Belated/Revised ITR filing due date for FY 2018-19 extended to 30/11/2020

Belated/Revised ITR filing due date for FY 2018-19 extended to 30/11/2020

As per a recent tweet by the Income Tax Department, the ITR filing due date for FY 2018-19 for belated/revised return has been extended to 30/11/2020. currently the due date was 30/09/2020.

The tweet is as follows:

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September 2020 to 30th November 2020. Order u/s 119(2a) issued.

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September 2020 to 30th November 2020. Order u/s 119(2a) issued. https://t.co/WcKvWUeOZQ

— studycafe (@castudycafe) September 30, 2020

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All you wanted to know about ESG investing

All you wanted to know about ESG investing

Balwant Jain

When it comes to investing, as a responsible citizen, one should evaluate our target companies not only based on financial parameters but also on the basis of certain non- financial parameters. For the non-financial parameters, ESG (Environment Empathy, Social Responsibility and corporate governance) can be considered as a good starting point. Here companies are evaluated on the basis of positive and negative contributions they make for the society as a whole. Though the idea of investing on ESG parameter is at a nascent stage in India, but globally this is a well-entrenched concept in the field of investing. Going forward, many believe the younger generation, as a responsible citizen, is likely to play a pivotal role in popularising this concept in India.

What is ESG investing?

Environment Empathy (E): The melting glaciers, rise in average temperature globally have brought before us the pitfalls of global warming. The fast reducing forest cover, major rivers getting polluted, and higher presence of pollutants in air are all examples of ways mankind is neglecting the environment. This has resulted in erratic rainfall, droughts and flooding at the same time in different part of a country. However, all is not lost yet. Measures such as switching to renewable energy, increasing green cover, better waste management and pollution treatment are all ways in which one can protect the environment.

Social Responsibility (S): For running their business, corporates draw raw material and man power from the area in which they operate. While engaging with these resources, it is fair to expect the companies to handle resources in a fair, optimal and in a socially responsible manner. The Companies Act, 2013 mandates spending 2% of net profits towards social responsibility causes. Many Indian corporates have taken up initiatives in protecting the environment, helping the locals by way to providing them with quality education and medical facilities. All of these paves way for an enriching cycle for all the parties involved.

Corporate Governance (G): Corporate governance is all about integrity and honesty of the management. This aspect also has the potential to adversely impact investors’ wealth creation prospects in the long run. Market regulator SEBI has from time to time brought about regulations to be adhered to by listed entities. While some companies comply with the requirements in letter and spirit, there are others which comply only as a matter of compliance. History has time and again shown that strict adherence to good policies result into sustainable growth.

Why ESG criteria matters

Good deeds are rewarded sooner than later. This applies in business and investing as well. If companies follow good practices, it will eventually translate to higher profits by way of brand building and customer patronage.

One of the best examples of a socially responsible company is that of the Tata Group. The recent example is their initiative to provide rooms at Taj Hotel for healthcare staff members who are at the frontlines of the Covid-19 pandemic. Also, their decision to serve food to medical staff at their work place moved me and several others to prefer Tata products over other products. Over the long run, all of these will result in better profits and more importantly brand loyalty.

Any company which follows ESG over the long term is sure to emerge as a sustainable company. That is the reason ESG investing is also known as sustainable investing.

Ways to invest in ESG companies

For a layman, it is very difficult to keep track of these three factors of all the companies listed in India. One can overcome these limitations by investing in an ESG Fund offered by mutual fund houses. Currently there are three schemes in this space – Quantum India ESG Equity Fund, SBI Magnum Equity ESG Fund, Axis ESG Equity Fund. ICICI Prudential is also joining the bandwagon with New Fund Offer opening from September 21, 2020.

The portfolio of an ESG Fund will typically have names from the top 1,000 listed entities. Among these, companies which are engaged in businesses perceived as harmful from a social perspective, such as tobacco, liquor and gambling are dropped. Furthermore, companies which have higher carbon footprint or rely heavily on water such as bottling plants or the ones which pollute air or water are given negative weights or altogether excluded.

For portfolio construction, fund managers tend to rely on SEBI mandated business responsibility report put out by listed companies which contain extensive disclosures about adoption levels of responsible business practices. Apart from this, fund houses have an internal criteria with weights assigned to various aspect on these criteria. Companies with a total score above a certain threshold qualify for investment.

In a nutshell, ESG investing is all about investing ethically for our own financial wellbeing in the long run.

The author is a tax and investments expert and Chief Editor of ApnaPaisa. He can be reached at balwant.jain@apnapaisa.com

Tags: Finance

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GSTR9 & GSTR9C due date for FY 2018-19 extended to 31.10.2020

GSTR9 & GSTR9C due date for FY 2018-19 extended to 31.10.2020

As of Now Due date of filing GST Annual Return and GST Audit for FY 2018-19 was 30th September 2020. But in light Covid-19 Pandemic it was highly anticipated that due date should be extended. Now Due date of filing GST Annual Return and GST Audit for FY 2018-19 has been extended to 31st October 2020.

GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes

Due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 extended from 30.09.2020 to 31.10.2020. https://t.co/p4ymJ3nfeG

— studycafe (@castudycafe) September 30, 2020

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Extension of LLP Settlement Scheme 2020

Extension of LLP Settlement Scheme 2020

The MCA had also introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults.

General Circular No.31/2020

F.No 17/61/2016-CL-V-Pt.I
Government of India
Ministry of Corporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R.P. Road, New Delhi
Dated: 28th September 2020

To
The DGCoA
Regional Directors,
Registrar of Companies,
Stakeholders

Subject : Extension of LLP Settlement Scheme, 2020

Sir/ Madam,

In continuation to this Ministry’s General Circular No. 13/2020 dated 30.03.2020, in view of the large scale disruption caused by the COVID -19 pandemic and after due examination, it has been decided to extend the aforesaid scheme till 31st December 2020. All other requirements provided in the said circular shall remain unchanged.

