Rate cut of 75 basis point. The rate reduced to 4.4%
Reverse repo rate reduced by 90 basis points and revised rate is 4%
FM Press Conference – Banking & Commerce
- Debit Card Holders can withdraw cash from any Bank’s ATM without any charges
- No minimum balance charges for next 3 months
- Bank Charges to be reduced for digital trade transactions
Commerce
For various commerce related schemes, extension of time line will be given and there will not be extension/modification in the scheme guidelines.
The extract of press note is given below:
FM Press Conference – IBBI
- Default limit for initiating insolvency proceeding is currently at Rs.1 Lakhs is raised to Rs.1 Crores
- If the current situation, continues till 30-04-2020, the Government may consider suspending Sections 7,9 & 10 of Insolvency and Bankruptcy Code for 6 months
FM Press Conference – MCA (Company Law) Related Matters
- Moratorium from 01-04-2020 to 30-02-2020: No additional fee will be levied for late filing
- Board Meeting : 60 days relaxation will be give for Board Meeting for next 2 quarters. All Companies should convene Board meetings quarterly and for that additional 60days can be availed.
- CARO 2020 : Implementation of CARO 2020 will be from FY 2020-21
- In case a company needs to conduct a meeting with a Independent director in FY 2019-20, had not conducted the meeting, the same will not be considered as a violation.
- The time limit for filing Form INC-20A (Commencement of Business) had been extended by additional 6 months. The current time limit was 180 days.
- For a Company, one of the Director should be a resident (in India for 182 days or more), and the contravention is treated as violation as per Section 149 of Companies Act, 2013. For FY 2019-20, the same will not be treated as violation.
- Deposit Reserve: Company having deposits should deposit 20% by 30-04-2020 and the due date was 30-04-2020 and the same was extended to 30-06-2020.
- In case of debentures maturing in a particular year, 15% needs to be deposited by 30-04-2020. The due date was extended to 30-06-2020
The extract of Press note is given below:
FM press conference – GST & Indirect tax date extension etc
GST
- Mar-2020 to May-2020 Returns – Due date will be end of June-2020 in a staggered manner
- The time limit for opting for composition scheme also extended till 30-06-2020
- For Companies having sales less than Rs.5 crores, there will not be any interest, late fees or penalty till 30-06-2020
- For For Companies having sales more than Rs.5 crores, Interest will be @ 9% and there will not be any , late fees or penalty till 30-06-2020
Customs & Central Excise
- Sabka Viswas Scheme (SVLDRS) : The date of scheme extended till 30-06-2020 from 31-03-2020 without interest.
- Cusoms will operate 24X7 to facilitate import and export
To see extract of press note, please see the link below:
FM Press Conference – Statutory Compliances Extension – Income Tax
- Income Tax Return of FY 2018-19 – The last date for filing extended to 30-06-2020. Interest rate for delayed payment reduced to 9% till 30-06-2020.
- Delayed deposit of TDS – Interest rate reduced to 9% from 18%
- Aadhar PAN linking extended 30-06-2020
- Vivad Se Viswas – The date without additional 10% extended till 30-06-2020
- All due dates extended till 30-06-2020 – This includes, notices, orders, statements, returns, time limit for buying tax saving investment etc will be extended till 30-06-2020
Please see the link below for the press note:
Closure of office due to COVID-19
As a precautionary measure our office in Coimbatore, Tamilnadu and Ottapalam, Kerala, will remain closed till 31st March, 2020. We regret for the inconvenience caused to any of our clients, associates etc. in this regard.
In case of emergency, our partners will be available at the following numbers:
CA.Sunil E – Coimbatore – +91 9444998044
CA. Karthik Narayanan S – Ottapalam – +91 9447392654
You can also email us @ karthikandsunil@gmail.com.
Thank you for the understanding.
Covid -19 Impact – GST returns due date extended..
CBIC by way of press release dated 23rd March, 2020 extended the due date for filing following returns:
GSTR-3B of February, 2020 extended to 07th April, 2020 for all registered persons.
Opting for Composition Scheme : Extended till 07th April, 2020 from 31st March, 2020.
GSTR – 9 & GSTR – 9C: The due date is extended to 30th June, 2020 from 31st March, 2020.
GST Council Decisions: Interest on net liability, Revocation of Cancellation till 30-06-2020 and more…
The GST Council, in its 39th meeting held on 14.03.2020, has made the following
recommendations:
- Measures for Trade facilitation:
a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).
c. Annual Return:
i. Relaxation to MSMEs from furnishing of Reconciliation Statement in
FORM GSTR-9C, for the financial year 2018-19, for taxpayers having
aggregate turnover below Rs. 5 crores;
ii. Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020; and
iii. Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.
d. A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.
e. The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.
f. A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.
g. A special procedure for registered persons in Dadra and Nagar Haveli & Daman and Diu during transition period, consequent to merger of the UTs w.e.f. 26.01.2020; transition to be completed by 31.05.2020.
h. Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24th March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR-1 & FORM GSTR-7.
i. Bunching of refund claims allowed across financial years to facilitate exporters. - Deferment of E-invoice and QR Code:
a. Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and
b. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020. - Deferment of e-wallet Scheme:
a. Extension of the time to finalize e-Wallet scheme up to 31.03.2021; and b. Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021. - Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020;
- Other new initiatives:
a. Seeking information return from Banks;
b. To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person. - Issuance of circulars in respect of:
a. Clarification in apportionment of ITC in cases of business reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules;
b. Appeals during non-constitution of the Appellate Tribunal;
c. Clarification on refund related issues; and
d. Clarification on special procedure for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016, undergoing the corporate insolvency resolution process. - Amendments to the CGST Rules: Key amendments are as below:
a. Procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 43 (1) (c);
b. ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies;
c. to allow for refund to be sanctioned in both cash and credit in case of excess payment of tax;
d. to provide for recovery of refund on export of goods where export proceeds are not realized within the time prescribed under FEMA; and
e. to operationalize Aadhaar authentication for new taxpayers. - Certain amendments to be carried out in the GST laws.
LLP Settlement Shceme – One time relief to non-filers of LLP forms to file at a reduced rate of additional fees
Ministry of Corporate Affairs had issued General Circular No./2020 dated 04th March, 2020, introducing a new scheme, which provide relief to LLP’s which had defaulted in filing various forms/documents on the due dates mentioned in LLP Act, 2008 and the Rules made there under.
Period of the Scheme: This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.
Applicability: LLP” is permitted to file belated documents, which were due for filing till 31st October, 2019 in accordance with the provisions of this Scheme
Fees & Additional Fees: payment of additional fee Rs 10/- per day for delay in addition to any fee as is payable for filing of such document or return, provided that such payment of additional fee shall not exceed Rs. 5,000/- per document.
Applicable Documents/Forms
(i.) Form-3 – Information with regard to limited liability partnership agreement and changes, if any, made therein;
(ii.) Form-4 – Notice of appointment, cessation, change in name/address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
(iii.) Form-8 – Statement of Account & Solvency (Annual or Interim);
(iv.) Form-11– Annual Return of Limited Liability Partnership (LLP).
Immunity from prosecution in respect of document(s) filed under the
scheme: The defaulting LLPs, which have filed their pending documents till
13th June 2020 and made good the default, shall not be subjected to prosecution by Registrar for such defaults.
Karthik & Sunil 