#GST #INCOMETAX #CBDT#CBIC #MSME #FINANCE MINISTRY OFFICIAL #IP#NEWS #NOTIFICATION #UPDATE

CBDT takes further steps to ease compliance for taxpayers due to COVID-19 pandemic. Vide order u/s 119 of IT Act, 1961 in Circular No.10/2020 dt 24/04/2020, the reporting under clause 30C & 44 of Tax Audit Report shall be kept in abeyance till 31st March, 2021.

ndia is considering a goods and services tax (GST) relief package to counter the impact of Covid-19 and help prop up the economy, said people with knowledge of the matter. The package being considered could include a six-month suspension of  GST payments  for the worst-hit sectors such as restaurants, aviation and hospitality as well as a lower rate for the real estate sector. Other proposals include a switch to a cash-based principle of levying tax from the current invoice-based system and providing  GST  relief on sales for which payment is not received due to the  lockdown  by treating those as bad debts. These measures are expected to ease the liquidity pressure on businesses that are strapped for cash, said the people cited above. A final decision on the proposals will be taken by the GST Council, which is the apex decision-making body for the tax. “There is a thinking that for these service sectors, the government should at least spare its...

MSME Samadhaan– Way to recover pending dues from Customers by MSME Vendors The Indian government has taken so many initiatives to protect the payments of registered Micro, Small or Medium Enterprises (MSMEs). A company or any other entity who have registered themselves under MSME and facing problems to recover long pending dues from their customers may approach the MSME department to take action against them.Following process shall be followed by such MSMEs entity: 1. Register your company/LLP/Partnership etc. as an MSME and obtain a MSME certificate [Udyog Aadhaar Number (UAN)]. 2. Keep record of all formal purchase orders from customers and delivery proofs for all orders. 3. On all your invoices, mention, “your entity name and UAN” along with a note that  “Delayed payments beyond 45 days attracts interest at a rate three times of the bank rate notified by RBI, compounded with Monthly interest”. 4. If any customer delays your payments unreasonably beyond 45 days, infor...

FORM GST PMT-09 IS NOW AVAILABLE ON GST PORTAL Most awaited Form GST PMT-09 is now available on GST Portal. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in the electronic cash ledger. Hence, if a taxpayer has wrongly paid CGST instead of SGST, he can now rectify the same using Form PMT-09 by reallocating the amount from the CGST head to the SGST head. #GST #Updates #CBIC #GST Site #guruandassociate #gst income tax guru

Ministry of finance has issued sanctios for April installment of devolution of state's share in Central taxes and Duties amounting to Rs 46038crore today. Ther Inter-se share is as per the recommendations of the XV Finance Commission.

The government is considering a proposal to contribute to the employees' share of the provident fund at companies with more than 100 workers. The scheme will cover only those earning a low salary. If implemented, this will be an extension of the scheme under which the Union government is paying the EPF contribution of companies employing up to 100 workers of whom 90% earn less than  ₹ 15,000 each per month. “There is a proposal but the details are yet to emerge," said a government official requesting anonymity. Government officials said there are a few possibilities under consideration – paying PF dues of workers earning up to  ₹ 15,000 in all companies without the 90% rider; allowing companies employing up to 200 workers with 90% earning up to  ₹ 15,000 per month; reducing the 90% salary rider to say 60% for companies having headcount of up to 100. It is not known whether the government will contribute the entire 24% (both employers and employees share) of th...

The income tax department is now revising income tax return (ITR) forms so that taxpayers can avail benefits of relief measures given by the government due to coronavirus lockdown. "In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month," the finance ministry said in a release today. The revised  ITR forms  would allow taxpayers to enjoy benefits of their transactions carried out during 1 April 2020 to 30 June 2020. It is also likely that the income tax department would extend the July 31 last date for filing of ITR this year. Once the revised forms are notified, the  income tax  department will further necessitate the consequential changes in the software and return filing utility. The return filing utility after incorporat...

Normally, one can defer payment by paying 'minimum due amount' and roll over the balance outstanding amount to the next month. In this process, the unpaid amount is carried forward to the next billing cycle and 2-4 percent interest is levied on it. Should you opt for the three-month  moratorium  on payment of  credit card  dues being offered by some banks as a relief measure, after a nudge from the Reserve Bank of India (RBI).As per the recent RBI notification, banks are permitted to grant a moratorium of three months for payment of all credit card dues falling between March 1, 2020 to May 31, 2020 but  interest  will continue to accrue on the unpaid dues during the moratorium period. RBI took this step to provide borrowers temporary relief in the economic upheaval caused by the  coronavirus  related  lockdown . Let's first take a basic illustration of a credit card statement. Here in this example, the total credit card dues to be...

The income tax department has come up with clarifications for those who want to opt for new tax slabs. The lower income tax rates, as announced in Budget 2020, came into effect from April 1, 2020. The old tax slabs will also continue to remain in effect, giving choice to individuals to opt between the two. Tax experts say whether an individual should choose the new tax regime or the old one depends on a case-to-case basis as under this new lower tax rates, the individual will have to give up on a lot of deductions that could help reduce taxable income. Under the new tax rates, there is zero tax for income up to  ₹ 2.5 lakh; 5% for income between  ₹ 2.5 lakh and up to  ₹ 5 lakh; 10% for income between  ₹ 5 lakh and up to  ₹ 7.5 lakh; 15% for income between  ₹ 7.5 lakh and up to  ₹ 10 lakh; 20% for income between  ₹ 10 lakh and up to  ₹ 12.5 lakh; 25% for income between  ₹ 12.5 lakh and up to  ₹ 15 lakh; 30% for income abo...