2. This issues with the approval of the competent authority.

Yours faithfully,

(KMS Narayanan)
Assistant Director (policy)

Tags:  Company Laws

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CFSS2020 Scheme extended to 31st December 2020

Extension of Companies Fresh Start Scheme 2020

The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020.

General Circular No.30/2020

F.No 02/01/2020-CL-V
Government of India
Ministry of Coporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R.P. Road, New Delhi
Dated : 28th September 2020

To
The DGCoA
All Regional Directors,
Registrar of Companies,
Stakeholders

Subject : Extension of Companies Fresh Start Scheme, 2020

Sir/ Madam,

In continuation to this Ministry’s General Circular No.12/2020 dated 30.03.2020, in view of the large scale disruption caused by the COVID -19 Pandemic and after due examination, it has been decided to extend aforesaid scheme till 31st December 2020. All other requirements provided in the said circualr shall remain unchanged.

2. This issues with the approval of the competent authority.

Yours faithfully,

(KMS Narayanan)
Assistant Director (policy)

Tags:  Company Laws

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GSTR-9 AND GSTR-9C Due Date Likely to Be Extended by One Month

GSTR-9 AND GSTR-9C Due Date Likely to Be Extended by One Month:

For the Financial Year 2018-19: GSTR-9 & GSTR-9C due date Likely to be extended by one Month.

As per news updates of CNBC-TV, there are high chances that due date of GSTR-9 & GSTR-9C for FY 2018-19 might be extended by One Month. Main reason for the same is COVID-19.

As of Now Due date of filing GST Annual Return and GST Audit for FY 2018-19 is 30th September 2020. But in light of continuous COVID-19 Pandemic, it is highly anticipated that due date should be extended.

 

 

 

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CA News: Multipurpose Empanelment Form for the year 2020-21 now available

CA News: Multipurpose Empanelment Form for the year 2020-21 now available

Dear Council Colleague,

Greetings from Professional Development Committee!!!

We are happy to inform you that Multipurpose Empanelment Form (MEF) for the year 2020-21 has been posted and is available at http://meficai.org/.

We wish to inform you that, this year, the PDC is seeking additional information related to professional experience in the fields other than Bank Branch Audit. To capture the varied experiences of the members, certain new fields like Internal Audit, Indirect Tax, Forensic, International experience, etc. have been included. This will enable us to put forward the MEF database at appropriate fora for various professional opportunities other than Bank Audit. The members should come forward and fill their information, though optional, and avail the benefit of multiple opportunities under one umbrella.

The key highlights of the MEF- 2020-201 are:

• Display of Common Partners details and their association
• OTP based Validation of Declaration
• Disclosure of reason for ineligibility
• Capturing the Lat-long of the head office through google map
• All change through SSP Portal only
• Introducing the Part B- Experience details for Other Panels

The last date for submission of the online MEF Form and declaration for the year 2020-21 is 12th October 2020.

The Announcements are being hosted and members are being informed separately. You are kindly requested to inform members of various interactions.

With kind regards,

Chairman & Vice- Chairman

Professional Development Committee

Tags: CA, ICAI

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Detailed examination of Loan Disbursed must before denying section 80P deduction

Detailed examination of Loan Disbursed must before denying section 80P deduction

IN THE INCOME TAX APPELLATE TRIBUNAL

The Relevant Text of the Order as follows :

7.1 In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was only minuscule. Therefore, the Assessing Officer concluded that the assessee cannot be treated as co-operative society. The Assessing Officer after perusing the narration of the loan extracts in the statutory audit report for assessment years under consideration, came to the conclusion that out of the total loan disbursement, only a minuscule portion has been advanced for agricultural purposes. We are of the view that the narration in loan extracts in the audit reports by itself may not conclusive to prove whether loan is a agricultural loan or a non-agricultural loan. The gold loans may or may not be disbursed for the purpose of agricultural purposes. Necessarily, the A.O. had to examine the details of each loan disbursement and determine the purpose for which the loans were disbursed, i.e., whether it is for agricultural purpose or non-agricultural purpose. In these cases, such a detailed examination has not been conducted by the A.O. At the time of assessment, the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Cooperative Bank Ltd. (supra) was ruling the roost and the certificate issued by the Registrar of Co-operative Society terming the assessee as a primary agricultural credit society would be sufficient for grant of deduction u/s 80P of the I.T.Act. In the light of the dictum laid down by the Full Bench of the Hon’ble Kerala High Court in the case of The Mavilayi Service Co-operative Bank Ltd. v. CIT (supra), we are of the view that there should be fresh examination by the Assessing Officer as regards the nature of each loan disbursement and purpose for which it has been disbursed, i.e., whether it for agricultural purpose or not. The A.O. shall list out the instances where loans have disbursed for non-agricultural purposes etc. and accordingly conclude that the assessee’s activities are not in compliance with the activities of primary agricultural credit society functioning under the Kerala Co-operative Societies Act, 1969, before denying the claim of deduction u/s 80P(2) of the I.T.Act. For the above said purpose, the issue raised in these appeals is restored to the files of the Assessing Officer. The Assessing Officer shall examine the activities of the assessee society by following the dictum laid down by the Full Bench of the Hon’ble jurisdictional High Court in the case of The Mavilayi Service Co-operative Bank Ltd. v. CIT (supra) and shall take a decision in accordance with the law. It is ordered accordingly.

Detailed examination of Loan Disbursed must before denying section 80P deduction

8. Since we have disposed of the appeals, the stay applications filed by the assessee are dismissed as infructuous.

9. In the result, the appeals filed by the assessee are allowed for statistical purposes and the stay applications are dismissed.

Order pronounced on this 17th day of September, 2020.

Read Order

Tags:  Judgement, Appellant Tribunal

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AO cannot reopen a case to re-examine issue examined during original assessment

AO cannot reopen a case to re-examine issue examined during original assessment

IN THE INCOME TAX APPELLATE TRIBUNAL

The Relevant Text of the Order as follows :

18. We find that ld CIT(A) has followed the decision of Hon’ble Supreme Court in the case of CIT vs Kelvinator of India ltd., 320 ITR 561 (SC), wherein, it was held that the concept of change of opinion must be treated as an inbuilt test to check the abuse of power by the AO and that even after 1.4.1989, the date from which the amended provisions of section 147 came into force, the AO has power to reopen an assessment, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. However, in this case, no tangible material has come to the knowledge of the AO to reopen the assessment. Ld CIT(A) has also followed the decisions of this Tribunal in assessee’s own case under similar facts in quashing the reassessment order.

