Today’s News Headlines are 06.04.2020 !! Monday
1. Economic Times Top News Headlines
· This week will decide India's course against the coronavirus
· Strapped for cash, states send SOS to Centre
· Can you make money in this market?
· Covid Live: Bhopal's case count rises to 40
· ‘Empowered Group’ meeting today for exit strategy
· Despite outbreak, BS-VI sales cross 1 million
· Startups seek liquidity lifeline to stay afloat
· How Grofers is coping with surging demands
· Delhi breathes 3rd week of clear air
· Wall Street looks for light at the end of tunnel
· After the virus: What world will we live in?
· India ringfences drug that Trump badly wants
· How big will be the impact of COVID on jobs?
· US enters 'hardest, saddest' week in Covid crisis
· There's shortage of protective gears: Rahul Gandhi
· Millions of Indians respond to PM's appeal
· Mid-tier IT braces for impact as clients suspend operations
· Insurers keep a social distance from risky Covid covers
· Last-mile financiers claim banks reluctant to pass on repayment relief
· The Week That Was: Biyani stocks, Maruti, IndusInd plummet; Damani picks a new stock
· What should be the action point for equity investors at this time?
· DMart's Damani donates Rs 100 cr to PM's Covid-19 relief fund
· UAE central bank cuts bank reserve requirements for demand deposits by 50%
· Tweet Buster: Sanjay Bakshi’s tip for young investors & a thesis for HFCs
· Seven of top 10 cos lose Rs 2.82 lakh crore in m-cap; TCS, HDFC Bank hammered
· Virus spread, Opec meet & FII mood among 7 factors that will sway market in 3-day trading week
2. Business Standard Top News Headlines
· Coronavirus impact: States can now borrow up to 50% of limit in April
· Covid-19 relief: Staggered 180-day bad-loan breather on cards for banks
· With no income and food, Dharavi gasps for air as Covid-19 cases increase
· Covid-19: Gartner revokes job offers at IIMs; IITs too witness cancellation
· Competitors join hands to tide over supply-chain challenges amid lockdown
· Businesses likely to face challenges in preparing financial reports in FY21
· Domestic steel price outlook bleak amid coronavirus pandemic disruption
· Auto dealers fear heavy losses with BS-IV inventory stuck due to Covid-19
· Coronavirus impact: Early funding of start-ups may hit a stumbling block
· Covid-19: Tele-consultations pick up as patients avoid visiting hospitals
· Hotel chains in India do their bit to fight coronavirus pandemic
· Several may lose jobs amid coronavirus outbreak, says CEO Snap Poll
· Nowhere to go, Covid air pocket leaves flyers with forced vouchers
· What lessons has India Inc learnt as it prepares for life after lockdown
· Air Deccan ceases operations, employees put on sabbatical without pay
· 9 pm 9 minutes: Power demand down by 32 Gw, grid remains unscathed
· Coronavirus fear: Govt raises issue of layoffs, salary cuts with companies
· Covid-19 cases doubling every 4.1 days due to Jamaat incident, says Govt
· NITI Aayog seeks help from NGOs, UN, industry bodies in combating Covid-19
· Climate Contagion: Once corona-crisis passes, economies could undo the meagre progress on climate action
· After lockdown, 15 states lift 11% of total foodgrain package so far
· Tackling corona vital, must deal with privacy issues too
· Now streaming, more than ever: Netflix, Amazon, others need to up their game
· HDFC Banks gets mandate to receive donation for PM Cares Fund
· Covid-19 aftermath: A third of orders cancelled, grave crisis grips export hubs
· Covid-19’s impact on Insurance: Demand for health and life plans set to spike
· Fixed income: Falling interest rates? Ways to reduce re-investment risks
· Coronavirus Latest Updates: COVID-19 India cases cross 3,500; Nizamuddin link detected in 15 deaths
· PNB looks to tap market in Q3 of FY21; may raise capital via bond, FPO, rights issue
· Dharmendra Pradhan speaks to US Energy Secretary on slump in fuel demand due to Covid-19
· RBI will have to consider buying corporate bonds directly from market, says Dhawal Dalal
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GST Notifications released by CBIC against the announcements made in view of spread of Noval Corono Virus (Covid -19).
30/2020 CT dated 03.04.2020
Seeks to amend CGST Rules (Fourth Amendment) in order to allow opting Composition Scheme for FY 2020-21 till 30.06.2020 and to allow cumulative application of condition in rule 36(4).
