23rd December 2K20
Ø SBI Life and Apollo join the race for RCap assets
Ø No benefits if tax haven route not justified: Madras HC
Ø Government plans to set up a development finance institution in 3-4 months: DFS Secy
Ø Larger crop, lack of rupees curb Iran's record Indian sugar appetite
Ø Bharat Biotech, Ocugen to co-develop Covaxin for US market
Ø AstraZeneca gets DCGI nod for asthma drug
Ø JP Morgan demands loan repayment of 40 billion wons from SsangYong
Ø Private thermal power cos get Rs 40,000 cr liquidity boost: Report
Ø Govt has received 120-130 FDI proposals from China since April: Report
Ø Wipro's Rs 9,500-crore share buyback offer to open on December 29
Ø Reliance emerges as biggest wealth creator over last 25 years, finds study
Ø Govt invites bids for sale of its 63.75% stake in Shipping Corporation
Ø Anil Ambani's Reliance Capital gets 10 more bids for subsidiaries
Ø Oil India signs MoU with Assam’s AHECL
Ø FSSAI notifies standards for fortification of processed food products
Ø India, World Bank sign $500-million pact for safe, green
Ø Wipro inks $700-million takeover deal with Metro AG
Ø Dr Reddy’s, partners file for Canada nod to favipiravir tablets
Ø Sadbhav Engineering jt venture lowest bidder for part of Rs 780-cr
Ø Ruchi Soya shareholders approve appointment of Baba Ramdev, Acharya Balkrishna
Ø Udaan sees sharp spike in food biz in 2020
Ø Oaktree Capital writes to DHFL lenders urging fair treatment
Ø Saudi Arabia sees foreign investment boost from India, Egypt
Ø Vedanta pledges to move towards carbon-neutrality
Ø Singapore’s GIC, Hong-Kong-based ESR form JV to invest USD 750 mn in Indian industrial and logistics realty
Ø New rules to compensate consumers for power cuts and defective meters
Ø Power ministry brings new rules to protect consumers
Ø Delhi High Court dismisses Future Group's plea against Amazon
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⚫PM invited the global community to innovate in India, invest in the country and its talent and said the Govt is ready to accept any challenge and improve research environment in the country. The PM said the biggest long term challenge science faces is to attract high quality youngsters and retain them. He said the Govt's efforts are aimed at making India the most trustworthy centre for scientific learning.
⚫India and Bangladesh should work with greater collaboration in the agriculture sector as it can be a game-changer for both the countries, Commerce and Industry Minister said. He said the bilateral cooperation can pave the way for overcoming the current economic challenges. India has offered duty-free market access to Bangladesh in many products, including agri-exports.
⚫The World Bank and the Govt of India inked a pact for a USD 500million project to build safe and green national highway corridors.The highway corridors will be developed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. It said it will invest USD 54 million in equity for the National Investment and Infrastructure Fund in India to support the development of critical infrastructure projects.
⚫With a daily increase of 19,556 in total cases, the lowest daily spike since July 2, India’s tally of coronavirus cases has risen to 10075116, an increase of 0.2%. Death toll has reached 146,111, with 301 fatalities in a day, the fewest in a day since June 10.
⚫Protesting farmer unions said that a decision on the central Govt's offer for fresh talks has been deferred to Wednesday, even as agriculture minister remained hopeful that the unions will soon complete their internal discussions and resume talks with the Govt to resolve the crisis.
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#extension #duedates
Sources: Fin Min receives many representations to extend deadlines for GSTR 9A & 9C for FY 2018 -19 & FY2019-20 & ITR for AY 20-21 & income tax audit which expires on Dec 31.
Fin Min likely to extend deadlines by 1-2 months. Formal decision yet to be taken.