19. Further, in the reasons recorded for reopening of assessment, there is no whisper, what to speak of any allegation, that the assessee had failed to disclose fully and truly all material facts necessary for assessment and that because of this failure there has been an escapement of income chargeable to tax. Merely having a reason to believe that income had escaped assessment, is not sufficient to reopen the assessment. The escapement of income from assessment must also be occasioned by the failure on the part of the assessee to disclose material facts, fully and truly. This is a necessary condition for overcoming the bar set up by the proviso to section 147. If this condition is not satisfied, the bar would operate and no action under section 147 could be taken.

AO cannot reopen a case to re-examine issue examined during original assessment

20. Considering the facts and circumstances of the case, we are of the opinion that there is nothing to suggest that all the primary facts were not disclosed by the assessee at the time of original assessment completed u/s 143(3) of the Act nor any failure on the part of the assessee to disclose fully and truly all the material facts has been ascribed in the circumstances narrated before us. It cannot be said that the assessee suppressed any material facts. Thus, we are of the considered opinion that the ld CIT (A), in the operative para (supra) 2.2 was right in holding that, from the assessment order, it is found that the AO, after considering the reply/explanation of the assessee has made disallowance of Rs.194.85 crores which does not include the expenses incurred in foreign currency under the head “ others” and passed assessment order dated 30.12.2016 u/s.143(3) of the Act Thereafter, there was no new tangible materials, as discernible from the reasons recorded by him for initiation of reassessment proceedings in his hands, thus, it is a case of change of opinion. It is wellsettled that if a notice under section 148 of the Act has been issued without the jurisdictional foundation u/s 147 of the Act new tangible materials which was not with him during original proceedings being available to the AO, the notice and the subsequent proceedings will be without jurisdiction and thus, liable to struck down. In view thereof, we have no hesitation in confirming the findings of the ld. CIT(A) in quashing the reassessment order.

21. In the result, appeal of the revenue is dismissed.

Order pronounced on 09/09/2020.

Read Order

Tags:  Judgement, Appellant Tribunal

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GOI introduces liberal and transparent policy for FDI

GOI introduces liberal and transparent policy for FDI

Ministry of Commerce & Industry

Press Release

21th SEP 2020

Government has put in place a liberal and transparent policy for Foreign Direct Investment (FDI), wherein most of the sectors are open to FDI under the automatic route. The Government reviews the FDI policy on an ongoing basis and makes changes from time to time, to ensure that India remains an attractive & investor friendly destination. It has been the endeavor and intent of the Government to put in place an enabling and investor friendly FDI Policy.

FDI policy is an enabling policy which is uniformly applicable in the country across all scales of industries including small and medium enterprises.

Details of Foreign Direct Investment is maintained remittance-wise. The Foreign Direct Investment Equity Inflow data inter-alia includes the name of the Foreign company, Indian company including MSMEs, country, sector activity, amount and type of investment, etc. This data is very voluminous and available on the departmental website (www.dipp.nic.in).

India has one of the most liberalized FDI policy worldwide, wherein 100% FDI under automatic route is permitted in many sectors/ activities. There are only a few sectors/ activities where FDI is regulated i.e. subjected to government approval, with a cap or having other conditionality requirements. The FDI policy equally applies to the MSME sector. Further, the Government reviews the FDI policy on an ongoing basis and significant changes are made in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and is viewed as an investor-friendly investment destination. A liberalised FDI Policy is being pursued to ensure that along with attracting investment, modern and cutting edge technology is brought in the country to improve overall productivity and competitiveness.

Further, the extant FDI Policy on Single Brand Product retail trading contributes significantly to the development of MSME sector thereby encouraging increased sourcing of goods from India, thereby enhancing competitiveness of Indian MSMEs, providing access to global designs, technologies and management practices.

FDI Policy on Single Brand Product retail trading, in case of proposals involving foreign investment beyond 51%, mandates sourcing of 30% of the value of goods procured, to be done from India, preferably from MSMEs, village and cottage industries, artisans and craftsmen, in all sectors.

Further, the FDI Policy on Multi Brand Retail Trading provides that, at least 30% of the value of procurement of manufactured/processed products purchased shall be sourced from Indian micro, small and medium industries, which have a total investment in plant & machinery not exceeding US $ 2.00 million.

This information was given by the Union Minister of Commerce and Industry, Shri Piyush Goyal, in a written reply in the Lok Sabha today.

Tags: News

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Pre-filled GSTR-3B to be available very soon says GSTN CEO

Pre-filled GSTR-3B to be available very soon says GSTN CEO

Today , on 21st September 2020 , Prakash Kumar – Chief Executive Officer of GST Network(GSTN) said that prefilled GSTR 3B will be available very shortly to ease the payment of the taxes. The option to edit the form would be provided also to allow businesses to make past adjustments etc.

Pre-filled GSTR-3B to be available very soon says GSTN CEO

Tags: GST, News

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MCA Representation requesting for further extension of timelines for compliances due to Covid-19

MCA Representation requesting for further extension of timelines for compliances due to Covid-19

The Institute of Company Secretaries of India

MCA: September: 2020

21st September, 2020

Shri Rajesh Verma, IAS Secretary
Ministry of Corporate Affairs
Government of India
Shastri Bhawan
Dr. Rajendra Prasad Road New Delhi -110001

Subject: Request for extension of timelines due to COVID-19-rcg.

