Reference: Central Board of Indirect Taxes and Customs
Update:
Due dates of filing Form GSTR 3B, for the month of February, 2020
CBIC has prescribed due dates for filing of return in FORM GSTR 3B. As per this scheme, taxpayers having an aggegrate turnover of up to rupees 5 crore in the previous financial year shall file e-return in FORM GSTR 3B in the prescribed manner.
I. For Registered person, whose principal place of business is in States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep, due date is:
| Month | Due date |
| January 2020 | 22.02.2020 |
| February 2020 | 22.03.2020 |
| March 2020 | 22.04.2020 |
II. For Registered person, whose principal place of business is States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi, due date is:
| Month | Due date |
| January 2020 | 24.02.2020 |
| February 2020 | 24.03.2020 |
| March 2020 | 24.04.2020 |
Implication:
Taxpayers shall file return in FORM GSTR 3B on or before due dates prescribed by the CBIC to avoid additional fees/penalty.
Update:
Provision for Quarterly Payment of GST by MSMEs
CBIC has issued provision for the benefit to small and medium sector companies of new return model under GST which ensures quarterly fiing of returns for those taxpayers whose aggregate turnover in the preceding Financial year does not exceed Rs. 5 crore.
Reference: Central Board of Direct Taxes
Update:
Financial stringency would not justify non-remittance of TDS to Govt, levy of penalty justified
Penalty proceedings were initiated by issuance of show-cause notice under 221 against the KBR Infratech Ltd (Assessee). The assessee submitted that failure in remittance of TDS was out of acute liquidity crunch and not deliberate or intentional negligence.
Assessing Officer (AO) didn’t accept assessee’s plea and levied penalty of Rs. 77.95 lakhs on the assessee. The CIT(A) set aside the penalty levied by the AO. ITAT reversed the order passed by CIT(A) and restricted the penalty to Rs. 20.56 lakhs.
Reference: Ministry of Affairs
Update:
Extension of date for submission for public comments on the Competition (Amendment) Bill, 2020
MCA has drafted a Competition (Amendment) Bill, 2020 for carrying out amendments in the Competition Act, 2002 and public comments are solicited on the given draft. MCA has thus, extended the date for submission of the same and the stakeholders can submit online their comments, if any by the end of business hours on 06th March, 2020 positively.
Implication:
Stakeholders have more time to submit their comments.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
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