Monday 31 August 2020
GSTR4 AY 19-20 due date 31-10-2020
Last date GSTR 4 for FY 2019-20 extended to 31st October 2020. Notification will follow
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Sunday 30 August 2020
आयकर - सर्कुलर 16/2020
CBDT has issued Circular no. 16/2020 on 30th August, 2020 advising banks to immediately refund the charges collected, if any, on or after 1st January, 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the Income-tax Act,1961.
Banks are also advised not to impose any charges on any future transactions carried through these prescribed modes.
GSTR-3B can now be filed without DSC
The GST portal has come out with two new facilities for the taxpayers.
- The long-awaited form GST PMT-09 is now available on the GST Portal.
- Facility to file GSTR-3B without affixing DSC (Digital Signature Certificate)
The option to file GSTR-3B by EVC(Electronic Verification Code) instead of DSC is made available on the GST portal. Taxpayers can submit GSTR-3B without DSC. It appears that for other returns and documents also the system will provide such a facility in the near future
Form GST PMT-09 allows the transfer of cash balances from one head to another head in the electronic cash ledger.
Are you happy with two facilities available on the GST Portal?
CBIC notified Proviso to Section 50(1) – Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020
CBIC vide Notification No. 63/2020 - Central Tax dated August 25, 2020, has notified proviso to section 50(1) of the CGST Act, 2017, with effect from September 01, 2020.
Therefore, Interest in GST to be levied on Net Tax liability, now notified w.e.f September 1, 2020
Interest in GST to be levied on "Net Tax liability", a proviso, which was inserted vide Section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), now got notified w.e.f 01/09/2020 vide Notification No. 63/2020-Central Tax, dated. 25th August 2020.
Section100: In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:––
“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after the commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.
CBIC issued Press Release on availability of new functionality of Form GSTR-2B for the month of July 2020
The GST Council, in its 39th meeting held on le larch 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. One such enhancement that the Council recommended was the introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting/determining the input tax credit that is available for every taxpayer.
Form GSTR-2B is going to be such an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). It is a static statement and will be made available for each month, on the 12th day of the succeeding month. It is expected that GSTR-2B will help in reduction in time taken for preparing a return, minimizing errors, assist reconciliation & simplify compliance relating to filing of returns.
Key features in GSTR-2B which would assist taxpayers in return filing are as under:
i. It contains information on the import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units/Developers. This is not available with the release of GSTR-2B for the month of July and will be made available shortly.
ii. A summary statement that shows all the ITC available and non-available under each section. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B;
iii. Document-level details of all invoices, credit notes; debit notes etc. are also provided both for viewing and download;
GSTR-2B for the month of July 2020 has been made available on the common portal on a trial basis.
Since this is the first time that the statement is being introduced, taxpayers are advised to refer to GSTR-2B for the month of July 2020 only for feedback purposes.
All taxpayers are requested to go through their GSTR-2B for July 2020 and after comparing the same with the credit availed by them in July 2020, provide feedback (if any) on any aspect of GSTR-2B by raising a ticket on the self-service portal (https://selfservice.gstsystem.in/)
All taxpayers are advised to view the detailed advisory relating to GSTR-2B on the common portal before using the statement.
Taxpayers can access their Form GSTR-2B through: Login to GST Portal > Returns Dashboard > Select Return period > GSTR-2B.
I-T department to intimate taxpayers under scrutiny about faceless assessment
The income tax (I-T) department will soon start sending out intimation to assessees undergoing scrutiny that such cases would now be handled under faceless assessment, a tax official said on Friday.
CBDT additional commissioner Jaishree Sharma also said that domestic transfer pricing cases too will be covered under the faceless assessment mechanism.
Asked whether the previous notices still stand valid, Sharma said, "Previous notices will not become redundant. First, an intimation would be sent out that your case would now be assessed under faceless assessment scheme and if the assessing officer of the Assessment Unit feels that he needs some more information, he will send fresh (notice) under 142(1)."
A Section 142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act. Speaking at a webinar organised by industry body PHDCCI, Sharma said reassessment cases would also be part of the faceless scheme. "So all the 148 cases that were going on, they have been transferred to the faceless assessment scheme and NeAC will be sending out intimation in all such cases which would now be assessed under the faceless assessment scheme. So by September 15 or before that, you can expect an intimation from NeAC," Sharma said.
The Central Board of Direct Taxes (CBDT) had earlier this month notified the National e-Assessment Centre (NeAC) at Delhi for all communication with taxpayers under the faceless assessment scheme. Since August 13, all income tax returns picked up for scrutiny, except those relating to search and seizure and international tax, are being assessed under faceless assessment.