Respected Sir,

As your good self is aware that impact of OVID-19 pandemic has been harsh and the economy is struggling to come out of the crisis. The corporates are facing challenging times to meet the ends and function smoothly. Considering the current crisis, we request your esteemed office to consider further relaxations in due dates of the following compliances:

Click Here To Read Futher

Tags : ICSI

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All Income Tax Return Preparation Utility for AY 20-21 are now available

All Income Tax Return Preparation Utility for AY 20-21 are now available

All Income Tax Return Preparation Utility for AY 20-21 are now available

Tags: Income Tax

​​​​​​The Return Form can be filed with the Income-tax Department in any of the following ways, –

  (i) by furnishing the return in a paper form;

 (ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record

Return Form

ITR – 1 Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).

ITR – 2 It is applicable to an individual or an Hindu Undivided Family. Taxpayer not having income chargeable to income-tax under the head “Profits or gains of business or profession” can file it.

ITR – 3 It is applicable to an individual or an Hindu Undivided Family. Taxpayer having income chargeable to income-tax under the head PGBP are required to file it.

ITR – 4 Also known as SUGAM is applicable to individuals or HUF or partnership firm. It is applicable if they have opted for the presumptive taxation scheme. This scheme is applicable as per of section 44AD/ 44ADA/44AE.​

ITR – 5 This Form can be used by a person being a firm, LLP, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)

ITR – 6 It is applicable to a company, other than a company claiming exemption under section 11. Eexemption under section 11 can be claimed by charitable/religious trust.

ITR – 7 It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).

​ITR – V It is the acknow​ledgement of filing the return of income.

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GSTR-10: Waiver of late fees for period 22 Sep to 31 Dec 2020

GSTR-10: Waiver of late fees for period 22 Sep to 31 Dec 2020

Notification 68/2020: The amount of late fee payable under Section 47 in excess of ₹250 shall stand waived for the registered persons who fail to furnish GSTR-10 by the due date but furnishes the said return between the period from 22 September to 31 December, 2020.

GSTR-10: Waiver of late fees for period 22 Sep to 31 Dec 2020

NOTIFICATION

New Delhi, the 21st September, 2020

No. 68/2020 – Central Tax

G.S.R. 573(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act which is in excess of two hundred and fifty rupees, for the registered persons who fail to furnish the return in FORM GSTR-10 by the due date but furnishes the said return between the period from 22^th day of September, 2020 to 31^st day of December, 2020.”.

[F. No. CBEC-20/06/08/2019-GST]

PRAMOD KUMAR, Director

Tags: GST

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GSTR-4: Waiver of late fees for quarters July 17 to March 20

GSTR-4: Waiver of late fees for quarters July 17 to March 20

Notification 67/2020: Late fee payable under S47 in excess of ₹250 shall stand waived & shall stand fully waived where tax payable is nil for persons who failed to furnish GSTR-4 for quarters July 17 to March 20 by due date but furnishes said return between 22 Sept to 31 Oct, 20

GSTR-4: Waiver of late fees for quarters July 17 to March 20

NOTIFICATION
New Delhi, the 21st September, 2020
No. 67/2020 – Central Tax

G.S.R. 572(E).—In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 73/2017.– Central Tax, dated the 29th December, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i) vide number G.S.R. 1600(E), dated the 29th December, 2017, namely :–

In the said notification: –

(ii) after the second proviso, the following proviso shall be inserted, namely: –

“Provided also that late fee payable under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived where the total amount of central tax payable in the said return is nil, for the registered persons who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to March, 2020. by the due date but furnishes the said return between the period from 22th day of September, 2020 to 31st day of October, 2020.”.

[F. No. CBEC-20/06/08/2019-GST]
PRAMOD KUMAR, Director

Note: The principal notification No. 73/2017-Central Tax, dated 29th December, 2017 was published in the Gazette of India, Extraordinary, vide number G.S.R. 1600(E), dated the 29th December, 2017. and was last amended vide notification number 77/2018 – Central Tax, dated the 31st December, 2018., published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R 1254(E), dated the 31st December, 2018.

Tags: GST

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Time limit of issuing invoice in respect of goods send outside India on sale or return basis Extended

Time limit of issuing invoice in respect of goods send outside India on sale or return basis Extended

Notification 66/2020: The time limit for issuing invoices in case of goods goods being sent or taken out of India on approval for sale or return, which falls between 20 March, 2020 to 30 October, 2020 has been extended to 31 October 2020.

Time limit of issuing invoice in respect of goods send outside India on sale or return basis Extended

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)

NOTIFICATION

New Delhi, the 21st September, 2020

No. 66/2020–Central Tax

G.S.R. 571(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of  India  in  the  Ministry of  Finance  (Department  of  Revenue), No. 35/2020-Central Tax, dated the 3rd April. 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 235(E), dated the 3rd April, 2020, namely:-

In the said notification, in the first paragraph, in clause (i), after the first proviso, the following proviso shall be inserted, namely: –

“Provided further that where, any time limit for completion or compliance of any action, by any person, has been specified in, or prescribed or notified under sub-section (7) of section 31 of the said Act in respect of goods being sent or taken out of India on approval for sale or return, which falls during the period from the 20th day of March, 2020 to the 30th day of October, 2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall stand extended up to the 31st day of October, 2020.”.

[F.No. CBEC-20/06/08/2019-GST]

PRAMOD KUMAR, Director

Note: The principal notification No. 35/2020-Central Tax, dated the 3rd April, 2020 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 235(E), dated the 3rd April, 2020 and was last amended by notification No. 65/2020 – Central Tax, dated the   1st   September,   2020,   published   in  the   Gazette   of   India,   Extraordinary   vide number G.S.R. 542(E), dated the 1st September 2020.

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SEBI Regulatory measures to continue till October 29 2020

SEBI Regulatory measures to continue till October 29 2020

Securities and Exchange Board of India

PR No.48/2020

PRESS RELEASE

Regulatory measures to continue

On review of the COVID-19 pandemic related situation, it has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 20201 shall continue to be in force till October 29, 2020.

The stock exchanges and clearing corporations will be issuing necessary instructions to the market participants in this regard.