31/2020 CT dated 03.04.2020
Seeks to provide relief by conditional lowering of interest rate for tax period, of February, 2020 to April, 2020.
32/2020 CT dated 03.04.2020
Seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR- 3B for tax periods of February. 2020 to April, 2020.
33/2020 CT dated 03.04.2020
Seek, to provide relief by conditional waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods of February, 2020 to April, 2020.
34/2020 CT dated 03.04.2020
Seeks to extend due date of furnishing FORM GST *CMP-08* for 'the quarter ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY2020- 21 till 15.07.2020.
35/2020 CT dated 03.04.2020
Seek, to extend due date of Various compliance which fall during the period from ".20.03.2020 to 29.06.2020" till 30.061020 and to extend validity of e-way bills.
36/2020 CT dated 03.04.2020
Seeks to extend due. date for furnishing FORM GSTR 3B for supply made in the month of May, 2020.
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✅ CBIC issued 7 notifications and 1 circular dt. 03-04-2020 regarding relaxation in GST compliances and filing of GSTR-1 and GSTR-3B for the period (Feb 2020 to April 2020)
✅ Notification No. 30/2020– Central Tax dt. 03-04-2020 : The condition to rule 36(4) shall apply cumulatively for the period February, March, April, May, June, July and August, 2020 and the return in FORM GSTR-3B for the tax period September, 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months.
✅ Big amendment for E-way bill vide Notification No. 35/2020– Central Tax dt. 03-04-2020 - Where an e-way bill has been generated under rule 138 of the CGST Rules, 2017 and its period of validity expires during the period 20th day of March, 2020 to 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of April, 2020. Notification shall come into force w.e.f 20th day of March, 2020.
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👉🏻SC quashes tax Reassessment Notice to NDTV vver money laundering case
(SC quashed a notice sent by the income tax dept to media company NDTV, which sought a re-assessment of the company’s income for FY 2006-2007)
👇🏻 👇🏻 👇🏻
https://bit.ly/39FSBOm
👉🏻Import, export of goods without furnishing bonds to Customs authorities allowed - CBIC
(CBIC allowed businesses to import and export goods without furnishing bonds to the customs authorities till the end of the month)
👇🏻 👇🏻 👇🏻
https://bit.ly/2UVcVpu
👉🏻MCA to offer faceless adjudication of company law breaches
(MCA to offer faceless adjudication of specified company law offences to enable social distancing as well as eliminate bureaucratic discretion)
👇🏻 👇🏻 👇🏻
https://bit.ly/3dPOdzD
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Proviso inserted to Rule 36(4) of the CGST Rules:
“Provided that the said condition shall apply cumulatively for the period February, March, April, May, June, July and August, 2020 and the return in FORM GSTR-3B for the tax period September, 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months in accordance with the condition above”
Rule 36(4) of the CGST Rules:
“36. Documentary requirements and conditions for claiming input tax credit.-
(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 10 per cent. of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37.” Therefore, for the GST Returns of the period February 2020 to August 2020, the Input Tax Credit (“ITC’) as per books can be claimed without considering the ITC as per GSTR – 2A. However, the ITC claimed has to be matched as per rule 36(4) in a consolidated manner with GSTR – 2A before filing the GSTR – 3B of the month of September 2020.
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File ITRs for AY 2019-20, TDS/TCS Returns for Q4 of 2019-20 by 30-6-2020 but pay Advance/Self Assessment/ Regular Tax, TDS/TCS in time, else pay interest @ 9% pa.
Due date to invest in PPF, LIC premium etc for FY 2019-20, fie ITR for AY 19-20 etc extended to 30.6.2020 vide Ordinance passed by Govt on 31.3.2020.
MCA has received representations from industry bodies and companies for relaxation in Section 123 of the Companies Act, which deals with the declaration and payment of dividend to the shareholders.
Madhya Pradesh High Court recently dismissed a petition against the order of an executing court in Madhya Pradesh, whereby a company was asked to pay deficit stamp duty in line with the Stamp Act applicable to Madhya Pradesh, for executing an arbitral award passed in Calcutta. (Magma Fincorp Limited v. Omshanker & Anr)
State electricity distribution utilities cannot use the countrywide lockdown to invoke force majeure clause and renege on contractual obligations under power purchase agreements, say power producers. The troubled power sector will be mired in a new set of legal cases if the issue is not amicably resolved.
