"29 August 2020" Archive

Borrowing options to meet GST Compensation requirement for 2020-21

Release ID: 1649485 29/08/2020

The two borrowing options to meet the GST Compensation requirement for 2020-21 consequent to the discussions in the 41st meeting of the GST Council held on 27th August, 2020 has been communicated to States,as per the document attached with this press note, to communicate their preference within seven working days....

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Launch of GSTR-2B for the month of July 2020

Release ID: 1649520 29/08/2020

The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B....

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GSTR-2A will now display details of import of goods

Release ID: 1649521 29/08/2020

Two new tables have been inserted in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from SEZ units / SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs)....

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MHA Guidelines on Unlock 4

Order No. 40-3/2020-DM-I(A) 29/08/2020

No. 40-3/2020-DM-I(A) Government of India Ministry of Home Affairs North Block, New Delhi-110001 Dated 29th August, 2020 ORDER Whereas, an Order of even number dated 29.072020 was issued for containment of COVID-19 in the country, for a period upto 3 1.08.2020; Whereas, in exercise of the powers under section 6(2)(i) of the Disaster Manag...

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राज्यों की क्षतिपूर्ति का मामला – आखिर क्या हुआ जीएसटी की 41 वीं मीटिंग में

राज्यों की क्षतिपूर्ति का मामला आखिर क्या हुआ जीएसटी  की 41 वीं मीटिंग में कोविड -19 के प्रभाव से केंद्र और राज्यों के राजस्व में भार...

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Composition Scheme-GST Rate & Threshold Limit under GST Law

A ‘Composition Scheme’ is an alternative method of levying tax designed for small taxpayers. If your business is small, but not quite small enough to be GST-exempt, you may be able to use your company’s aggregate turnover to qualify for the composition levy scheme. A simplified ‘Composition Scheme’ has been provided; vide Sect...

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ITC Statement Form GSTR-2B, made available on GST Portal for taxpayers

GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD....

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Differences between current & Faceless Assessment scheme

Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Response by Taxpayer and Functions of each of Assessment Unit, Verification Unit, Review Unit & Technical Unit which are approved by respective Range Heads. CURRENT Vs FACELESS ASSESSMENT Present Assessment S...

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Faceless E-Assessment Scheme is a vaccine for direct tax administration

Release ID: 1649504 29/08/2020

The newly introduced Faceless –E-Assessment Scheme will bring about various benefits for taxpayers, one of which is Ease of Doing Business, stated Shri Patanjali Jha, Principal Chief Commissioner of Income Tax, Mumbai....

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Role of statutory Auditor in NBFC-ND-NSI- ICC

This article mainly explains statutory auditor role in audit of ‘Investment and Credit Company – (NBFC-ICC)’  (earlier known as Investment/loan company)and having asset size below 500 crore as defined in Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 as per Master Direction NBR.PD.007/03.1...

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December 2022