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SEBI to empanel securities market trainer for enhancing Investor Education

SEBI to empanel securities market trainer for enhancing Investor Education

Securities and Exchange Board of India

PR No.47/2020

PRESS RELEASE

SEBI to empanel Securities Market Trainers (SMARTs) for enhancing Investor Education activities

Securities and Exchange Board of India (SEBI) has invited applications from eligible candidates to be empanelled as Securities Market Trainers (SMARTs) for enhancing the Investor Education activities of SEBI.

This is an important initiative of SEBI considering the recent increase of interest among investors in the securities market. An educated investor is a protected investor. There is a need to increase the outreach of investor education programmes so that the investors understand the securities market better and make informed investment decisions.

SMARTs are expected to conduct Investor Awareness Programs for existing and prospective investors in the securities markets. In these programs, topics related to Basics of securities markets, rights and responsibilities of investors, understanding the risks and rewards involved while investing in the market, grievance redressal mechanism, etc. are expected to be covered. These programs would be conducted in various regional languages, in addition to English and Hindi.

Individual SMARTs are expected to conduct programmes in their respective districts, so that investors in Tier II and Tier III cities are also benefitted. This will help to do investor education programmes across the country.

Applicants may be either an individual or organization working in the field related to law, commerce, management, economics and financial markets education. The organisation could be a Trust/Society/Company or Partnership registered under the relevant Acts.

In case of an individual applicant, the applicant must have a graduate degree from a recognized university with 50% marks and at least five years of experience of either working or teaching in the areas of law, commerce, management, economics or financial markets education.

In case where an organisation is the applicant, at least one member of the governing body must have a graduate degree from a recognized university with 50% marks and at least five years of experience of either working or teaching in the areas of law, commerce, management, economics or financial markets education.

The SMARTs would be provided reimbursement for the expenses incurred by them, subject to prescribed limits, for conducting Investor Awareness Programs on securities markets throughout the country.

The details regarding selection criteria, application form, guidelines, etc. are available on the SEBI website: https://ift.tt/2xlFn8Y, SEBI Investor website: https://ift.tt/3hPxVr9 and NISM website: https://nism.ac.in. The last date for application is October 16, 2020.

SEBI has been undertaking various investor awareness activities including seminars/webinars with stock exchanges, depositories, multi media campaign, dedicated investor website etc. All the investor awareness programs undertaken by SEBI are free of cost for the participants and the cost for these programs is met from SEBI’s Investor Protection and Education Fund.

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Due Dates of ITRs & Tax Audit Due Dates Extended?

Due Dates of ITRs & Tax Audit Due Dates Extended?

The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Bill, 2020 (Bill) is introduced in Lok Sabha on 18th September 2020 and was having a lot of Drafting mistakes fr which it subsequently issued Errata. This bill was passed in Lok Sabha on 19th September 2020 and it replaces Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, promulgated in March 2020.

The ambiguity of language of this Bill created an impression that dates for filing ITRs etc have been extended. However, that is not true.

The bill starts from the third proviso of section 3 which is as under:

“Provided also that where the specified Act is the Income-tax Act, 1961 and the compliance relates to—

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the—

(a) 1st day of April 2019, the provision of this subsection shall have the effect as if for the figures, letters, and words “31st day of March 2021”, the figures, letters, and words “30th day of September 2020” had been substituted;

(b) 1st day of April 2020, the provision of this subsection shall have the effect as if for the figures, letters, and words “31st day of March 2021”, the figures, letters, and words “30th day of November 2020” had been substituted;

(vii) furnishing of the report of audit under any provision thereof for the assessment year commencing on the 1st day of April 2020, the provision of this subsection shall have the effect as if for the figures, letters, and words “31st day of March 2021”, the figures, letters and words “31st day of October 2020” had been substituted:“

Income Tax & GST Due Date Extended?

Now after reading the above amendments many believed for once that the due date has been extended to 31 March 2021 for all income tax returns and tax audit reports.

However, that’s not true. If one reads the above bill carefully the first subsection extends all the due date between 20 March 2020 to 31 December 2020 to 31 March 2021 whereas the next proviso clarifies that for various due dates shall not extend to 31 March 2021 where it will extend to some specific date.

Compliance	Period	Date Date
ITR Filing	FY 2018-19	30th September 2020
ITR Filing	FY 2019-20	30th November 2020
Tax Audit	FY 2019-20	31st October 2020

Thus there is no extension as now for ITR filing or Tax Audit Due date.

Disclaimer: This is as per the information available on 21st Sep 2020.

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35074 taxpayers opt for Vivad Se Vishwas Scheme

35074 taxpayers opt for Vivad Se Vishwas Scheme

Ministry of Finance

Press Release

20th SEP 2020

The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha today.

Giving more details, the Minister further said that the revenue generated till date through the Act is Rs. 9,538 crore. This figure does not include the payments made by the taxpayers who are yet to file their declarations under the Scheme. The time-limit for filing of declaration under the scheme has been extended till 31st December, 2020.

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Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020

Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020 introduced in Lok Sabha Highlights (Bill no- 116 of 2020)

• ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.
• ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.
• The filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to 31-3-2021.
• TDS/TCS returns for Feb & March-20 and Q 4 for March 20 (as the case)under all subsections are to be extended to31-3-2021.
• Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.

Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020

• Sections 54 to 54GB:

  • The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.
  • For making such completion or compliance is to be extended from 30th Sep to 31-3-2021.

• Chapter – VI A under heading B –

  • The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,
  • For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.

• Vivad se vishvas Scheme 2020

  • Time limit to be extended from 30th Dec 20 to 31-12-2020.
  • For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.
• No extension of payment of taxes.
• The interest rate for late payment of taxes 3/4% pm or part of thereof. (Only if the tax payable is above Rs. 1 lac)
• No penalty will be levied & No prosecution shall be sanctioned for the delay period for payment of taxes.
  • Explanation- The period of delay means the period between the due date and the time of payment.
• The new provisions for charitable trusts for reregistration etc Approval u/s 10(23)(C), Re-registration u/s 12A/ 12AA, and 80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.

