GST, Income Tax, ROC, Trademark and Ministry of Corporate Affairs, Export

Other than extension of dates for GST returns, some important amendments to CGST Rules 2017 have been covered as follows: 1. Registration : In an attempt to centralize data of an entity on records with government Authentication of Aadhar Number is mandatory while obtaining GST Registration filing from 1st April 2020. In cases, if the applicant does not have PAN Number in such cases, the application can be accepted only on physical verification at the principal place of business in the presence of the applicant within 60 days from the date of filing of the application. However, Aadhar authentication for the obtaining GST registration from 1st April 2020 does not apply to a person who is not a citizen of India and to any other class of persons not mentioned below: 1. Individual 2. Authorized Signatory of all types 3. Managing and Authorized Partner 4. Karta of a Hindu Undivided Family 2.   Physical Verification in Certain cases : In order to correc...

Introduction GST was introduced to remove cascading effect of taxes however, with the advent of new tax regime new frauds were emerging such as taking input tax credit against fake invoices or invoices without receipt of goods or services. According to sources, GST officials recently bust fake invoicing racket worth rupees 7896 crore in Delhi, where companies procured and generated invoices without actual supply of goods and avail as well as passed on input tax credit. Keeping in mind the amount of loss to the Government treasury, Government introduced new rules Rule 86A. For simplicity, I have apprehended all measures taken by government along with relevant circular for reference regarding blocking of input tax credit: Notification No / Description Circular / Section 49/2019 CT Dated 09- Insertion of new rule 36(4) To restrict ITC after matching (Maximum up to 120% Oct-2019 of eligible a...

  *Income Tax Related Matters* 1.FY 18-19 Income Return Filing is extended to 30.06.2020. Interest for late payment shall be 9% on tax payment  2. No extension for TDS Payment and interest on delay of TDS payment will be 9% instead of 18%.  3.Notice filing and Compliance extended to 30.06.2020 4.Adhar pan Linking Date extended to 30.06.2020  5.Vivad Se avishwas Scheme extended to 30.06.2020, only 100% tax payment required if payment is made before 30.06.2020  6.Issue of Notice for Intimation and other Statutory Compliance’s related to Litigation and Return Filing by the Tax Payer shall be complied by 30.06.2020. Same is extended for Appeal filing at Various Levels. Taxpayer now will have time to submit the Compliance’s for the Various notices issued by Income Tax Departments.  7.Capital Gain Investment and Investment in Tax Saving extended till 30th June 2020. *GST* 1.Last date for filing gst returns for March, April and May and Comp...

The GST Council defers the proposal on the taxability of economic surplus of brand owners of alcohol for human consumption. Important announcement: GSTR-9 and 9C due date pushed to 30th June 2020 for FY 2018-19 from 31 March 2020; Increases the turnover limit from Rs 2 cr to Rs 5 cr for the mandatory annual return filing. The GST rate on mobile phones will be increased from 12% to 18% allowing a full claim of input tax credit; Relief given to domestic service providers of maintenance, repair and operations. More details awaited. GST rate rationalisation postponed to the next meeting to be held in April 2020, details of which are awaited. GST Council to announce the e-way bill-FASTag integration to be applicable from April 2020. Union FM likely to defer the issue of the states’ compensation to the next meeting in April 2020. Infosys asks for a year’s time to build smooth functioning GST’s IT systems by January 2021; Infosys Chairman Nandan Nilekani to be part of next three G...