๐ฐ Companies and LLP allowed to furnish GSTR-3B and GSTR-1/IFF using EVC instead of DSC from April 27, 2021 to May 31, 2021
✅ The CBIC vide Notification No. 07/2021–Central Tax, dated April 27, 2021, issued the ‘Central Goods and Services Tax (Second Amendment) Rules, 2021’ to further amend Rule 26 of the Central Goods and Services Tax Rules, 2017 (“ CGST Rules” ) that deals with the method of authentication of documents or application.
The Notification can be accessed at: http://www.a2ztaxcorp.com/companies-allowed-to-furnish-gstr-3b-and-gstr-1-iff-using-evc-instead-of-dsc-from-april-27-2021-to-may-31-2021/
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⚫The corporate earnings season for the Q4 of FY21 has started on a positive note for India Inc.The combined net profit of 81 co's that declared their quarterly results by Monday evening is up 36.2% yoy.
⚫Small businesses have urged FM to review classification norms for bad loans and rationalise import duty on key raw materials such as iron and steel.
⚫Amid the resurgence of Covid-19 and with states imposing lockdowns, NBFCs are seeking a revival of the debt restructuring scheme. Those who had availed themselves of the recast earlier should get a second chance.
⚫E-commerce co's face double whammy of lockdowns, sick staff. Co's struggling to meet delivery timelines; many of their delivery associates are down with Covid-19.
⚫As the registration for the next phase of Covid-19 vaccinations for all opens, the health ministry shared data which showed that 150 million doses had been given to the states so far, of which 10 million were still available with them.
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#INDIRECT TAXATION:
Expediting Customs Clearances for import consignments relating to COVID 19 pandemic
• Considering the scourge of COVID 19 and surge of cases in the Country, it is an imperative that import of critical raw materials, life -saving drugs etc reach the intended users/beneficiaries in time for effective fight against the pandemic. Hence, it is requested that all Customs formations may be sensitised of the urgency of this matter and may be directed to give high priority for Customs clearances of import of goods relating to COVID 19 pandemic, including oxygen related equipments etc.
CBIC provides facility of filing GSTR-3B and GSTR-1 / IFF using EVC instead of DSC
• A registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 27th day of April, 2021 to the 31st day of May, 2021, also be allowed to furnish the return under section 39 in FORM GSTR-3B and the details of outward supplies under section 37 in FORM GSTR-1 or using invoice furnishing facility, verified through electronic verification code (EVC).
#ICAI
Postponement of the Examinations
In view of the ongoing COVID-19 pandemic, it has been decided to postpone the final and intermediate Chartered Accountants Examination which are scheduled to commence in May 2021.
Fresh dates will be intimated to students and while doing so, a notice of 25 days will be given before start of the examinations.
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⚫Hospitals begged for oxygen supplies as the country’s coronavirus infections soared again overnight, setting a new world record for cases for the third consecutive day.
⚫Startups step up efforts to assist in oxygen delivery.
⚫Bharat Biotech said that it will supply Covaxin directly to state Govts at Rs 600/dose, while it will supply the vaccine directly to private hospitals at Rs 1,200. Serum Institute said that its vaccine, Covishield, would cost Rs 400/dose for state Govts and Rs 600 for private hospitals.
⚫The CBI has registered a case of alleged corruption against former Maharashtra HM and conducted searches at his premises in Mumbai and Nagpur.
⚫The Govt has asked social media platforms, including Twitter and Facebook, to remove content and posts that were found to be spreading misinformation & public panic.
⚫Ahead of vaccination of people between 18 and 45 from May 1, the Centre asked states to register additional private vaccination centres and ensure effective crowd management at sites and stressed on inoculation through "only online registration".
⚫The USA will immediately provide raw materials for COVID-19 vaccines, medical equipment and protective gear to help India respond to a massive surge in COVID-19 infections.
⚫Big conglomerates have begun collaborating with the Govt on the production, supply and storage of the essential medical resource. The Tatas, L&T and Bharat Forge expressed interest in building pressure swing absorption oxygen plants at hospital sites, while IOC and Reliance are pitching in with both oxygen and cryogenic tankers needed for its transportation.
⚫Amazon has joined hands with various industry partners and NGOs to urgently bring in 10,000 oxygen concentrators and BiPAP machines to India.
⚫The PM CARES Fund has given an in-principle approval for the allocation of funds for 551 dedicated PSAs inside public health facilities in the country. These dedicated plants would be set up in Govt hospitals in district headquarters in various states and union territories.
⚫The US will work around the clock to help India by deploying raw materials for vaccines, ventilators, oxygen generation supplies and financial support for vaccine expansion.
⚫The local smartphone market grew by 23% over a year earlier in the January-March quarter. The shipment of smartphones touched 38 million units.
⚫The Madras High Court castigated the EC over the COVID-19 wave in the country, holding it 'singularly' responsible for the spread, called it "the most irresponsible institution" and even said its officials may be booked under murder charges.
⚫The Karnataka Govt announced "close down" across the state for 14 days from Tuesday night.
⚫The Maharashtra Police booked Indiabulls group co's, including its flagship Indiabulls Housing Finance, for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020.
⚫PM held a meeting with leading oxygen manufacturers and industries diverting their oxygen supply for medical use, and discussed utilising their full potential to meet the demand in the coming days. PM stressed the need to increase the availability of oxygen cylinders as well as upgrade the facilities for transportation of oxygen.
⚫Delays in RT-PCR tests mainly due to manpower crunch. While there is a shortage of testing kits, manpower capacities, India does not have other scalable testing options.
⚫With the 2nd Covid-19 wave rendering millions of poor jobless and triggering another exodus of migrants, the Central Govt to distribute 5 kg grains free of cost to all the 800 million beneficiaries of the National Food Security Act over and above their regular quota in May and June 2021.
⚫Pharma poised for an excellent FY22 on the back of Covid led demand. Improving exports and a weak rupee could support profit boost.
⚫India reported 345,147 fresh covid cases.
⚫25 new manufacturing sites for Remdesivir's production have been approved.The Govt is working hard to enhance the production of antiviral drug to 3 lakh vials/day.
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๐ฐ Government extends certain timelines in light of the raging pandemic
✅ In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today.
The Press Release can be accessed at: http://www.a2ztaxcorp.com/government-extends-certain-timelines-in-light-of-the-raging-pandemic/
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[Breaking] COVID-19: Govt extends Time Limit for Income Tax Assessments, Payments under Direct Tax Vivad se Vishwas Act
Read More: https://www.taxscan.in/breaking-covid-19-govt-extends-time-limit-for-income-tax-assessments-payments-under-direct-tax-vivad-se-vishwas-act/111888/
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