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E-Way Bill- Non-mentioning of GST cannot be seen as an act in contravention when statutorily form does not contain field for entering details

E-Way Bill- Non-mentioning of GST cannot be seen as an act in contravention when statutorily form does not contain field for entering details

IN THE HIGH COURT OF KERALA

The Text of the Order as follows :

The petitioner has approached this Court challenging Ext.P4 series of notices of detention, whereby a consignment of goods transported at the instance of the petitioner was detained by the respondent on the allegation that there was a discrepancy in the e-way bill that accompanied the transportation of the goods. On a perusal of Ext.P4 series of notice, I find that the reason for detention was that, while the consignment was supported by an invoice which contained the details of the goods transported as also the tax paid in respect of the goods, there was no mention of the tax amounts separately in the e-way bill that accompanied the goods. The respondents therefore detained the goods on the ground that there was no valid e-way bill, supporting the transportation in question.

2. The learned counsel for the petitioner would point out that there is no requirement under the Act and Rules for mentioning the tax amount separately in the e-way bill in FORM GST EWB-01 that the petitioner was obliged to use to cover the transportation in question. It is further pointed that there is no dispute that the transportation was covered both by a tax invoice, as also an e-way bill in FORM GST EWB-01, and when both the documents are perused together, it is amply clear that the transportation was covered by documents that clearly indicated the fact of payment of tax on the goods that were being transported. It is contended therefore that there was no justification for the detention under Section 129 of the Act.

3. Per contra, it is the submission of the learned Government Pleader that as per Section 33 of the GST Act, there is an obligation on every person, who makes a supply for consideration and who is liable to pay tax for such supply, to prominently indicate in all documents relating to assessment, tax invoice and other like documents, the amount of tax which shall form part of the price at which such supply is made. She reads the said provision in juxtaposition with Section 129 of the Act which deals with the power to detain goods in transit. Referring to the provisions of Section 129, it is contended that the goods in question were being transported under cover of documents that had been raised in contravention of the provisions of Section 33. It is argued that, the e-way bill being a document akin to a tax invoice, in relation to an assessment to tax, and not having carried the details regarding the tax amount, the transportation itself had to be viewed as in contravention of the Act and Rules for the purposes of Section 129.

4. On a consideration of the rival submissions, I am of the view that the submissions of the learned Government Pleader cannot be accepted. The power of detention under Section 129 is to be exercised only in cases where a transportation of goods is seen to be in contravention of the provisions of the Act and Rules and not simply because a document relevant for assessment does not contain details of tax payment. As per the statutory provisions applicable to the instant case, a person transporting goods is obliged to carry only the documents enumerated in Rule 138(A) of GST Rules, during the course of transportation. The said documents are (i) the invoice or bill of supply or delivery challan, as the case may be and (ii) the copy of e-way bill in physical form or e-way bill Number in electronic form etc. A reading of the said Rule clearly indicates that the e-way bill has to be in FORM GST EWB-01, and in that format, there is no field wherein the transporter is required to indicate the tax amount payable in respect of the goods transported. If the statutorily prescribed form does not contain a field for entering the details of the tax payable in the e-way bill, then the non-mentioning of the tax amount cannot be seen as an act in contravention of the rules. In the instant case, it is not in dispute that the transpiration was covered by a valid tax invoice, which clearly showed the tax collected in respect of the goods and an e-way bill in the prescribed format in FORM GST EWB-01. Since there was no contravention by the petitioner of any provision of the Act or Rule for the purposes of Section 129, the detention in the instant case cannot be said to be justified.

In the result, I allow the writ petition by quashing Ext.P4 series of detention notices and directing the respondents to release the goods forthwith to the petitioner on the petitioner furnishing a copy of this judgment before the respondents. The learned Government Pleader shall communicate a gist of the directions in this judgment to the respondents for enabling an expeditious clearance of the goods and the vehicle.

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SEBI Circular on Mutual Fund

SEBI Circular on Mutual Fund

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/IMD/DF2/CIR/P/2020/175                                 September 17, 2020

All Mutual Funds (MFs)/
Asset Management Companies (AMCs)/
Trustee Companies/ Boards of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFI)

Sir / Madam,

Subject: Circular on Mutual Funds

1. Uniformity in applicability of Net Asset Value (NAV) across various schemes upon realization of funds.

1.1. In partial modification to SEBI Circular No. SEBI/IMD/DF/21/2012 dated September 13, 2012, it has been decided that in respect of purchase of units of mutual fund schemes (except liquid and overnight schemes), closing NAV of the day shall be applicable on which the funds are available for utilization irrespective of the size and time of receipt of such application.

1.2. The existing provision on NAV applicability for liquid and overnight funds and cut-off timings for all schemes shall remain unchanged.

2. Trade Execution and Allocation

2.1. It has been decided that AMCs shall put in place a written down policy which inter-alia detail the specific activities, role and responsibilities of various teams engaged in fund management, dealing, compliance, risk management, back-office, etc., with regard to order placement, execution of order, trade allocation amongst various schemes and other related matters.

2.2. The aforesaid policy shall ensure that all the schemes nd its investors are treated in a fair and equitable manner. Further, the policy shall be approved by the Board of AMC and the trustees and they shall ensure compliance with the following:

2.2.1. For orders pertaining to equity and equity related instruments:

a) AMCs shall use an automated Order Management System (hereinafter referred to as ‘OMS’), wherein the orders for equity and equity related instruments of each scheme shall be placed by the fund manager(s) of the respective schemes.

b) In case a fund manager is managing multiple schemes, the fund manager shall necessarily place scheme wise order.

c) All regulatory limits and allocation limits as specified in SID shall be in-built in the OMS to ensure that orders in breach of such limits are not accepted by the OMS. AMCs may further place soft limits for internal control and risk management based on its internal policy. Further, any change in limits specified in OMS shall be subject to the approval of Compliance and Risk Officer.

d) All orders of fund manager(s) shall be received by dedicated dealer(s) responsible for order placement and execution.

e) The internal policy of AMC may also provide certain scenarios within the regulatory limits, wherein, prior approval of Compliance or Risk Officer would be required through OMS before the order is received by the dealer.

