Professional Updates

CBEC has issued clarification w.r.t. refund related issues based on several representation received. Accordingly master circular Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 stand modified to that extent . 

Companies Fresh Start Scheme File all pending Annual Returns, Financial Statements, documents under Companies Act 2013/1956, Without paying late fees for delay in fillings . Period of the Scheme: From 01/04/2020 to 31/12/2020* If you file pending returns of MCA/ROC compliance  within the period of the scheme, no late fees will be payable . Also, there will be no prosecution or proceeding on account of delay in filling of documents/returns. Hurry up and take benefit of the scheme and make a fresh start! General Circular 12/2020 dated 30/03/2020 & General Circular 30/2020 dated 28/09/2020 * Scheme extended up to 31/12/2020

Good news for DIN holders who have not filed DIR-3KYC/DIR-3 KYC-Web e-form. Relief for DIN KYC  File your DIN-KYC  form without late filling fees of Rs. 5000/-

Modified LLP settlement Scheme, 2020 for defaulting LLPs Ministry of Corporate Affairs had recently introduced LLP Settlement scheme, 2020 vide  General Circular No. 6/2020 dt. 04/03/2020   with an aim to bring non-compliant LLPs into the legal bracket.  You can find details of the original scheme  here However, in pursuance of the Government of India’s efforts to provide relief to law  Limited Liability Partnerships (LLPs) in the wake of COVID-19 (P andemic corona virus) , Government has modified the scheme vide General Circular No 13/2020 dt. 30/03/2020 .  Salient features of the revised scheme are as follows: Name of the scheme: LLP Settlement Scheme, 2020-Modification Applicability of the scheme :  The scheme shall apply to pending forms which are due for filling till the date of 31/08/2020. Duration of the Scheme:  Scheme will be effective from 01, April 2020 and shall remain in force up to 30th September, 2020.  ( Vide General Circular 31/2020 dated 28/09/2020

Ministry of Corporate Affairs introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19

CBIC Issued 20 notifications under GST on 23/03/2020 summary of the notifications provided here:

Compliance based relaxation is provided by Finance Minister amid COVID-19. The relaxation is with respect to filing of various returns ,documents under Income Tax, GST, Companies Act etc. Category wise details are given here for better understanding.

All about GSTR-10 (Final Return) Introduction  to form GSTR-10:  A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return under section 45 of CGST. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective. 

Schedule of Rates of Tax on Professions, Trades, Callings and Employments in Maharashtra:-

Major and important recommendations by 39th GST Council Meeting dated 14th March 2020 Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017. I.e. Interest is to be paid only on cash payment of GST in case of late payment. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 Taxpayers having turnover less than 5Cr not required to file GSTR 9C for FY 2018-19 Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be e xtended to 30.06.2020 No late fees for late filling of GST Annual return for FY 2018-19 and FY 2017-18 for taxpayers having turnover less than 2Cr. [This returns were optional for such taxpayers] Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020 . New Returns likely from 1st October 2020 [Earlier proposed date was 01/04/2020] . E-invoicing

U nder GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner before effecting zero-rated supplies. 

Compulsory registration of EPFO & ESIC for newly incorporated companies  As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs notified new Web Form ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form for incorporation of new companies. SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government(Maharashtra) Incorporation DIN allotment Mandatory issue of PAN Mandatory issue of TAN Mandatory issue of EPFO registration Mandatory issue of ESIC registration Mandatory issue of Profession Tax registration(Maharashtra) Mandatory Opening of Bank Account for the Company and Allotment of GSTIN (if so applied for) As soon as MCA notified the new form , concern raised by stakeholders w.r.t compulsory registration of EPFO & ESIC. As, the governing ac

LLP settlement Scheme, 2020 for defaulting LLPs On the basis of representations received from various stakeholders for waiver of additional fee or condonation of delay and relaxations in additional fee in filling pending MCA/ROC forms w.r.t LLP, Government has come out with one-time settlement scheme vide General Circular No. 6/2020 dt. 04/03/2020  with an aim to bring non-compliant LLPs into the legal bracket. Salient features of the scheme are as follows: Name of the scheme: LLP Settlement Scheme, 2020 Applicability of the scheme : The scheme shall apply to pending forms which are due for filling till the date of 31/10/2019. Duration of the Scheme: Scheme will be effective from 16th March, 2020 and shall remain in force up to 13th June, 2020. Late fees / Additional fees payable for each form : Additional fees will be Rs. 10/- per day in delay , as compared to existing Rs. 100 /- per day in delay, subject to maximum fees for each pending form will not exce

The first two digits of GST Number- GST State Code ! The first two digits of GST Number represent the state code [ state where GST number is registered]. Each state has a unique two digit code like “27” for Maharashtra and “24” for Gujarat. Here is a list of all the GST State Codes: State Code        State Name        01        Jammu & Kashmir        02        Himachal Pradesh        03        Punjab        04        Chandigarh        05        Uttranchal        06        Haryana        07        Delhi        08        Rajasthan        09        Uttar Pradesh        10        Bihar        11        Sikkim        12        Arunachal Pradesh        13        Nagaland        14        Manipur        15        Mizoram        16        Tripura        17        Meghalaya        18        Assam        19        West Bengal        20       Jharkhand        21        Orissa        22        Chhattisgarh        23        Madhya Pradesh        24        Gujarat        25        Daman & D