CBIC said that it is fully committed to helping the GST  taxpayers  in the present  COVID-19  situation. Since 30th March 2020, CBIC has processed 12923  refund applications  involving claims worth Rs. 5575 Cr. While in the last week itself, CBIC has processed 7873 claims worth.. 3854 Cr. CBIC said that a trade and business-friendly measure taken by CBIC .de its Circular No. 133 da.d 31.03.2020. help GST returns filers to facilitate early  ITC  refunds and to ensure that the wrong  ITC  claims are not processed in the absence of relevant information, is misconstrued in certain sections of social media and other media as troubling the  taxpayers  in  COVID -19  like situation. CBIC said that this measure was taken into effect with GST Council’s approval in its 39th Meeting held on 14.03.2020. mitigate delays in I’M refunds faced by the  taxpayers  besides ensuring that wrong  ITC  claims...

Special refinancing facilities of Rs. 50,000 crore to be given to All India Financial Institutions such as NABARD, @sidbiofficial and National Housing Bank, to enable them to meet sectoral credit needs - RBI Governor #IndiaFightsCorona https://t.co/8YLVyVOffB https://twitter.com/PIBMumbai/status/1251015704234520576?s=19

The government may soon provide refunds on income tax and goods and services tax (GST) to large companies, The Economic Times  reported . The move is intended to ensure that large companies have adequate liquidity during the nationwide lockdown to contain the spread of COVID-19. The refunds will be higher than the Rs 18,000 crore given to small taxpayers, the report said. "Large cases (of refunds) will be dealt with after a week or 10 days, by which we will have issued refunds to small taxpayers," an official told The Economic Times. Though about 93 percent of all refund cases involved small taxpayers, where the amount is small, in the case of large companies it will be higher, the official said. The official added that the government is trying to process the refunds soon. On April 8, the finance ministry said it will immediately  release pending income tax refunds of up to Rs 5 lakh . The total amount on such refunds was estimated at roughly Rs 18,000 crore, bene...

#GST DUE DATES

#Extension of due date for EPF Contribution from 15.04.2020 to 15.05.2020.

The Gujarat High Court  held that Godown of dealers cannot be sealed by Goods and Service Tax (GST) authorities without having reasons to believe that goods stored were liable for confiscation. The writ applicant, AnopsinhKiritsinhSarvaiyaowns a godown which is used by the distinct entities, namely, Ajay raj & Co.; Dharamraj Exports; Kamani Exports; R.L. Enterprise and Ruturaj& Co. for the purpose of storing agricultural produce like cotton bales and cotton yarn. According to him, the relationship is that of landlord and tenant. The GST authorities under the  Central Goods and Service Tax (CGST) Act  visited the godown, and in exercise of power under section 67 of the Central Goods and Service Tax (CGST) Act, applied seal on the godown. The applicant contended “the authorities ought to have undertaken the search by breaking open the lock as they are empowered to do so under Section 67(4) of the  Central Goods and Service Tax (CGST) Act,  and ...

GST was said to be the biggest game changer for the Indian Economy. After implementation of this law, we have seen many ups and down in the Economy which  inter-alia  include changes in GST as well. The present economic position of the Country is on doldrums. The same is quite apparent and the Hon’ble FM has been trying to push the economy since last 5-6 months. But the present global crisis on account of outbreak of COVID-19 has further derailed the Indian economy. In such a situation it has become really difficult for the common citizens to comply the law in letters and spirit. Input Tax Credit (ITC) is the heart and soul of the GST Law. The entire gamut of the GST law revolves around ITC. Right from the procurement of supply till the final payment thereof to the vendor the Govt. has put so many conditions and restrictions for availment of ITC. Some of the conditions are practically, contractually and legally not possible to fulfil. One such condition is that in ...

The Central Govt. has disbursed a total cash support of Rs 31072 crore so far under the PRADHAN MANTRI GARIB KALYAN YOJANA Which has benefitted 33.25 crore people . The latest figure as on April 14, 2020 are given below . A direct benefit transfer programme of such a scale has been made possible due to the hard work of all the officers, clerk, sub-staff at the branch level of all the Scheduled Commercial Banks and Bank mitras who are actively engaged with the citizens. Support to PMJDY Women Account Holders of 19.96 crore and estimated amount Rs 9980 crore. Front loaded payments to farmers under PM KISAN Holders of 8.31 crore and estimated amount of Rs 16621 crore. Support to NSAP beneficiaries (widows, Senor citizens And Divyangs) of 2.82 crore and estimated amount of Rs 1405 crore. Support to Building and Other Construction workers of 2.16 crore and estimated amount Rs 3066 crore.

This is for policies that are due between 25th March and 3rd May, in order to ensure their continuity and hassle-free claims payment during the above grace period.        With a view to mitigate hardship to policyholders whose health & motor (third party) insurance policies are due for renewal during COVID-19 lockdown, Govt. has issued notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies.  https://twitter.com/nsitharamanoffc/status/1250634301772713985?s=19

In pursuance of Govt's decision to issue pending income tax refunds upto Rs.5 lakh to help taxpayers in Covid-19 pandemic situation,CBDT has already issued over 10.2 lakh refunds totalling to about Rs. 4,250 crore as on April 14th, 2020. https://twitter.com/IncomeTaxIndia/status/1250387925038059520?s=19