Source: CNBC
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Important Changes introduced CGST(Fourteenth Amendment) Rules 2020
Time limit for system-based GST Registration increased
1. The time for system-based registration has been enhanced from 3 days to 7 days. That means, now department shall be required to review and grant registration within 7 days against 3 days as provided earlier from the date of filing of registration application. Where the applicant does not do adhaar authentication or where department feels fit to carry out physical verification the time limit for grant of registration shall be 30 days instead of 7 days.
More Powers to GST department in cancellation of GSTIN
2. Now the officer can proceed for cancellation of GSTIN where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16. Clause (e) has been inserted in Rule 21 of CGST Rules 2017.
3. Now where the liability declared in GSTR 3B is less than that declared in GSTR 1 in a particular month, department may now proceed with cancellation of GSTIN. There might be some practical difficulties in implementing such a provision as there are number of corrections which are made in GSTR 3B which may result in lower tax liability as compared with GSTR 1. The clause (f) newly inserted talks about details of outward supply to which we understand that Taxable value and tax both should be in synchronization between GSTR 1 and GSTR 3B.
4. Now, no opportunity of being heard shall be given to a taxpayer for suspension of GSTIN, where the proper officer (PO) has reasons to believe that the registration of person is liable to be cancelled. The words “opportunity of being heard has been omitted from clause (2) of Rule 21A.
5. Where there are significant deviation/anomalies between details of outward supply between GSTR 3B and GSTR1 or inward supplies (ITC) between GSTR 3B and GSTR 2B which indicate contravention of Act, department shall now serve a notice in FORM GST REG 31 to call explanation as to why GSTIN should not be cancelled. Taxpayer shall be required to submit his reply within 30 days of such notice being served to him.
6. Where a GSTIN is suspended no refund u/s 54 of CGST Act 2017 can be availed by the taxpayer. This means that first GSTIN Suspension proceedings have to be closed before applying refund.
Restriction on claim of ITC as per Rule 36(4)
7. The claim of ITC in respect of invoices not furnished by the corresponding vendors has now been restricted to 5% of the credit available in GSTR 2B. This limit earlier was 10% of ITC available. This would be mean that a taxpayer’s ITC claim shall now be restricted to 105% of the Credit reflected in his GSTR 2B. Any claim exceeding the specified limit shall result in violation of CGST Act read with rules which may result into suspension of GSTIN as described above. The provision shall come into effect from 1st January 2021.
GSTR 1 to be blocked in case of non-filing of GSTR 3B
8. Where a taxpayer fails to file GSTR 3B for two subsequent months, his GSTR 1 shall now be blocked. Earlier non filing of GSTR 3B used to result in blocking of E-way Bill facility but from now on it shall also result in blocking of GSTR 1 of the taxpayer. Similarly, for quarterly return filers, the taxpayer failing to file GSTR 3B for the preceding quarter shall not be permitted to file GSTR 1 of subsequent quarter.
9. A taxpayer whose is restricted to avail ITC as per rule 86B shall also not be permitted to file GSTR 1 where he has not filed GSTR 3b for the preceding tax period.
Restriction on Utilization of Input Tax Credit – Rule 86B
10. New Rule 86B shall be affected from 1st January 2021 wherein restriction has been placed on setting off more than 99% of tax liability from Input tax credit where the value of taxable supplies other than exempt supply and zero rated supply exceeds Rs. 50 lakhs in a month. Though few exceptions have been provided to this rule which are as follows:
(i) Where the taxpayer has paid Income Tax exceeding Rs. 1 lakh in two preceding financial year.
(ii) Where taxpayer has received refund exceeding Rs. 1 lakhs u/s 54 of CGST Act 2017.
(iii) Where taxpayer has used electronic cash ledger to pay of liability on outward supplies which cumulatively makes 1% of the total liability up to the said month
(iv) Where a person is a Government Department, Public Sector Undertaking (PSU), local authority or a statutory body.
Narrowing the validity of Eway bill
11. Earlier one day was permitted for distance up to 100 kms under e way bill provision. Now the same has been increased to 200 kms. This means that only one day validity shall be granted to cover a distance up to 200 kms which was earlier 100 kms.
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