*MCA- Much awaited Scheme for filing of annual returns*

MCA scheme  giving one time opportunity to complete  pending compliances ( including Annual complainces ) without additional fees and penalty.

1. Period : 1.04. 2020  to 30.09.2020.

2. After compliance, Roc will issue immunity certificate.

3. Withdrawal all penal cases.

4.MCA has waived off late fees on form and come up with a Companies Fresh Start Scheme 2020 

5. Scheme shall Not applicable on capital increase form, charge form, applied for strking of name of company, amalgamated company, vanishing company, applied for dormant company etc.

* No Change in FY- 𝗠𝗔𝗥𝗖𝗛 𝗩𝗦 𝗝𝗨𝗡𝗘*

This is the biggest confusion in the minds of the taxpayers. Following points clarifies some of the issues: 

1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income financial year is considered till 31st March only.

4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.

5) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6) Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.

7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

CA Amresh Vashisht

Meerut

Key Highlights of Press Conference held by FM Nirmala Sitharaman on COVID-2019

Key Highlights of Press Conference of Finance Minister on COVID- 2019 are as follows:-

SGST short of FY20 Target by a Quarter

The states’ own GST revenues SGST receipts minus the compensation from the Centre were short of the aggregate protected level by Rs 1.15 lakh crore or 23% in April-February this year, according to data reviewed by FE. The gap will likely remain roughly at the same level in percentage terms for the year as a whole, implying an annual shortfall of a whopping Rs 1.25 lakh crore. Clearly, the compensation funds will fall short of bridging the gap.

In April-February, the GST compensation cess collection has come in at Rs 90,450 crore, while the disbursement for April-November period itself was higher at Rs 1 lakh crore. The Centre has used about Rs 28,000 crore of the Rs 47,271 crore absorbed by the Consolidated Fund of India in the FY18-FY19 period as ‘surplus’ revenue from the GST compensation cess to reduce the state governments’ GST revenue shortfall in FY20. There could still be a shortfall of Rs 25,000 crore or thereabouts for the states from the protected revenue level in the current year.

Nearly all large states saw a doubling of the gap between SGST and protected revenue this fiscal from last year’s level in the April-February period, with the highest deficit being for Punjab (46%), followed by Kerala, Karnataka, Gujarat, Bihar and Madhya Pradesh (see chart). The protected revenue refers to the constitutional guarantee provided to the states that their GST collection would grow 14% year-on-year. This is ensured through compensation cess fund, made out of the proceeds from assorted cesses.

Speaking at the Indian Express group’s Idea Exchange programme earlier this year, finance secretary Ajay Bhushan Pandey had said the relevant law was clear that the Centre could make payments only from the compensation proceeds generated out of cesses levied on items under GST, for bridging the states’ revenue shortfall. “Whatever money comes in that (compensation) fund, only that money can be paid (to states). Now if there is a shortfall (against states’ guaranteed revenue growth of 14%) which is more than what could be overcome by compensation fund, then the GST Council will take a decision on what measures can be taken to either increase the cess amount or consider the rates or take any other measure,” he said.

In the year GST was launched, the protected revenue for states stood at around Rs’43,000 crore per month. This went up to Rs49,000 crore a month in FY19 and further to Rs’55,900 per month in the current fiscal. Meanwhile, gross GST collections during April-February were Rs 11.24 lakh crore, up just 5% on the year.

Read More at: https://www.financialexpress.com/economy/sgst-short-of-fy20-target-by-a-quarter/1900141/

अब बंद होगा FORM26AS ।

अब आने वाले समय मे TDS/TCSकी कटौती का विवरण देखने वाला  फॉर्म 26AS बंद हो जाएगा ।

अब उसके जगह पर नया पोर्टल बन चुका है जो भविष्य में कभी भी एक्टिवेट किया जा सकता है विभाग के तरफ से ।

इस पोर्टल का नाम COMPLIANCE पोर्टल है इस पोर्टल पर अब सिर्फ TDS और TCS की कटौती ही नही बल्कि आपने अपने खाते से कितना कैश निकाला है और कितना जमा किया है, कौन कौन से संव्यवहार किया है सब इस ANNUAL इनफार्मेशन स्टेटमेंट में दिखायेगा ।

आपने अगर GST लिया है तो उससे संबंधित सूचनाएं भी इसी पोर्टल पर दिखाई देगा ।

GST -कम्पोजीशन स्कीम कौन ले सकता है ? ---

GST में कम्पोजीशन स्कीम कौन ले सकता है कौन और कौन नही ले सकता है इस पर बहुत ही बड़ा असमंजस रहता है  इस pics में सारी जानकारी है 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇

39th Meeting of the GST Council, New Delhi 14 March, 2020*** PRESS RELEASE (Law and Procedure related changes)

The GST Council, in its 39th meeting held on 14.03.2020, has made the following 

recommendations:

1. Measures for Trade facilitation:

a. Interest for delay in payment of GST to be charged on the net cash tax liability

w.e.f. 01.07.2017 (Law to be amended retrospectively).

b. Where registrations have been cancelled till 14.03.2020, application for 

revocation of cancellation of registration can be filled up to 30.06.2020 (extension 

of period of application as one-time measure to facilitate those who want to 

conduct business).

c. Annual Return:

i. Relaxation to MSMEs from furnishing of Reconciliation Statement in 

FORM GSTR-9C, for the financial year 2018-19, for taxpayers having

aggregate turnover below Rs. 5 crores;

ii. Due date for filing the Annual return and the Reconciliation Statement for 

financial year 2018-19 to be extended to 30.06.2020; and

iii. Late fees not to be levied for delayed filing of the Annual return and the 

Reconciliation Statement for financial year 2017-18 and 2018-19 for 

taxpayers with aggregate turnover less than Rs. 2 crores.

d. A new facility called ‘Know Your Supplier’ to be introduced so as to enable every 

registered person to have some basic information about the suppliers with whom 

they conduct or propose to conduct business.

e. The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for 

taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by 

filing FORM CMP-02.

f. A special procedure is being prescribed for registered persons who are corporate 

debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and 

are undergoing the corporate insolvency resolution process, so as to enable them 

to comply with the provisions of GST Laws during the CIRP period.

g. A special procedure for registered persons in Dadra and Nagar Haveli & Daman 

and Diu during transition period, consequent to merger of the UTs w.e.f. 

