Specific goods that are exempt from E-waybill rules are: Transportation of those goods laid down in the annexure to rules as specified below: Liquefied petroleum gas for supply to household and non-domestic exempted category customers Kerosene oil sold under Public Distribution System (PDS) Postal baggage transported by Department of Posts Natural […]
Direct Taxes – Income Tax A new provision is introduced to allow taxpayers to update the past return and include omitted income by payment of additional tax. The updated return can be filed within 2 years from the end of the relevant assessment year. Tax incentives extended by 1 year for […]
Ministry of Finance Recommendations of 43rd GST Council meeting COVID-19 related medical goods including Amphotericin B for free distribution given full exemption from IGST upto 31.08.2021 Custom duty exemption also given to Amphotericin B Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns ; Late fee also […]
Budget 2021: Updates as on 1st February 2021 Section 16 amended to allow taxpayers’ claim of input tax credit based on GSTR-2A and 2B. Henceforth, ITC on invoices and debit notes may be availed only when the details of such invoice or debit note have been furnished by the supplier in […]
Circular No. 142/12/2020- GST Page 1 of 3 F. No. CBIC/20/06/14/2020-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, the 9th October, 2020 To The Pr. Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central […]
Relief in payment of interest to Taxpayers filing Form GSTR-3B 25/06/2020 3. Relief in Payment of Interest to Normal Taxpayers filing Form GSTR-3B: a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable […]
Relief in opting for Composition by Taxpayers & filing other Returns 25/06/2020 Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified in Notifications 30, 34 & 35/2020 dated 03.04.2020 & 47/2020 dated 09.06.2020.4.Opt in for Composition in FY 2020-21 Normal Taxpayers wanting to opt […]
Extension of various time limits under Direct Tax & Benami laws Posted On: 24 JUN 2020 8:48PM by PIB Delhi In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the […]
Ministry of Finance Recommendations of GST council related to Law & Procedure Posted On: 12 JUN 2020 4:08PM by PIB Delhi The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union […]
Following measures were announced today:- Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29 February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This […]
