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Recent Updates on GST

For more information on the latest GST orders and circulars, click here.15th April 2020: CBIC has announced various relief measures to ensure smooth customs clearances for importers and exporters. <<Continue reading>>

  • 14th April 2020: CBIC issues six-point FAQ for clarifying the applicability of the notifications on the due date extension for certain types of business transactions. <<Continue reading>>
  • 3rd April 2020: CBIC issues eleven-point FAQ for clarifying the applicability of the 3rd April 2020 CGST notifications around the due date extensions on account of COVID-19 pandemic, cumulative application of 10% provisional ITC, interest on delayed GST payments, etc. <<Continue reading>>
  • 9th April 2020: CBIC launches a special GST refund drive throughout April 2020 to release all the GST refunds and duty drawbacks pending as on 7th April 2020. <<Continue reading>>
  • 24th March 2020: Customs clearance will operate 24×7, late fee and interest get waived off for GSTR-3B filing, the time limit to opt for Sabka Vishwas Scheme gets extended among various other GST compliances till 30th June 2020. <<Continue reading>>

 

For more information on the latest GST notifications, click here.

 

Recent Updates on Income Tax

 

  • 9th April 2020: Income-tax investments for FY 2019-20 (AY 2020-21) can be made up to 30th June 2020. <<Continue reading>>
  • 8th April 2020: Income-tax refunds amounting up to Rs 5 lakh per assessee shall be released immediately. <<Continue reading>>
  • 31st March 2020: The Taxation And Other Laws (Relaxation Of Certain Provisions) Ordinance, 2020 passed for giving effect to COVID-19 induced extension under the various statutes. The Ordinance gives more time for tax assessees to make investments in the new house property, bonds and so on until 30th June 2020 for the purpose of claiming capital gains exemption. <<Continue reading>>
  • 24th March 2020: Aadhaar-PAN linking, the time limit to opt for Vivad se Vishwas scheme and various compliances under income tax have got an extension till 30th June 2020. <<Continue reading>>

 

For more information on the latest CBDT notifications, click <<here>>.

 

Recent Updates by MCA for Company/LLP Compliance

 

  • 14th April 2020: Company Affirmation of Readiness towards COVID-19” has been discontinued effective from 14th April 2020.
  • 13th April 2020: MCA clarifies the passing of ordinary and special resolutions by companies under the Companies Act, 2013. <<Continue reading>>
  • 30th March 2020: To help the distressed companies from not shutting down due to the COVID-19 crisis, a Companies Fresh Start Scheme, 2020 (CFSS-2020) is notified by the Ministry of Corporate Affairs, to be in force between 1st April 2020 and 30th September 2020.<<Continue reading>>
  • Voluntary Submission of form for Company Affirmation of Readiness towards COVID-19 (CAR 2020) introduced on the MCA portal. <<Continue reading>>
  • 24th March 2020: The Companies (Auditor’s Report) Order, 2020 shall be made applicable from the financial year 2020-2021 instead of being applicable from the financial year 2019-2020 notified earlier. <<Continue reading>>

 

For more information, click <<here>> to navigate to Enterprise/SME dashboard

 

Recent Updates on other Statutory Compliance

 

  • 15th April 2020: The due date for depositing EPF contributions by the employers for March 2020 is extended to 15th May 2020.<<Continue reading>>
  • 14th April 2020: The due date for depositing ESI with the government for February 2020 is extended to 15th May 2020. 
  • 26th March 2020: EPF withdrawal rules have been amended to allow an EPF member to withdraw money in case of emergency due to COVID-19 from their EPF account. Further, the Government of India will pay workers’ PF for three months in case of those establishments with up to 100 employees, where 90% of employees draw less than Rs 15,000 salary. <<Continue reading>>