Tanuj & Co.: May 2020

Saturday, 16 May 2020

CGST Notification No-43/2020- Central Tax ,dt. 16.05.2020:- Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring amendment in Section 140 of CGST Act w.e.f. 01.07.2017.

16th May 2020, GST Department announced :-

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Central Board of Indirect Taxes and Customs

Notification No. 43/2020 – Central Tax

New Delhi, the 16th May, 2020

G.S.R. ….(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance

Act, 2020 (12 of 2020) (hereafter in this notification referred to as the said Act), the Central

Government hereby appoints the 18th day of May, 2020, as the date on which the provisions of

section 128 of the said Act, shall come into force.

[F. No. CBEC-20/06/09/2019-GST]

(Pramod Kumar)

Director, Government of India

For Complete Notification please follow the ling below :-

CGST Notification No-43/2020- Central Tax ,dt. 16.05.2020:- Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring amendment in Section 140 of CGST Act w.e.f. 01.07.2017.

CMA Tanuj Rathore

Wednesday, 13 May 2020

Press Release dated 13 May 2020 – Income tax Date Extended, Audit date extended, Collateral Free loan to MSME, MSME definition is revised, TDS/TCS rate is reduced by 25% on all sections and many more

*Important points of the Press conference of Honorable FM:*

*Six major steps for MSME*

1. Collateral Free Automatic Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
2. Stressed MSME: Subordinate Debt 20,000 crore

3. MSME doing viable business: 50,000 cr. equity infusion for expansion
4. Definition of MSME changed:

a. Micro: Limit revised upward Investment upto 1 cr. or Turnover upto 5 cr.

b. Small: Limit revised upward Investment upto 10 cr. or Turnover upto 50 cr.

c. Medium: Limit revised upward Investment upto 20 cr. or Turnover upto 100 cr.

d. No difference in manufacturing and service sector for Micro Enterprises

5. Government Tenders: Global tenders will be disallowed upto 200 cr.

6. E market linkage for MSME. Within next 45 days all payments will be made to MSME.

EPF: For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total Rs. 2500 benefit cr.

EPF: Statutory PF deposit limit reduced from 12% to 10% for next 3 months. (6,750 cr.) (except CG and PSU’s)

*NBFC, HFC & MFI*; Rs. 30,000 cr. Special liquidity scheme

Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be guarantor. 20% will be borne by GOI.

*Discom:* Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.

*Contractors:* Extension upto 6 months to comply with contract conditions.

*Real Estate:* Coviid 19, an event of ‘Force Majeure’. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020

*Direct tax:*

– TDS rates reduced by 25% of existing rates from tomorrow to 31.03.2021(Non salaried to residents and TCS) Payment for – VSVS extending upto 31.12.2020. pay without any additional amount.

– Pending refunds of charitable trusts, non corporate business, proprietorship, partnership, LLP and society will be issued immediately.

– *Due dates of IT return for FY 2019-20*

Earlier 31.07.2020 & 31.10.2020 Now 30.11.2020

Tax Audit due date: Earlier 30.09.2020 Now 31.10.2020

– *Date of assessment extended*

From those barring on 30.09.2020 to 31.12.2020

From those barring on 31.12.2021 to 30.09.2021

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Friday, 8 May 2020

INCOME TAX DEPARTMENT ISSUES A CIRCULAR N0. 11/2020, IN RESPECT OF RECIDENTIAL STATUS U/S 6 OF THE INCOME TAX ACT, 1961

8th May 2020, Income Tax Department announced :-

Ministry of Finance Department of Revenue

Central Board of Direct Taxes

Clarification in respect of residency under section 6 of the Income-tax Act,1961 !New 8 May 2020

Section 6 of Income Tax Act, 1961 contains the provisions relating to determination of residency of an individual, as to whether he is resident in India of non-resident or ordinarily resident, is department, inter-alia, on the the period for which the person is in India during the previous year or years preceding the the previous years.

2. Various representation have been received stating that there is number of individuals who had come on a visit to India during the previous year 2019-20 for a particular duration and intended to leave India before the end of the previous year for maintaining there status as non-resident or ordinarily resident in India. However, due to declaration of lockdown and suspension of international flights owing to outbreak of Novel Corona Virus (COVID-19), they are required to prolong their stay in India. Concern has been expressed that this extra stay in India may make them a resident of India under section 6 of this Act.

(a) has been unable to leave India on or before of 31st March, 2020, his period of stay in India from 22nd March, 2020, shall not be taken into the account; or

(b) has been quarantined in India on account of Novel Corona Virus (COVID-19) on or after 1st March, 2020, and has departed on an evacuation flight on or before 31st March, 2020, or has been unable to leave India on of before 31st March, 2020, his period of stay from the beginning of his quarantine to his date of departure or 31st March, 2020, as the case may be, shall not to be taken into account; or

(c) has departure on an evacuation flight on or before 31st March, 2020, his period of stay in India from 22nd March, 2020 to his date of departure shall not to be taken into account.

