9th September 2K20
Ø Wipro plans to set up Digital Innovation Hub in Germany
Ø Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch
Ø Cabinet Committee on Economic Affairs okays PGCIL InvIT for worth Rs 7100 cr assets
Ø EPFO settles 94.41 lakh claims worth Rs 35,445 cr during April-August
Ø India's sugar exports surge 50% to a record level of 5.7 million tonne this month
Ø Mexico’s Grupo Bimbo eyes majority stake in Modern Foods business
Ø International Solar Alliance signs MoUs with NTPC, MNRE and World Bank
Ø Govt plans to sell 15-20% stake in IRCTC via OFS in at least 3 tranches
Ø MCA amends deposit rules for startups, extends exemptions up to 10 yrs
Ø Stressed infrastructure accounts see little hope in new RBI norms
Ø Happiest Minds IPO subscribed more than 8 times on day before close
Ø Goldman Sachs to Fitch: Global rating agencies cut India's GDP forecast
Ø Going digital: Ipca Laboratories ties up with Dassault Systemes for ‘ONE Lab’ solutions
Ø Jindal Stainless reports ₹123.99 crore consolidated loss in Q1
Ø Hiring sentiment in India weakest in 15 years, says survey
Ø Over 90 per cent Indian firms investing in emerging technologies: Survey
Ø BYJU’S raises $500 million in round led by Silver Lake
Ø GM to make electric vehicle, supply batteries for Nikola
Ø RCom, RTL lenders to move Supreme Court over spectrum sale
Ø NTPC to add 5 GW solar capacity over the next two years
Ø MCX exchange scales 12-year peak for silver delivery
Ø Goldman Sachs projects deeper recession for India in FY21
Ø Standard Chartered fined ₹100 crore for violating forex norms
Ø India's IT major HCL sets up first development centre in Sri Lanka
Ø Japan’s economy shrinks 28% in 2Q, worse than 1st estimate
Ø India needs manufacturing pre-eminence to be self-reliant: Anand Mahindra
Ø Reliance reveals detailed plan to spin off oil to chemical business
Ø Centre likely to sell 25 per cent stake in LIC
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GSTR-9 and GSTR-9C under GST
1. What is GSTR-9?
Ans: GSTR-9 is an annual return under GST. As per Rule 80(1) of CGST Rules, every registered person (other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person) shall furnish an annual return In FORM GSTR-9.
GSTR 9 (in simple terms) is compilation of data from all returns filed by taxpayer on monthly / quarterly basis during the relevant financial year in Form GSTR-1 and GSTR- 3B.
2. Who is not required to file GSTR-9?
Ans: However, the following persons are not required to file GSTR-9.
i. Input service Distributor
Person paying tax under section 51 or section 52
Casual taxpayer.
ii. Nonresident Taxable Person / UIN Holders
Composite taxpayer
3. Is there any turnover limit for filing GSTR-9?
Ans: As per section 44(1) of CGST Act, there is no turnover limit for GSTR-9. That means every taxpayer is legally required to file GSTR-9 irrespective of his turnover for the relevant financial year.
However as per powers conferred by section 148 of CGST Act, government has made GSTR-9 optional for taxpayers having turnover upto Rs. 2 crores for the FY 2017-18 and FY 2018-19. Now it is upto taxpayer whether he wants to file GSTR-9 for these years or not. Please note that this option is only for FY 2017-18 & FY 2018-19 as of now. However seeing the previous trend of GST system, it may be extended by government for further years also.
4. What is GSTR-9C?
Ans: As per Rule 80(3) of CGST Rules, every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement in FORM GSTR-9C
However as per proviso to Rule 80(3) the limit of Rs. 2 crores has been increased to Rs. 5 crores for FY 2018-19. It is to be noted that this enhancement of limit is only for FY 2018-19 and not for any other year.
Further GSTR-9C is not a substitute for GSTR-9. Rather it is to be filed along with GSTR-9.
5. What is aggregate turnover in GST?
Ans: The aggregate turnover is very important in GST. As per section 2(6) of the CGST Act,
aggregate turnover includes:
i. All taxable supplies (including those outward supply on which gst is payable under RCM by the receipient)
ii. Exempt supplies
iii. Exports
iv. Inter-state supplies
but excludes
i. Inward supplies on which tax is payable by a person under RCM
CGST, SGST, IGST, UTGST, Cess.
The aggregate turnover is to be combined on all India basis for all GSTINs having the same PAN. Aggregate turnover cannot be computed on per GSTIN basis.
