The Plastic Export Promotion Council, Mumbai is authorised under Appendix 2E of Foreign Trade Policy (2015-2020) for issuing Certificate of Origin (Non-Preferential).
Bill towards amendment in Insurance Act has been introduced in Rajya Sabha , wherein the limit of foreign investment in Indian insurance companies to be enhanced from existing 49 %. to 74 %.
In the Income-tax Rules, new Rule 29BA, has been introduced whereby a person responsible for making payment to a Non-Resident or to a Foreign company any sum (other than salary) will have to make an application in Form No. 15E requesting to issue a certificate after determining the appropriate proportion of such sum which will be …
In the Income-tax Rules, new Rule 29BA, has been introduced.(17.03.2021) Read More »
To support pre-filling of return of income, from the date to be specified a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income mentioned in the specified table shall be furnished by the persons such as recognized stock exchange …
‘Pension Adaalat’ has been introduced by Employee’s Provident Fund Organisation (Ministry of Labour & Employment, GOI) for the pensioners and the members of the EPS 1995 who are going to become pensioner in near future to address grievances related to pensioners including non-receipt of pension, Digital life certificates etc. It will organized by every Regional Office …
Currently, 3 sectors were entitled for Production Linked Incentive Scheme (PLI) introduced by the Ministry of Commerce & Industry, another 10 sectors (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and …
In the “Search Taxpayer” functionality , Post Login on GST portal, users can now view certain additional details like Aadhar Authentication, e-KYC Verification, Compliance Rating, GSTIN/UIN status update, Annual Aggregate Turnover, Gross Taxable Income etc of the taxpayer.
Applicants can now save Advance Ruling/Advance Ruling Appeal applications upto 15 days, before editing and filing it on GST Portal. These applications in saved stage will be automatically purged / deleted after 15 days.
Taxpayers making voluntary payment in Form GST DRC-03 can further select from newly introduced reasons for payment i.e Liability Mismatch – GSTR-1 to GSTR-3B and ITC Mismatch – GSTR-2A/2B to GSTR-3B.
Refund of GST Now taxpayers can track their refund application status without login to GST portal Facility to Withdraw already filed refund application due to mistakes / errors in filing a application in Form GST RFD-01W before issuance of acknowledgement in GST RFD 02 or Deficiency Memo in Form GST RFD 03 from Refund Processing …
ISDs (Input Service Distributors) would now, not be able to enter invoices/debit notes/credit notes of their suppliers having GSTN cancelled status , having date after their effective date of cancellation, or having date before the date of grant of registration to suppliers or that of ISD (itself).
Existing taxpayers while opting for composition scheme are required to file details of stock in Form GST ITC-03 and pay tax on the stock (on which ITC has been claimed by them). Now a facility has been provided on the GST Portal to such taxpayers to file NIL Form GST ITC-03.
The facility of filing Annual Returns in Form GSTR-9A by taxpayers in Composition Scheme, has been done away from FY 2019-20 & onwards.
Quarterly Return Monthly Payment scheme (QRMP) under GST Issuance of system generated notice in Form GSTR-3A, to the taxpayers who have opted for QRMP Scheme and fail to filed their GSTR-3B return on quarterly basis, within due date. Taxpayers opting for fixed sum method , prefilled Challan of in Form GST PMT-06 of 35% of …
Quarterly Return Monthly Payment scheme (QRMP) under GST.(11.03.2021) Read More »
Tracking of GST Registration Application Status Post Temporary Registration No.(TRN) Login will now be displayed stage wise on the portal.
Udyam registration simplified – GSTN requirement relaxed. The proprietor may use his/ her PAN for registration of the enterprise in the Udyam Registration Portal and now no need for GST registration. Notification No. S.O. 1055(E) dated 05.03.2021
In the recent Supreme Court Suo Motu judgment in computing the period of limitation for filing any suit, appeal, application or proceeding, the period from 15.03.2020 till 14.03.2021 shall stand excluded and consequently, the balance period of limitation remaining as on 15.03.2020, if any, shall become available w.e.f 15.03.2021. In cases where the limitation would …
Taxpayers having turnover exceeding Rs 50 Crores ( existing 100 Crores) will have to generate e Invoices w.e.f 1st April 2021. (Notification No. 05/2021–Central Tax Dated 8th March, 2021)
Taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler/Distributor/Retailer, service providers & others , post login based on highest turnover amongst the business activities it can be changed later.
Bizsol Update for the month March 2021 Article: Arcticle on ” GST Impact on Exporters” by CMA Ashok NAwal , Founder, Bizsolindia Services Pvt. Ltd. Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company law, FEMA/ RBI , SEZ. Important due dates for the statutory payments for the month. Important High …
