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Legal-Updates

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

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September 30, 2020
[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

December 19, 2020
The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to ₹5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible
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GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

November 21, 2020
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
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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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