Professional Updates

The 43rd 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 Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. The GST Council has made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: COVID-19 RELIEF As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency. This exempti

Due date for filing income tax returns and tax audit reports for AY 2021-22 extended The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as the Act) provides relaxation in respect of the following compliances vide Circular no 09/2021 F. No.225/49/2021-ITA-11 dated 20/05/2021 : 1) SFT due date: The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as the Rules) and various notifications issued thereunder , may be furnished on or before 30th June 2021; 2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021; 3)  TDS return due date for FY 2020-21 Q4: The Statement of Deduction of Tax for the last quarter of the Financial Year 2

Finance Act, 2020 amended section 30 of the Central Goods and Services Tax Act, 2017 and the same has been notified with effect from 01.01.2021 vide notification No. 92/2020- Central Tax, dated 22.12.2020. Vide amended section 30 of the CGST Act 2017 time limit for filing application for revocation of cancellation of GST registration was extended. The extended time period was subject to condition that, applicant must show significant and valid reason for revocation and such reason must be recorded in writing. Amended time limit to apply for revocation of GST registration is as under a). Applicant whose registration has been cancelled may apply for revocation within 30 days of service of cancellation order. b). The Additional or Joint Commissioner, as the case may be, extend above time period by 30 days on  on sufficient cause being shown and for reasons to be recorded in writing. (i.e. maximum up to 60 days from the date of serving cancellation order) c).The Commissioner may extend abo

Keeping in view Covid-19 pandemic and resultant lockdown Director General of ESIC has extended time limit for filing April-2021 contribution.  Vide Notice No P-11/14/Misc/01/2019 Rev-II Dated 12/05/2021, DG allowed filing of April-2021 contribution till 15th June 2021 instead of 15th May 2021. Here is the Notice for extension of April 2021 due date for ESIC contribution:

CBDT allows hospitals to receive Rs. 2 lakhs in cash for Covid treatment. CBDT vide notification no 56/2021 dated 07th May 2021 exempts hospitals from applicability of section 269ST for providing covid treatment. Here is the summary of the said notification for ease understanding: 1. What is Section 269ST of the Income Tax Act 1961? Section 269ST is an important section of the act to curb black money transactions. As per the section No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion  from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed. If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal

Extended time gap between two board meetings under the Companies Act, 2013 for Quarter — April to June 2021 and Quarter — July to September, 2021 The MCA vide General Circular No. 8 dated May 03, 2021 extended the time gap between two board meetings under Section 173 of the Companies Act, 2013. In view of the difficulties arising due to resurgence of Covid-19 and requests received from stakeholders, it has been decided that the requirement of holding meetings of the Board of the companies within the intervals provided in section 173 of the Companies Act, 2013 (120 days) stands extended by a period of 60 days for first two quarters of Financial Year 2021-22.  Accordingly, the gap between two consecutive meetings of the Board may extend to 180 days during the Quarter — April to June 2021 and Quarter — July to September, 2021, instead of 120 days as required in the Companies Act, 2013.

Relaxation on levy of additional fee in filing of certain forms under the Companies Act, 2013 and LLP Act, 2008 In view of the difficulties which have arisen due to resurgence of COVID-19 pandemic, MCA has decided to grant additional time up to 31st July, 2021 for companies/LLPs to file such forms (other than a CHG-1 Form, CHG-4 Form and CHG-9 Form) without any additional fees.  Accordingly, no additional fees shall be levied up to 31st July, 2021* for the delayed filing of forms (other than charge related forms referred above) which were/would be due for filing during 1st April, 2021 to 31st May, 2021 .* For such delayed filings up to 31st July, 2021 only normal fees shall be payable. *MCA vide general Circular No11/2021 dated 30/06/2021 grant additional time up to 31st August 2021 for filing e-forms which are due for filing between 01st April 2021 to 31st July 2021 MCA General Circular 06/2021 dated 03/05/2021

Summary of GST Covid-19 relief notifications dated 01st May 2021 Notification No. Dated 01/05/2021 Summary Notification No. 14/2021- Central Tax [G.S.R. 310(E)] Where, any time limit for completion or compliance of any action , by any authority or by any person, has been specified in, or prescribed or notified under the said Act, which falls during the period from the 15th day of April, 2021 to the 30th day of May, 2021, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall be extended upto the 31st day of May, 2021 Notification No. 13/2021- Central Tax [G.S.R. 309(E)] CBIC extends due date for Apr-21 IFF till 28th May & Rule 36(4) shall apply cumulatively for the period April and May, 2021 and The return in FORM GSTR-3B for the tax period May, 2021 shall be furnished with the cumulative adjustme

Covid-19 relief for taxpayers  In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines on Saturday. In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers: a) Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later; b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act,