"August, 2020" Archive

Last date to file GSTR 4 for FY 2019-20 extended to 31.10.2020

Notification No. 64/2020–Central Tax [G.S.R. 539(E).] (31/08/2020)

CBIC has announced on its Twitter Handle on 31st August 2020 that Last date to file GSTR 4 for FY 2019-20 extended to 31st October 2020. Ministry Of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi Notification No. 64/2020–Central Tax Dated: 31st August, 2020 G.S.R. 539(E).—In exercise of the pow...

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Relevance of Drafting Skills Under the Faceless Income Tax Era

The Income Tax Department has been progressing in technology since the year 2006, when the E-filing of Income Tax Return forms was introduced and since than there is no looking back. Right from Income Tax return forms to the recent and newly proposed Faceless Appeals process, the Taxman has come a long way to be tech savvy and productive....

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Reverse Charge Liability under GST Not Paid In 2018-19

Due date to file Annual Return GSTR-9 for 2018-19 is 30-09-2020. The following queries are being raised. 1. How deal with reverse charge liability pertaining to 2018-19, in annual return GSTR-9 to be filed for 2018-19, which (reverse charge liability) had not been paid till date or had been paid in the year other than […]...

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TDS on E-Commerce Transactions

Things have changed from local Kirana Shops to Online Grocery shopping, local readymade garments shops to online purchase of cloth. Everything is now online. The Indian e-commerce sector is the fastest growing in the world and is expected to grow to $200 billion by 2026....

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Credit and debit notes [section 34 of CGST Act, 2017

Article explains about Credit Note and Debit Note under GST, Purpose of GST Credit/Debit Note, Conditions for issuing GST Credit/Debit Notes, Implications on issue of GST Credit/Debit Note, Time Limit for issuance of GST Credit/Debit Note and When to issue Financial Credit/Debit Note. 1) Credit Note under GST:- I. Purpose of GST Credit No...

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Relaxation in processing of documents pertaining to FPIs to entities in Lockdown area

Circular No. SEBI/HO/FPI&C/CIR/P/2020/162 (31/08/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/FPI&C/CIR/P/2020/162 August 31, 2020 To, 1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities. 2. Designated Depository Participants (“DDPs”)/ Custodians. 3. All Recogniz...

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CRAs to not treat loan restructuring due to COVID-19 as default

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/160 (31/08/2020)

Based on its assessment, if the CRA is of the view that the restructuring by the lenders/ investors is solely due to COVID-19 related stress or under the aforementioned RBI framework, CRAs may not consider the same as a default event and/or recognize default. Appropriate disclosures in this regard shall be made in the Press Release....

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Changes on GST portal- You Should know

It has been over three years since the introduction of GST, India’s biggest tax reform, on 1st July 2017. It’s been a roller coaster ride for the government, Industries, taxpayers and other stakeholders. Since its inception, in the eye of the government, GST was supposed to be the ‘One Nation One Tax’. However, in actual [...

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Absurdity of Section 18(6) of CGST Act, 2017

Section 18(6) covers the situation wherein capital goods are being sold after use and it stipulates that in such cases amount payable by the supplier has to be either Input Tax Credit as reduced by percentage points as may be specified in rules or tax on transaction values whichever is higher....

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GST Registration- Section 22 to 24- CGST Act 2017

GST or Goods or Services Tax is a consumption based tax, it is an indirect tax which levied on sale, manufacturing, consumption, import and export of Goods or Services. The Act made effective with the view to remove cascading of taxes which were there in India. There were number of taxes which were imposed on […]...

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