020

MCA allows companies to hold Annual General Meetings (AGMs) through VC or OAVM

The Ministry of Corporate Affairs (MCA) vide its General Circular No. 18/2020, dated 21.04.2020 has already allowed the companies whose financial year ended on 31st December, 2019, to hold their AG…

01/05/2020

Lockdown extended for further two weeks.

28/04/2020

CBDT has decided that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 st March, 2021

https://incometaxindia.gov.in/Communications/Circular/circular_no_10_2020.pdf

13/04/2020

PM to address nation at 10 A.M. on 14th April, 2020.

14/03/2020

Key Highlights of the 39th GST Council Meeting
1. E-invoicing and QR code applicability deferred to 1st October 2020.
2. Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020. New Returns likely from 1st October 2020.
3.New Simplified GST Returns – Nandan Nilekani suggests a roadmap extending to over a year till January, 2021. However, Council suggested milestones be met by July, 2020. Some changes expected in the new returns process.
4.For businesses with turnover less than 5 crores aggregate turnover filing of GSTR-9C for FY 2018-19 to be waived off.
5.Due date for filing GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2018-19 will be extended to June 30, 2020.
6.For those with less than Rs 2 crore aggregate turnover in FY 2017-18 and FY 2018-19, no late fee to be charged for delayed filing of GSTR-9.
7.A new ‘know your supplier’ to be introduced so that every business can get detailed information on every supplier.
8.Interest for delay in payment of GST to be calculated on net GST liability, effective 1st July 2017. (retrospective change to be made in GST law).
9.GSTR-1 for 2019-20 to be waived for certain taxpayers who could not opt for the special composition scheme by filing FORM CMP-02.
10.Nandan Nilekani to be present at the next 3 Council meetings and make a presentation on the progress made.
11.More time for finalising the e-Wallet scheme up to 31.03.2021

10/03/2020

From M B S P Family

25/02/2020

Revised CARO 2020 notified , will be applicable for FY commencing on or after 1.4.2019.
The reporting requirements enlarged , some of the old provisions restored.
Much more responsibility thrust upon the Auditors .

08/02/2020

CBIC further extends the due date for filing Form TRAN – 1 till Mar , 2020.

“CBIC further extends the due date for filing Form TRAN – 1 till Mar 31, 2020 https://t.co/jg7DNlLCZ4”