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Archive: 25 June 2020

Posts in 25 June 2020

Person liable to be registered | section 22 | CGST ACT 2017 – GST series part 14

June 25, 2020 17076 Views 1 comment Print

1. GST Registration is the most important step to run the network of Goods & Services Tax 2017. GST Registration is governed by Section 22 to 30 of the CGST Act, 2017, Rule 8 to 18, and Rule 25 to 26 of CGST Rules 2017. This article covers the provisions related to ‘Person liable to […]

Synopsis of GST Notifications & Instruction dated 24.06.2020

June 25, 2020 16227 Views 2 comments Print

Notification No. 49/2020 – Central Tax Dated 24th June 2020 Many provisions of the CGST Act has been amended in the Finance Act, 2020 and some of the same have been notified and the effective date is 30th Jun 2020. Extract of Sections 118, 125, 129 & 130 of Finance Act, 2020 118. Amendment of […]

CBIC issues 9 GST Notification & one Instruction on 24.06.2020

June 25, 2020 28779 Views 1 comment Print

CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June 2020. Notifications are for notifying relaxation in GST Interest Rate & Late Fees with respect to Form GSTR 3B, For notifying Waiver of Late Fees for GSTR 1, Notification of Due dates of GSTR 3B, Amendment […]

One time Opportunity for revocation of Cancellation of GST Registration

June 25, 2020 21876 Views 1 comment Print

Taxpayer were unable to get their cancellation of registration revoked despite having fulfilled all the requirements for revocation of cancellation of registration; the said Act being a new Act, these taxpayers could not apply for revocation of cancellation within the specified time period of thirty days from the date of service of the cancellation order

Annual Secretarial Compliance Report filing date extended

June 25, 2020 6330 Views 0 comment Print

SEBI has vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dated 25th June, 2020 Further extended time for submission of Annual Secretarial Compliance Report (ASCR) by listed entities due to the continuing impact of the CoVID-19 pandemic to 31st July 2020. Period was earlier extended from 31.05.2020 to 30th June 2020 vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020. […]

Interpreting Conflicting Statutes With Mimansa

June 25, 2020 22710 Views 0 comment Print

The Mimansa Rules of Interpretation were our traditional principles of interpretation laid down by Jaimini, whose Sutras were explained by Shabar, Kumarila Bhatta, Prabhakar, etc. These Mimansa Principles were regularly used by our great jurists like Vijnaneshwara (author of Mitakshara), Jimutvahana (author of Dayabhaga), Nanda Pandit, etc. whenever they found any conflict between the various […]

Pricing of preferential issues – Temporary relaxation due to COVID 19

June 25, 2020 1101 Views 0 comment Print

n case of frequently traded shares, the price of the equity shares to be allotted pursuant to the preferential issue shall be not less than higher of the following: a. the average of the weekly high and low of the volume weighted average price of the related equity shares quoted on the recognised stock exchange during the twelve weeks preceding the relevant date; or

Launch of new DGFT platform & Digital delivery of IEC related services

June 25, 2020 3255 Views 0 comment Print

i. Access to the services would be through a username and password based system. The first time logins/user ID may be created through a registration process on the new platform. ii. For user ID creation, registered mobile number/email ids of the IEC holders will be a mandatorily required. The same will be authenticated by the process of OTP/email based authentication process.

DGFT enhances time limit for re-import facility with zero duty

June 25, 2020 1899 Views 0 comment Print

Para 4.44, of FTP is amended enhancing the time limit for re-import facility with zero duty from three months to six months for cases where re-import period is expiring between Feb. 1, 2020 to July 31, 2020 in light of COVID19.

Revised Income Tax Due Dates- CBDT Notification No. 35/2020

June 25, 2020 51165 Views 13 comments Print

Article explains Revised Income Tax Due Dates as CBDT Notification No.35/2020 Dated 24.06.2020 which includes revised date for Income Tax Returns, Income Tax Audit, Investment for claiming Deduction under Chapter VIA, Capital Gains Exemption under Sections 54 to 54GB, Furnishing of TDS / TCS Statements, Issuance of TDS / TCS Certificates, Interest on Delayed Payment […]

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June 2020