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CBIC waived the late fees for delayed filing of Form GSTR-1 for Mar, April & May 2020
The Central Board of Indirect Taxes & Customs (“CBIC”) vide Notification No. 33/2020 – Central Tax dated April 3, 2020 has sought to provide the relief by waiver of late fees for delay in furnishing of return in FORM GSTR 1 for the month of March, 2020, April, 2020 and May, 2020, and for the quarter ending 31st March, 2020, for the registered persons who fail to furnish the details of outward supplies for the said periods in FORM GSTR-1 by the due date, but furnishes the said details in FORM GSTR-1, on or before the 30th day of June, 2020.
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👨🏻🏫 Officers of Anti-Evasion, Central GST Commissionerate, Delhi East, have unravelled an operation involving availment of fraudulent Input Tax Credit on the basis of fake invoices and evasion of GST by utilizing the said fraudulent ITC of Rs. 24 crores approx. by M/s Shub Conductors LLP.
👩🏻🏫 Investigation was initiated against M/s Shub Conductors LLP on intelligence that the firm had been availing fraudulent ITC on the basis of fake invoices raised by fictitious suppliers. Searches were conducted in the premises of M/s Shub Conductors LLP along with the suppliers suspected of being fake. It was found that among other firms, M/s Een Een Sales Corporation and M/s A.N. Marketing had passed on fake ITC to M/s Shub Conductors. During investigation, Shri Naresh Goel and Shri Anil Kumar Yadav, proprietors of M/s Een Een Sales Corporation and M/s A.N. Marketing respectively, agreed to have passed on fraudulent ITC to M/s Shub Conductors LLP, among other parties, by raising fake invoices without actual supply of goods. The suppliers of M/s Een Een Sales Corporation and M/s A.N. Marketing were also found to be non-existent. Consequently, both Shri Naresh Goel and Shri Anil Kumar Yadav were arrested under Section 69(1) of the CGST Act, 2017, on 29.01.2020 and remanded to judicial custody.
👨🏻🏫The investigation further revealed that at least 7 firms were floated in the names of fictitious entities for the sole purpose of creating a complex network of transactions among themselves, including transfer of money in bank accounts to make them appear genuine. This enabled them to raise fake invoices to manufacturers such as M/s Shub Conductors LLP, who availed the fraudulent Input Tax Credit without actual receipt of goods. The money received in Bank accounts was then withdrawn and routed back in cash to the recipients. Thus, the operation involved not only violation of GST law but also laundering of money.
👩🏻🏫Searches were conducted in the business of M/s Shub Conductors LLP, as well as the residential premises of the partners, namely, Shri Vishal Gupta and his wife, Smt. Divya Gupta. The partners were not found to be present in either of the locations. Thereafter, both the partners who are authorized signatories in the firm, repeatedly evaded summons issued by the department, with the deliberate intention of hindering investigation. The partners also absconded for more than one month.
👨🏻🏫During the course of investigation, a residential property and 6 vehicles owned by Shri Vishal Gupta and Smt. Divya Gupta along with the bank accounts of M/s Shub Conductors LLP were provisionally attached under Section 83 of the CGST Act, 2017. This action was finally able to bring Shri Vishal Gupta out of hiding. However, Shri Gupta continued to remain evasive during his statement recorded under Section 70 of the CGST Act, 2017. He also refused to divulge the location of his wife and partner in M/s Shub Conductors LLP, Smt. Divya Gupta, who remains absconding till date.
👩🏻🏫Shri Vishal Gupta, Partner in M/s Shub Conductors LLP appeared to have knowingly committed offence under the provisions of Section 132(1)(c) of the Central Goods & Services Tax Act (CGST), 2017, which is a cognizable and non-bailable offence, punishable under Section 132(5) of the CGST Act, 2017. Accordingly, Shri Vishal Gupta was arrested on 17.03.2020 under Section 69(1) of the CGST Act, 2017 and remanded to judicial custody by the Duty Metropolitan Magistrate (MM) till 31.03.2020.
👨🏻🏫Further investigation to unearth GST evasion racket on fake invoices is in progress.