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Customs (Administration of Rules of Origin under Trade Agreements) Rules 2020

Implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules 2020

Ministry of Finance

18th SEP 2020

Press Release

The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020), notified on 21st August, 2020, shall come into force from 21st September, 2020 upon completion of the 30 day period that was given to importers and other stakeholders to familiarize themselves with new provisions.

CAROTAR, 2020 implements the commitment of Finance Minister in her Budget Speech 2020 to protect the domestic industry from misuse of FTAs. Finance Minister had said “Undue claims of FTA benefits have posed threat to domestic industry. Such imports require stringent checks. In this context, suitable provisions are being incorporated in the Customs Act, 1962.”

CAROTAR, 2020 read with CBIC Circular No. 38/2020-Cus, dated 21st August, 2020 supplement the existing operational certification procedures prescribed under different trade agreements (FTA/ PTA/ CECA/ CEPA). An importer is now required to do due diligence before importing the goods to ensure that they meet the prescribed originating criteria. A list of minimum information which the importer is required to possess has also been provided in the rules along with general guidance. Also, an importer would now have to enter certain origin related information in the Bill of Entry, as available in the Certificate of Origin.

The new Rules will support the importer to correctly ascertain the country of origin, properly claim the concessional duty and assist Customs authorities in smooth clearance of legitimate imports under FTAs. Hence, the CBIC has been actively engaging with stakeholders through webinars and other means to guide them on compliance with the new Rules and to clarify any doubts that they may have.

The new Rules would strengthen the hands of the Customs in checking any attempted misuse of the duty concessions under FTAs.

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Using Matching Offline Tool to compare ITC in Form GSTR-2B with Purchase Register

Using Matching Offline Tool to compare ITC in Form GSTR-2B with Purchase Register

1. An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per their Purchase Register, with the ITC as shown available in their auto drafted Form GSTR-2B and thus help them to claim correct ITC, while filing Form GSTR-3B.

2. To use the Matching Offline Tool, taxpayer need to :

• download and install the Offline tool on their system
• download the Form GSTR-2B JSON file from the GST portal
• prepare purchase register in the template provided with offline tool
• Total number of documents to match should be preferably be less than 3000 in number.

Using Matching Offline Tool to compare ITC in Form GSTR-2B with Purchase Register

3. Steps to use the utility:

a. Download the utility from GST common portal by navigating to Downloads>Offline Tools> Matching Offline Tool

b. Open the tool. Following boxes are displayed on Offline tool dashboard page:

• GSTR-2B
• Import Purchase Register (PR)
• Matching Result

c. Import GSTR-2B JSON file, downloaded from GST portal into the tool, by tab ‘Open downloaded JSON file’ and use it to view the same.

GSTR2B | Understanding GSTR2B Practically

d. Import the purchase register data, maintained in the template provided with offline tool, using Excel or CSV format, from Import Purchase Register (PR) tile.

e. Click on ‘Match’ button to match the above two details (c & d). The utility will match the table wise details based on the criteria for matching selected.

Note:

• The ‘Match’ button will be enabled only if purchase register has been successfully imported into the tool
• The matching is done on the basis of GSTIN, Document type, Document number, Document date, taxable value, total tax amount and tax amounts head wise

f. Post matching, user will be navigated to the ‘Matching Result’ page and matching result will be summarized as Exact match, Partial match, Probable match or Unmatched.

g. Once matching is complete, taxpayer can:

• Refine matching result
• View summary of the matching result
• Export the matching details to CSV file
• Download the matching result details in excel format from offline utility.

4. Important points:

• Profile of more than one GSTIN can be added in the offline tool for matching or to view GSTR-2B. Profile can be modified later on, if required.
• Normal/SEZ developer/SEZ unit/casual taxpayer can use this tool. They must have valid login credentials and valid GSTIN for the period, for which they intend to view and match details of Form GSTR-2B.

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GST Interest on net cash tax liability (Sec 50) – Read Department Advisory

GST Interest on net cash tax liability (Sec 50) – Read Department Advisory

F.No. CBEC- 20/01/08/2019-GST
Government of India
Minsitry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
GST Policy Wing
***

Room No.159A,
North Block, New Delhi,
Dated : 18th September, 2020

To,
The Principal Chief Commissioners/Chief Commissioners/ Principal Commissioners/ Commissioners of Central Tax (ALL)
The Principal Director Generals/ Director Generals (ALL)

Madam/Sir

Subject: Administrative instruction for recovery of interest on net cash tax liability w.e.f. 01.07.2017 – reg.

Based on the recommendations of the 35th meeting of the GST Council held on 21st June 2019, the provision of section 50 was amended vide section 100 of the Finance (No. 2) Act, 2019 to provide for changing interest on the net cash tax liability. The said amendment was to be made effective from a date to be notified by the Government. Accordingly, the said provision was made effective vide notification No. 63/2020 – Central Tax dated the 25th August 2020, w.ef. 01.09.2020.

2. The GST Council, in its 39th meeting, held on 14th March 2020 recommended interest to be charged on the net cash tax liability w.e.f. 01.07.2017 and accordingly, recommended the amendment of section 50 of the CGST Act retrospectively w.e.f. 01.07.2017. The retrospective amendment in the GST laws would be carried out in due course through suitable legislation.

GST का बड़ा बदलाव | Amendment in Sec 50 of CGST Act notified | Interest on GST on net liability

3. Post issuance of notification 63/2020 – Central Tax dated the 25th August 2020, there were apprehensions raised by taxpayers that the said notification is issued contrary to the Council’s recommendation to charge interest on net cash liability w.e.f. 01.07.2017. Consequently, a press release, dated 26.08.2020 was issued to clarify the position. Further, in order to implement the decision of the Council in its true·spirit, and at the same time working within the present legal framework, it has been decided to address the issue through administrative arrangements, as under:

a. For the period 0 1.07.2017 to 31.08.2020, field formations in your jurisdiction may be instructed to recover interest only on the net cash tax liability (i.e. that portion of the tax that has been paid by debiting the electronic cash ledger or is payable through cash ledger); and

b. wherever SCNs have been issued on gross tax payable, the same may be kept in Call Book till the retrospective amendment in section 50 of the CGST Act is carried out.