There are several myths over aggregate turnover that it does not include exempt supplies or export supplies. But that’s not true.
For example if a taxpayer has taxable turnover of 1 lakh only but he is having export / exempt turnover of 2.5 crores. Then his aggregate turnover shall be considered as Rs. 2.51 crores and he shall be liable to do all the compliances accordingly.
6. Period for which annual return is required to be filed?
Ans: Annual Return needs to be filed for every financial year starting from 1st of April and ending 31st of March.
7. What is the due date for filing of GSTR-9?
Ans: As per section 44 of CGST Act, regular due date for filing of GSTR-9 is 31st December following the end of relevant financial year.
However CBIC vide Notification No. 41/2020 dated 05.05.2020 has extended the due date of FORM GSTR-9 & GSTR-9C for FY 2018-19 till 30th September, 2020.
8. What is the late filing fee for GSTR-9?
Ans: As per Section 47(2) of CGST Act, any person who fails to furnish GSTR-9 as required under section 44 by the due date shall be liable to pay a late fee of Rs. 100 per day subject to a maximum of an amount calculated at a 0.25% of his turnover.
It is to be noted that late fee of Rs. 100 shall be levied under CGST Act and equal amount of Rs. 100 fee shall be levied under SGST Act also.
9. Can GSTR-9 be revised?*
Ans: No, GSTR-9 cannot be revised. Once it is submitted and filed, it become final. No change can be made thereafter.
10. Who can become GST Auditor?
Ans: As per Section 35(5) of CGST Act read with Section 2(23) and section 2(35), only chartered accountant or cost accountant can be appointed as GST Auditor of taxpayer. A company secretary cannot be appointed as GST auditor.
It is to be noted that statutory auditor can also be appointed as GST Auditor of the same entity simultaneously.
Further as per announcement made on 28th September 2018 by the council of the ICAI in its 378th meeting, it is clarified that “an Internal Auditor of an entity cannot undertake GST Audit of the same entity".
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👉🏻Banks sanction loans of Rs.1.61 lakh Cr to MSMEs under credit guarantee scheme
(The Finance Ministry said banks have sanctioned loans of about Rs.1,61,017 crore under the Rs.3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector)
👇🏻 👇🏻 👇🏻
https://bit.ly/3haRslm
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✒️ SEBI has fixed 31st March,2021 as the cut-off date for Re-lodgement of Share transfer requests and further ordered that shares which are Re-lodged shall be issued only in Demat form.
✒️ MCA has amended through notification The *Companies (Acceptance of Deposits) Rules,2020.
✒️ Rajasthan High Court has made a prima facie observation that schools cannot be deprived of tuition fees from students with respect to online classes.Accordingly, passed an interim order allowing schools to take 70% of tuition fees from students for period from March 2020 in 3 installments.
✒️ Karnataka High Court passed an interim order to stay the National Law School of India University (NLSIU) Amendment Act 2020 passed by the Karnataka Assembly to grant 25% domicile reservation to Karnataka students in NLSIU, Bengaluru.
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MCA update
AGM due date for the FY ended 31.03.2020 has been extended till 31.12.2020 for all companies.
Three months general extension for holding AGM has been granted to all the companies because of Covid 19.
No application is required to be made.
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⚫The CCEA allowed state-owned power transmission company Power Grid Corporation of India to monetise its assets by floating an Infrastructure Investment Trust. This will make PGCIL the first such public sector utility in India to issue InvITs.
⚫The Union Cabinet is believed to have discussed labour reforms in detail, the three Codes, social security, occupational safety and health pending in the Lok Sabha could be pushed for Parliament nod during the Monsoon session.
⚫India needs more banks for sustaining high growth and doubling the credit to GDP ratio to 100%, RBI board member said. On the issue of stimulus package, he said it would be "wrong to throw money from the helicopter", and the right thing would be to create a better environment for entrepreneurship through reforms.
⚫The Finance Ministry said more than 42 crore people have received Rs 68,820-crore financial assistance under the Govt's Pradhan Mantri Garib Kalyan Yojana to protect poor and vulnerable from the impact of COVID-19 crisis.
⚫India has recorded nearly 90,000 new Covid-19 cases in the past 24 hours. With this, the country's tally has surged past the 4.3 million mark.
⚫Over 2 crore households across the country have been provided tap water connection so far under the Jal Shakti ministry's Jal Jeevan Mission.
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