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New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

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May 8, 2021
[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C) & section 80G are compulsorily required to switch to section 12AB for fresh registration in order to continue availing exemption under section 10 or 11, as the case may be. The CBDT (Central Board

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore

Launch of GSTR-2B for the month of July 2020

September 3, 2020
Press Release GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). It is a static statement and will be made available for each month, on
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Relaxation for holding AGM for FY 2019-20

August 29, 2020
[Source: Ahmedabad Branch of WIRC of ICAI Newsletter; compiled by CA. Vedant K. Parikh, Ahmedabad] Background Due to the widespread of COVID-19 and consequential restrictions linked to the social distancing norms, Ministry of Corporate Affairs (MCA) has received several representations to allow companies to hold their Annual General Meeting for
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Additional relief in GST compliance

May 7, 2020
With most part of the country under lockdown or partial lockdown, government has notified some fresh relief measures in GST compliance. 1) Due date to furnish GST annual return for FY 2018-19 is further extended to September 30, 2020. 2) Validity period of e-way bill expiring between 20-3-2020 to 15-4-2020
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GST Amendment – relief to exporters of goods

April 5, 2020
The exercise of option to export under (1) LUT, or (2) on payment of IGST is left to the exporters. However, in the Month of October 2017, the Government while restoring the tax-free procurements, for EOU’s, under Advance authorization/ EPCG etc., restricted the second option for such exporters. Recently, the
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Some Important Relief Measures in view of COVID-19

April 4, 2020
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In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension
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CSR funds can be used to fight Covid-19

March 28, 2020
[Source: CSR Committee of The Institute of Chartered Accountants of India] The Finance Minister Nirmala Sitharaman, said on March 23, 2020 that “In view of the spread of novel Corona Virus in India, its declaration as pandemic by the WHO, and decision of Government of India, to treat this as
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Recommendations of 39th GST Council meeting

March 17, 2020
[Source: pib.gov.in] Recommendations of GST council related to law & procedure The 39th GST Council in its meeting held on 14th March, 2020, has made the following recommendations on Law & Procedures changes. 1)       Measures for Trade facilitation: a)      Interest for delay in payment of GST to be charged on
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