MASTER UPDATES OF THE WEEK



" Hold the vision, Trust the Process”

 

MASTER UPDATES OF THE WEEK

 

INCOME TAX

    1. ITR 1,2,3,4 and 5 for AY 2020-21 is available on Income Tax e-filing portal.
    2. CBDT has informed that it has issued refunds of INR 95,853 crores to more than 25 lakhs taxpayers including Corporate Tax refunds of INR 66,793 crores from April-20 to till date.

GOODS AND SERVICE TAX

    1. CBIC has been notified that now interest shall be charged on the amount of NET LIABILITY of GST (i.e. the tax liability to be discharged in cash), earlier it was charged on the basis of gross liability. This provision shall be applicable on retrospective basis. 
    2.  There is no change in threshold exemption limit for GST applicability, 20 lakhs limit for service provider and 40 lakhs for Goods supplier as notified earlier.
    3. GSTN has enabled filing of refund application in GST RFD-01 relating to different FYs in a single refund application.
    4. CBIC has launched GSTR-2B, this is an auto-drafted ITC Statement summary which will reflect all ITC at one place (including B2B, B2B amendment, debit/credit notes, ISD ITC). It will help for preparing return and ITC Reconciliation.
    5. CBIC has launched new tables in GSTR-2A, in which details of import of goods from outside India and inward supplies from SEZ shall reflect. Now ITC can be reconciled on the basis of bill of entries filed to ICEGATE (Customs).   

 

CORPORATE AND ALLIED LAWS

    1.  If a company undertake the activities of Schedule VII in normal course of business, in that case it shall not be covered under CSR spent EXCEPT the company engaged in R&D activity of new vaccine related to COVID. Provided the activities has been carried out in collaboration of the institutes mentioned in Schedule VII and the details shall be disclosed in Annual Report of CSR in the Board’s Report.

 

 

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