4. Difficulty, if any, in the implementation of these instructions may please be brought to the notice of the Board.

Yours faithfully,

(Yogendra Garg)
Pr. Commissioner)

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GST e-invoice System – FAQs

GST e-invoice System – FAQs

GST e-invoice/IRN System
Frequently Asked Questions

A. E-invoice – Basics:

1. What is e-invoicing?

As per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).

After following above ‘e-invoicing’ process, the invoice copy containing inter alia, the IRN (with QR Code) issued by the notified supplier to buyer is commonly referred to as ‘e-invoice’ in GST.

Because of the standard e-invoice schema (INV-01), ‘e-invoicing’ facilitates exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format.

Please note that ‘e-invoice’ in ‘e-invoicing’ doesn’t mean generation of invoice by a Government portal.

2. How is ‘e-invoicing’ different from present system?

There is no much difference indeed.

Registered persons will continue to create their GST invoices on their own Accounting/Billing/ERP Systems. These invoices will now be reported to ‘Invoice Registration Portal (IRP)’. On reporting, IRP returns the e-invoice with a unique ‘Invoice Reference Number (IRN)’ after digitally signing the e-invoice and adding a QR Code. Then, the invoice can be issued to the receiver (along with QR Code).

A GST invoice will be valid only with a valid IRN.

For more detailed process, please go through ‘e-invoice – Detailed Overview’

3. For which businesses, e-invoicing is mandatory?

Presently, it is mandated for registered persons whose aggregate turnover (based on PAN) in a financial year is more than Rs. 500 Crores.

4. From which date, e-invoicing is mandatory for the notified classes of taxpayers?

As per latest notification, e-invoicing will be mandatory w.e.f. 1st October, 2020, for notified classes of registered persons (those having aggregate annual turnover at PAN level more than Rs. 500 Crores).

5. What are the legal provisions governing e-invoice?

Below notifications were issued on e-invoice:

6. What are the advantages of e-invoice for businesses?

e-invoice has many advantages for businesses such as Auto-reporting of invoices into GST return, auto-generation of e-way bill (where required).

e-invoicing will also facilitate standardisation and inter-operability leading to reduction of disputes among transacting parties, improve payment cycles, reduction of processing costs and thereby greatly improving overall business efficiency.

7. What businesses need to do, to be e-invoice ready?

Businesses will continue to issue invoices as they are doing now. Necessary changes on account of e-invoicing requirement (i.e. to enable reporting of invoices to IRP and obtain IRN), will be made by ERP/Accounting and Billing Software providers in their respective software. They need to get the updated version having this facility.

8. Is an invoice/CDN/DBN (required to be reported to IRP by notified person), valid without IRN?

As per Rule 48(4), notified person has to prepare invoice by uploading specified particulars in FORM GST INV-01 on Invoice Registration Portal and after obtaining Invoice Reference Number (IRN).

As per Rule 48(5), any invoice issued by a notified person in any manner other than the manner specified in Rule 48(4), the same shall not be treated as an invoice.

So, the document issued by notified person becomes legally valid only with an IRN.

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Ministry of MSME re-activates the micro-industrialization process in Rural India

Ministry of MSME re-activates the micro-industrialization process in Rural India

Ministry of Micro,Small & Medium Enterprises

Press Release

17th SEP 2020

A few days ago, Ministry of Micro Small and Medium Enterprises (MSME), had announced expanding and doubling the support to Artisans who might be interested in making Agarbatti. Taking these efforts further, the Ministry has now come out with new guidelines for two more schemes which include ‘Pottery Activity’ and ‘Beekeeping Activity’.

These new initiatives of the Ministry with beneficiary oriented Self-Employment schemes, are aimed at rejuvenating the grass root economy contributing to AtmaNirbhar Bharat Abhiyan.

For ‘Pottery Activity’ Government will provide assistance of pottery wheel, Clay Blunger, Granulator etc. It will also provide Wheel Pottery Training for traditional pottery artisans and Press Pottery training for pottery as well as non-pottery artisans in Self Help Groups. There is also provision to provide Jigger-Jolly training programme for pottery as well as non-pottery artisan in Self Help Groups.
This is being done:

• In order to enhance the production, technical knowhow of pottery artisans and to develop new products at reduced costs;
• To enhance the income of pottery artisans through training and modern / automated equipment;
• To provide skill-development to SHGs of pottery-artisans on focused /decorative products, with new pottery designs;
• To encourage the successful traditional potter to set up unit under PMEGP scheme;
• To develop necessary market linkages by tying up with exports and large buying houses;
• To innovate new products and raw materials to make international scale pottery in the country
• Preparing them to graduate from pottery to crockery and
• Trainer’s training programme for skilled pottery artisans who want to work as Master Trainers.

In case of the POTTERY improvements in the Scheme are :

i) skill-development training on focused products like garden pots, cooking-wares, khullad, water bottles, decorator products, mural, etc. to SHGs of pottery-artisans has been introduced.
ii) Focus of the new Scheme is to enhance the production, technical knowhow of pottery artisans and efficiency of potter energy kilns to reduce cost of production
iii) Efforts will be made to develop necessary market linkages by tying up with exports and large buying houses

A total of 6075 Traditional and others (non-traditional) pottery artisans/Rural Un-employed youth/Migrant Labourers will get benefitted from this Scheme.

As Financial support for the year 2020-21, an amount of Rs.19.50 crore will be expended to support 6075 artisans with a Centre of Excellence, with MGIRI, Wardha, CGCRI, Khurja, VNIT, Nagpur and suitable IIT/NID/ NIFT etc, for product development, advance skill programme, and quality standardization of products.

Additional amount of Rs. 50.00 crore has been provisioned for setting up of clusters in Terracotta, Red clay pottery, with new innovative value added products to build pottery to crockery/ tile making capabilities, under ‘ SFURTI’ scheme of the Ministry.

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