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COVID-19: UK announces Temporary Import VAT & Duty Relief for Certain Medical Supplies
Read more at: https://www.taxscan.in/covid-19-uk-announces-temporary-import-vat-duty-relief-certain-medical-supplies/53927/
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Telangana HC denies Anticipatory Bail on allegations of Non-Issuance of Invoices [Read Order]
Read more at: https://www.taxscan.in/telangana-hc-denies-anticipatory-bail-allegations-non-issuance-invoices/53949/
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Amounts Collected towards Local Area Development, which form part of value of lease/rental services Taxable under Forward Charge Mechanism: AAR [Read Order]
Read more at: https://www.taxscan.in/amounts-collected-towards-local-area-development-form-part-value-lease-rental-services-taxable-forward-charge-mechanism-aar/53863/
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Govt urges people to wear home made masks when they step out their houses
(Govt has urged the people to wear homemade masks to keep Coronavirus at bay when they step out of their houses)
👇🏻 👇🏻 👇🏻
https://bit.ly/3aJ4Gnf
👉🏻RBI amends timings for debt markets from 7 April
(RBI announced a change in debt money market timings from the existing 9 am-5 pm to 10 am-2 pm WEF 7th April)
👇🏻 👇🏻 👇🏻
https://bit.ly/2xSbHTT
👉🏻Govt directs taxmen to dispose off applications related to TDS, TCS for FY20 by April 27
(Govt directed tax officials to dispose off applications filed by taxpayers or buyers or licence holders for lower or nil deduction of TDS / TCS)
👇🏻 👇🏻 👇🏻
https://bit.ly/2UJCT0s
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Connect, Collaborate….. Anywhere, Anytime and in your own pace with your peers across the country and the globe to a New way of Learning………..
Covid 19, as you are aware is impacting businesses significantly and brings with it several issues and challenges to preparers of financial statements and auditors on various aspects of preparation and audit of financial statements.
The members of our Institute are committed as professionals to ensure that financial reporting continues to be of high quality and reliable based on applicable accounting framework and audit opinions are based on performing the best audit procedures laid down in standards on audit.
To guide the preparers and auditors, the Accounting Standards Board and Auditing & Assurance Standards Board of ICAI, have developed an Advisory on “Impact of Corona Virus on Financial Reporting and the Auditors Consideration” highlighting few important areas which require specific attention in respect of financial statements for the period ending 31.3.2020.
The ICAI Advisory can be accessed at https://learning.icai.org/committee/asb/impact_of_corona_virus_on_fr_ac/
Stay Safe! And Also earn Unstructured CPE credit hours.
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1. Recovery of Tax : in view of the fact that the Revenue authorities have issued garnishee notice u/s 226(3) to the bankers of the assessee on the very day on which the hearing of the stay petition was concluded but the order thereon could not be passed and one of the member constituting the coram of the bench has gone out out of station on official tour, interim stay is granted on the proceedings till 29th jan 2020, till disposal of stay petition, till the disposal of the appeal, or till further orders in this regards, whichever is earlier; operations of all the garnishee notices shall remain suspended. (Favour of Assessee)
Cleared Secured Services (P) Ltd. vs. DCIT, ITA No. 337/Mum/2019, 20.01.2020- ITAT- Mumbai
2. Search and Seizure: In the absence of any incriminating material found in search, incomplete statement (therein does not mention from whom they received money 50 L) given by the saller in which he has not mention the name of the assessee and mismatch of consideration received by cheque cannot be used against the assessee for making addition u/s 69B. (Favour of Assessee)
B.S. Associates vs. DCIT, ITA No. 197&198/Ind/2017, 09.12.2019, ITAT - Indore
3. Clubbing of Income :- Since the investment made by the assessee's wife in her business commenced in relevant year was fully finance by the from the amount of gift given by the assessee, the amount of such gift which were invested in the said business and the total investment in the business are equal and, therefore, the entire amount of loss resulting from the said business is to be set off against the income of assessee in view of section 64(1)(iv) explan.3 thereto. (Favour of Assessee)
Uday Gopal Bhaskarwar vs. ACIT, ITA No. 502/Pune/2019, 20.01.2020, ITAT-Pune
4. Penalty for Concealment if income: When the assessee -trust has disclosed the entire receipts of donation and claim exemption u/s 11, merely because it could not furnish the details of the person from whom the donations were received, cannot be a reason for concluding that the assessee has concealed any part of income or furnished inaccurate particulares of income; assessment of the same as anonymous donation cannot be a reason for levy of penalty u/s 271(1)(c). (Favour of Assessee)
Meenakshi Ammal Trust vs. ACIT, ITA No. 837/Chny/2019, 21.01.2020, ITAT-Chennai
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Key changes in income tax w.e.f 01 - April - 2020