Under faceless scrutiny assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers. This allocation is reviewed by officers at another randomly selected location and only if concurred, a notice is sent by the centralized computer system. All such notices need to be responded to electronically without the requirement of visiting a tax office or meeting any official.
GSTN has enabled Form GSTR 2B in the GST Portal.
The Taxpayer can log in with there login credentials then go to F.Y 20-21 for July 2020, the Form GSTR-2B is available on the Portal.
Source: GST Portal
Friday 14 August 2020
पिछले 5 साल के ITR को वेरीफाई करे!!
इनकम टैक्स की साइट पर एक बटन एनेबल हुआ है जिसकी सहायता से आप पिछले 5 साल के ITR को वैलिड कर सकते है ।
इसकी समय सीमा 30 सितम्बर है
Monday 10 August 2020
Monday 3 August 2020
Now doctors, CAs, lawyers also can get loan under MSME emergency credit scheme as govt relaxes criteria
The government has decided to relax the eligibility criteria for tapping the Rs 3-lakh-crore Emergency Credit Line Guarantee Scheme (ECLGS) to cover professionals and enable a much wider pool of businesses to benefit from it, finance minister Nirmala Sitharaman said on Saturday.
Although there is no review of the scheme’s overall credit limit (Rs 3 lakh crore) yet, the additional beneficiaries are estimated to be sanctioned guaranteed loans of about Rs 1 lakh crore.
The annual turnover limit of companies to be eligible to tap the scheme will be raised to Rs 250 crore from Rs 100 crore now, in sync with the revised definition of the MSMEs. Financial services secretary Debashish Panda said individuals such as doctors, chartered accountants, lawyers, etc, who wish to take loans for professional purposes, will also be covered under the scheme.
Eligible businesses with up to Rs 50 crore outstanding as of February 29 will be eligible, instead of the extant cap of Rs 25 crore. The Centre has pledged full guarantee for up to 20% extra, collateral-free working capital loans under the ECLGS. This means each eligible borrower can obtain up to Rs 10 crore guaranteed loan. “The relaxation was made, keeping in view the success of the scheme and its potential to help businesses,” Sitharaman said.
As of July 29, loans of as much as Rs 1,36,155 crore were sanctioned to 40 lakh units, of which Rs 87,227 crore was already disbursed a sign of the appeal of the scheme that was rolled out only on June 1.
Asked if the GST Council will be allowed to borrow funds for distribution to states to fight the pandemic, Sitharaman said the opinion of the attorney general has been sought for this purpose. The AG’s opinion will be placed before the next meeting of the council, the date for which is yet to be set.
Financial services secretary Panda said as many as 1.12 crore farmers have been extended kisan credit cards (KCC), with a cumulative sanctioned limit of Rs 90,000 crore. Farmers who take loans through KCC card are also eligible for cover under the crop insurance scheme. No collateral is required for loans up to Rs 1.6 lakh from SBI. This came as a boost to kharif sowing, which typically starts from June, with the arrival of seasonal monsoon showers.
To boost liquidity for non-banking financial companies (NBFCs), the secretary said total purchases of NBFC assets and debt under the Rs 45,000-crore partial credit guarantee scheme have touched Rs 18,000 crore, and purchases worth another Rs 5,800 are in the offing. In May, the Cabinet approved the proposed partial credit guarantee scheme (PCGS) 2.0 (worth Rs 45,000 crore) to improve liquidity for low-rated shadow lenders, and eased certain criteria for the pooled purchase of NBFC assets by state-run banks under the existing PCGS 1.0.
The ECLGS, the drive to distribute KCC and liquidity for NBFCs were an important part of the government’s 21-lakh-crore relief package (upt o May) to help individuals and businesses tide over the damaging impact of the Covid-19 outbreak.
The government has earmarked a corpus of Rs 41,600 crore over the current and the next three financial years to implement the ECLGS. Loans under the scheme will have a 4-year tenor with moratorium of 12 months on the repayment of the principal amount. The interest rate will be capped at 9.25% a year for banks and financial institutions and 14% for non-financial banking companies. The scheme can be tapped until October 31 or until the Rs 3-lakh-crore limit is exhausted, whichever is earlier. As many as 45 lakh units can resume business activity and safeguard jobs, Sitharaman had said in May, while announcing the scheme.
Similarly, as many as 2.5 crore PM-Kisan beneficiaries, who didn’t have the KCC, were to be covered under the official credit net through the special drive. The Centre hopes to disburse loans of Rs 2 lakh crore to help these farmers. Farmers in the animal husbandry and fishery sectors are also covered under the KCC, she added.
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