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Legal-Updates - Page 11

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

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

Income Tax

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

[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

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

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

The government has launched the Quarterly Return filing & Monthly Payment of

RBI’s Growth Stimulus

December 12, 2008

RBI & FEMA

Press Release : 2008-2009/842 dtd. 6-Dec-08 PDF Document

Revision of Excise and Customs Duty Rates and Service Tax Refund to exporters

December 12, 2008

Service Tax & CBEC

Through GOI – Press Release dtd. 7-Dec-08 To provide a fiscal stimulus to the economy through stimulation of demand and relief to the manufacturing sector, Government has carried out certain changes in Excise and Customs duty rates. Some changes have also been made in respect of Service tax refund scheme

Further Extension of due date for filing GVAT Audit Report for F.Y. 2007-08

December 4, 2008

Gujarat VAT & CST

In a Notification dtd. 2-Dec-2008, the due date for Filing of GVAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2007-08 has been further extended to 12-Jan-2009.

Notification for E-Filing of CST Returns and Electronic Application for obtaining Form “C

November 6, 2008

Gujarat VAT & CST

In continuation to recent Amendments in CST Rules (Gujarat) for submission of CST returns alongwith Appendix-I & II, the State Government has further Notified the E-Governance Initiative for obtaining various Statutory Forms viz. C, F, H, etc. The Salient Features of the New Scheme for E-Filing of CST Returns and

Amendments in CST (Gujarat) Rules for submission of CST return along with Appendix-I & II

November 6, 2008

Gujarat VAT & CST

In a Notification dated 30-Sep-08 Government of Gujarat has amended its CST Rules (Gujarat) for furnishing the CST Return. Now alongwith the CST Return in Form III(B), the registered dealer is required to submit additional details as per Appendix – I and Appendix – II. Appendix – I consists of

Extension of due date for filing GVAT Audit Report for F.Y. 2007-08

October 10, 2008

Gujarat VAT & CST

In a Notification dtd. 6-Oct-2008, the due date for Filing of GVAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2007-08 has been extended to 30-Nov-2008.

Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008

October 8, 2008

Audits & Assurance·RBI & FEMA

The Reserve Bank of India had issued Directions to the auditors of Non-Banking Financial Companies under Section 45 MA of the RBI Act, 1934, vide Notification No. DFC. 117 /DG (SPT)-98 dated January 2, 1998. The Directions have been consolidated and in supersession of said Directions viz. the Non-Banking Financial

Reclassification of NBFCs

September 27, 2008

Audits & Assurance·RBI & FEMA

The Reserve Bank of India (RBI) has issued a Circular mandating all erstwhile EL/HP NBFCs should, duly supported by Statutory Auditors’ Certificate as on March 31, 2008, immediately approach the Regional Office concerned for appropriate classification latest by December 31, 2008 after which NBFCs which have not opted for the

Exemption to agents of non-residents from filing return electronically

September 26, 2008

Income Tax

In a Press Release, the Central Board of Direct Taxes (CBDT) has exempted agents of non-resident Indians from mandatory e-filing of income tax returns.

Summary of Important Recent Circulars from RBI in August 2008

September 26, 2008

RBI & FEMA

A.P. (DIR Series) Circular No. 5 dated August 6, 2008. Guidelines on trading of Currency Futures in Recognised Stock/New Exchanges This circular permits persons resident in India to participate in the currency futures market in India subject to the RBI guidelines contained in the Currency Futures (Reserve Bank Directions, 2008).

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Legal-Updates - Page 11

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

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

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

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

RBI’s Growth Stimulus

Revision of Excise and Customs Duty Rates and Service Tax Refund to exporters

Further Extension of due date for filing GVAT Audit Report for F.Y. 2007-08

Notification for E-Filing of CST Returns and Electronic Application for obtaining Form “C

Amendments in CST (Gujarat) Rules for submission of CST return along with Appendix-I & II

Extension of due date for filing GVAT Audit Report for F.Y. 2007-08

Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008

Reclassification of NBFCs

Exemption to agents of non-residents from filing return electronically

Summary of Important Recent Circulars from RBI in August 2008

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