Income Tax Compliance
Key changes in income tax w.e.f 01 - April - 2020 Changes from 01- April - 2020 1) Taxpayers can now choose between two options ( one claiming deductions, other not claiming deductions ) to arrive at their tax liability. They can choose options beneficial to them. 2) Salary taxpayers can switch between two options every year, whereas
litigation course on GST We got a tremendous response to our erstwhile course. Now we are in a matured environment. Litigation is taking hold on normal compliances. GST notices are frequent and the department is strict for compliance. In our endeavor to handhold professionals, we have organized this litigation course. Faculties: Following Faculties will be taking the session in this
Non-refundable advance to EPF members in the event of the outbreak of epidemic or pandemic
Non-refundable advance to EPF members in the event of the outbreak of epidemic or pandemic
ESI/PF Compliance
To, All Addl CPFCs in charge of Zones All RPFCs in charge of Regional Offices All OICs in charge of District Offices Sub: Forwarding of notification GSR.225(E) dated 27.03.2020 inserting Sub-Para (3) under Para 68L of the EPF Scheme, 1952 to provide for non-refundable advance to EPF members in the event of the outbreak of epidemic or pandemic Sir,
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FTP 2015 20 extended by one year, up to 31.03.2021
FTP 2015 20 extended by one year, up to 31.03.2021
Uncategorized
Notification No. 57/2015-20. S. O. (E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation ) Act, 1992 read with paragraph 1.02 of the Foreign Trade Policy (FTP) 2015 - 2020, as amended l, the Central Government hereby makes, with immediate effect, the following amendments in the FTP2015-2020: 1. In para 1.01 the phase …
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Everything that's wrong with the refund circular no. 135
GST Consultancy
Everything that's wrong with the refund circular no. 135 Quite a few restrictions have been imposed regarding the refund of taxes through Circular no. 135/05/2020-GST dated 31st March 2020. There are quite a few restrictions that are grossly unjustifiable within this Circular. The following discusses everything that is wrong with this Circular: a. Para 5 to the Circular restricts the …
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Issues arising from Refund related Circular No. 135/05/2020 dated 31-03-2020
Issues arising from Refund related Circular No. 135/05/2020 dated 31-03-2020
GST Compliances
Issues arising from Refund related Circular No. 135/05/2020 dated 31-03-2020 1. Bunching of Financial years has been allowed for the purpose of claiming refunds. Now, this may result in assessee having applied for lesser refund as compared to refund actually admissible as per Circular However, this Circular has not modified the proposition that after submitting a refund application under any …
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Recent major judgements of Indirect Tax Volume 3
Recent major judgements of Indirect Tax Volume 3
GST Litigation
Recent major judgements of Indirect Tax Volume 3 GST A. GST: AAR shall be required to determine the place of supply wherever it is necessary for determining the liability of the registered person to pay tax The petitioner has entered into a contract with its Principal Company located in the USA for providing services to the customers located outside India. …
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Amendments In Foreign Trade Policy 2015-20
Amendments In Foreign Trade Policy 2015-20
Customs Compliance
Amendments In Foreign Trade Policy 2015-20 Important features and time limits that get extended vide Notification no. 57/2015- 20 dt.31st March 2020 and Public notice no.67/2015-20 dt.31st March 2020 are given hereunder: - 1. Existing Foreign Trade Policy 2015-20 extended up to 31.03.2021: provisions relating to export and import of goods & export incentives under different schemes shall remain in …
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To mitigate the genuine hardships faced by taxpayers due to the Covid-19 pandemic, CBDT issues notification F.No.275/25/2020-IT(B) dt 03rd April, 2020 regarding submission of Form 15G & 15H for FY 2020-21.
Supreme Court in New Delhi Television Ltd vs. DCIT has laid down important principles of law relating to the reopening of assessments under sections 147 and 148 of the Income-tax Act.
High Court of Gujarat gave an important ruling dated 13th November, 2019 regarding detention of goods of the assessee in case of Vivan Steel (P.) Ltd. V. State of Gujarat [2020] 113 taxmann.com 346 (Gujarat) that Goods and vehicle to be released after paying tax and penalty.
CBIC has issued Notification No. 35/2020 – Central Tax (Rate) dated April 3, 2020 for extending due date of compliance which falls during the period from "March 20, 2020 to June 29, 2020" till June 30, 2020 and to extend the validity of e-way bills.
Government given following relations to the tax payers in GST for the matter related to -
Waiver of interest and late fee for filing GSTR-3B.
Extension of validity of E-way bill generated between 20th March to 15th April'2020.
Extension of due date of May'2020 GSTR-3B
Waiver of late fee for GSTR-1 filing.
Thanks for reading