The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 07/2021 – Central Tax dated 27th April 2021 have added a proviso to Rule 26 (1) in Central Goods and Services Tax Rules 2017 related to verification of GSTR-1 and GSTR-3B through electronic verification code (EVC) for the new taxpayer registered under
ICSI/Trg/2021 24th April, 2021 Circular No. Trg/10/2021 Temporary Relaxation in the Training Guidelines for conducting all types of training programme through online mode instead of physical batches (classroom mode) due to persistent rise of COVID 19 cases in India. Due to recent surge of Covid 19 cases in India, many states have imposed night curfew
The Directorate of Income Tax (System), CBDT has vide its Notification No 1 of 2021 and Notification No 2 of 2021 dated 20th April 2021 notify the format, procedure, and guidelines for submission of Statement of Financial Transactions (SFT) under Section 285BA of the Income Tax Act, 1961 in respect of Dividend and Interest Income
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March 2021 as the Finance Act, 2021). The amendments were essential to clarify and rationalize the proposals further and address stakeholders’ concerns arising out of amendments proposed in the
CBDT has vide its Notification No 32/2021 dated 15th April 2021 notifies the amendment in Rule 2DB, 2DC, and Form 10BBA. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th April, 2021 INCOME-TAX G.S.R. 274(E).—In exercise of the powers
Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered
The Institute of Chartered Accountants of India (ICAI) has vide its announcement dated 15th April 2021 clarifies on appointment and rotation of auditor under Section 139 of the Companies Act, 2013. The full text of the announcement is as follows:- Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 15th April,
GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background: Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020, mandates taxpayers to
The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. 1. Auto Generation of Form GSTR-2B, for the QRMP taxpayers a)Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3).
With effect from 1st January 2021, all taxpayers with Annual Aggregate turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and