26.01.2020; transition to be completed by 31.05.2020.

h. Extension of due dates for FORM GSTR-3B for the month of July, 2019 to 

January, 2020 till 24th March, 2020 for registered persons having principal place 

of business in the Union territory of Ladakh. Similar extension is also 

recommended for FORM GSTR-1 & FORM GSTR-7.

i. Bunching of refund claims allowed across financial years to facilitate exporters.

2. Deferment of E-invoice and QR Code:

a. Certain class of registered persons (insurance company, banking company, 

financial institution, non-banking financial institution, GTA, passenger 

transportation service etc.) to be exempted from issuing e-invoices or capturing 

dynamic QR code; and

b. The dates for implementation of e-invoicing and QR Code to be extended to 

01.10.2020.

3. Deferment of e-wallet Scheme:

a. Extension of the time to finalize e-Wallet scheme up to 31.03.2021; and

b. Extension of the present exemptions from IGST and Cess on the imports 

made under the AA/EPCG/EOU schemes up to 31.03.2021.

4. Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till 

September, 2020;

5. Other new initiatives:

a. Seeking information return from Banks;

b. To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed 

on passing of the ITC in case of new GST registrations, before physical 

verification of premises and Financial KYC of the registered person.

6. Issuance of circulars in respect of:

a. Clarification in apportionment of ITC in cases of business reorganization under 

section 18 (3) of CGST Act read with rule 41(1) of CGST Rules;

b. Appeals during non-constitution of the Appellate Tribunal; 

c. Clarification on refund related issues; and

d. Clarification on special procedure for registered persons who are corporate 

debtors under the provisions of the Insolvency and Bankruptcy Code, 2016, 

undergoing the corporate insolvency resolution process.

7. Amendments to the CGST Rules: Key amendments are as below:

a. Procedure for reversal of input tax credit in respect of capital goods partly used 

for affecting taxable supplies and partly for exempt supplies under rule 43 (1) (c);

b. ceiling to be fixed for the value of the export supply for the purpose of calculation 

of refund on zero rated supplies;

c. to allow for refund to be sanctioned in both cash and credit in case of excess 

payment of tax;

d. to provide for recovery of refund on export of goods where export proceeds are 

not realized within the time prescribed under FEMA; and

e. to operationalize Aadhaar authentication for new taxpayers.

8. Certain amendments to be carried out in the GST laws.

*****

Note: The recommendations of the GST Council have been presented in this release in 

simple language for information of all stakeholders. The same would be given effect 

through relevant Circulars/Notifications or amendment in GST laws which alone shall 

have the force of law.

Important Deadlines are Approaching!

Important Deadlines are Approaching!

• 15 March 2020 - Last Installment of Advance Tax Payment for FY 2019-20
• 20 March 2020 - GSTR-3B Filing for February 2020 ( 5 Cr TurnOver )
• 24 March 2020 -GSTR -3B Filling for Febuary 2020 (upto 5 Cr    )
• 31 March 2020 - ITR Filing (Original & Revised) for AY 2019-20
• 31 March 2020 - Investing in Tax Saving Schemes for FY 2019-20
• 31 March 2020 - GSTR-9 Filing for FY 2018-19

Monthly GST Lottery offer for B2C Invoices to start from April 1

The government is planning to launch lottery offer under the Goods and Services Tax from April 1 by conducting lucky draws every month for invoices of all business to customer transactions. The lottery scheme is being envisaged by the revenue department to encourage customers to take bills for every purchase, which will, in turn, help the government in curbing GST evasion.

Under the scheme, the revenue department will conduct monthly lucky draws which will have one bumper prize, while there would be second and third prizes state wise, an official told PTI. "The lottery scheme is planned to be launched on April 1," the official added. A member in the Central Board of Indirect Taxes and Customs had last month said that the lottery offers would range between Rs 10 lakh and Rs 1 crore.

The official said consumers will have to scan and upload any B2C invoice using a mobile app, which is being developed by GST Network, which handles the technology backbone of GST. The mobile app would be made available for both Android and iOS users by end of this month. There would not be any threshold on the invoice value to be eligible for lucky draw, the official added. GST, which became effective from July 1, 2017, has subsumed over a dozen indirect taxes, like excise and service tax.

However, revenue under the new indirect tax regime has not picked up as per expectations, mainly on account of evasion. Officials expect the lottery scheme to incentivise customers to ask for bill or invoice while making purchases. The GST Council is likely to vet the lottery scheme in its next meeting on March 14. As per the plan, the money for the lottery scheme would come from the consumer welfare fund, where the proceeds of anti-profiteering cases are transferred.

₹ 1,05,366 crore gross GST revenue collected in February, 2020

The gross GST revenue collected in the month of February, 2020 is ₹ 1,05,366 crore of which CGST is ₹ 20,569 crore, SGST is ₹ 27,348 crore, IGST is ₹ 48,503 crore (including ₹ 20,745 crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040 crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29^th February, 2020 is 83.53 lakh.

The government has settled ₹ 22,586 crore to CGST and ₹ 16,553 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of February, 2020 is ₹ 43,155 crore for CGST and ₹ 43,901 crore for the SGST.

The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 2% as compared to February, 2019.