Cirular No. 11/2020 : Clarification in respect of residency under section 6 of the Income-tax Act,1961 !New 8 May 2020

CMA Tanuj Rathore

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Thursday, 7 May 2020

GST Circular No. 138/08/2020 :- Seeks to clarify 'Issues in respect of challenges faced by the registered persons in implementation of provisions of GST Laws'

6th May 2020, GST Department announced :-

Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws-reg.

Circular No.136/06/2020-GST, dated 03.04.2020 and Circular No.137/07/2020-GST, dated 13.04.2020 had been issued to clarify doubts regarding relief measures taken by the Government for facilitating taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) on account of the measures taken to prevent the spread of Novel Corona Virus (COVID-19). Post issuance of the said clarifications, certain challenges being faced by taxpayers in adhering to the compliance requirements under various other provisions of the CGST Act were brought to the notice of the Board, and need to be clarified.

For Complete Circular /Order please click on the ling below :-

LINK: GST Circular No. 138/08/2020 :- Seeks to clarify 'issues in respect of challenges faced by the registered persons in implementation of provisions of GST Laws.'

CGST Notification No-42/2020- Central Tax ,dt. 05-05-2020:-Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh.

5th May 2020, GST Department announced :-

In the said notification, in the first paragraph, for the sixth proviso, the following provisos shall be substituted, namely: –

“Provided also that the return in FORM GSTR-3B of the said rules for the months of November, 2019 to February, 2020 for registered persons whose principal place of business is in the Union territory of Jammu and Kashmir, shall be furnished electronically through the common portal, on or before the 24th March, 2020:

Provided also that the return in FORM GSTR-3B of the said rules for the months of November, 2019 to December, 2019 for registered persons whose principal place of business is in the Union territory of Ladakh, shall be furnished electronically through the common portal, on or before the 24th March, 2020:

Provided also that the return in FORM GSTR-3B of the said rules for the months of January, 2020 to March, 2020 for registered persons whose principal place of business is in the Union territory of Ladakh, shall be furnished electronically through the common portal, on or before the 20th May, 2020.”.

2. This notification shall be deemed to come into force with effect from the 24th Day of March, 2020

For Complete Notification please follow the ling below :-

CGST Notification No-42/2020- Central Tax ,dt. 05-05-2020:-Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh.

CMA Tanuj Rathore

CGST Notification No-41/2020- Central Tax ,dt. 05-05-2020:- Seeks to extend the due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 30th September, 2020.

5th May 2020, GST Department announced :-

Due to Covid-19 GST Department giving some relaxation to the all taxpayers and extend the due date of furnishing GST Audit (GSTR-9/9C) for the FY 2018-19.

Now all taxpayer who falls under the compliance of GST Audit (GSTR-9/9C) for the FY 2018-19 has a sufficient time for GST Audit so don't delay now file your GST Audit (GSTR-9/9C) for the FY 2018-19 on or before due date.

For Complete Notification please follow the ling below :-

CGST Notification No-41/2020- Central Tax ,dt. 05-05-2020:- Seeks to extend the due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 30th September, 2020.

CMA Tanuj Rathore

CGST Notification No-40/2020- Central Tax ,dt. 05-05-2020 :- Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020.

5th May 2020, GST Department announced :-

"An e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and its period of validity expires during the period 20th day of March, 2020 to the 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 31st day of May, 2020.”

For Complete Notification please follow the ling below :-

CGST Notification No-40/2020- Central Tax ,dt. 05-05-2020 relating to Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020.

CMA Tanuj Rathore

Wednesday, 6 May 2020

CGST Notification No-39/2020- Central Tax ,dt. 05-05-2020:- Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

5th May 2020, GST Department announced :-

“2. Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated as a distinct person of the corporate debtor, and shall be liable to take a new registration (hereinafter referred to as the new registration)in each of the States or Union territories where the corporate debtor was registered earlier, within thirty days of the appointment of the IRP/RP or by 30th June, 2020, whichever is later."

For Complete Notification please follow the ling below or read from attached notification image.

CGST Notification No-39/2020- Central Tax ,dt. 05-05-2020, Relating to Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

Seeks to make fifth amendment (2020) to CGST Rules

Good News for Companies during covid-19, GST Department announced :-
“A registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21st day of April, 2020 to the 30th day of June, 2020, also be allowed to furnish the return under section 39 in FORM GSTR3B verified through electronic verification code (EVC).”.

CGST Notification No- 38/2020- Central Tax ,dt. 05-05-2020, Relating to Seeks to make fifth amendment (2020) to CGST Rules

CMA Tanuj Rathore