Reference: Central Board of Indirect Taxes and Customs
Update:
Amendments to the rate of GST on supply of lottery
CBIC makes the following amendments in the notification No.1/2017-Central Tax (Rate), namely:-
In the said notification-
- In schedule II- 6%, S.No. 242 and the entries relating to it shall be omitted
- In schedule IV-14%, for S.No. 228 and the entries relating to it shall be substituted with the word \”Lottery\”
Similarly, in the notification No.1/2017- Integrated Tax (Rate), CBIC has made amendments in Schedule II- 12% and Schedule IV-28% and in the notification No.1/2017- Union Territory Tax (Rate) in Schedule II- 6% and in Schedule IV- 14%.
Implication:
These amendments shall come into force on the 1st day of March, 2020.
Update:
Transportation of Goods (Through Foreign Territory), Regulations, 2020
CBIC makes regulations in the super session of the Transportation of Goods (Through Foreign Territory) Regulations, 1965. These regulations shall apply to the movement of goods under the ACMP and under the PIWTT.
Implication:
These regulations shall come into force on the day of their publication in the official gazette.
Reference: Central Board of Direct Taxes
Update:
Condonation of delay in filing Return of Income
The Board has issued Circulars authorizing the Commissioners of Income Tax to admit belated applications of Form 9A and Fonn 10 and to decide on merit the condonation of delay U/S 11 9(2)(b) of the Income-tax Act.
CBDT has decided that where the application for condonation of delay in filing Form 9A and Form 10 has been filed and the Return of Income has been filed on or before 31st March of the respective assessment years i.e. Assessment Years 2016-17, 2017-18 and 2018-19, the Commissioners of Income-tax (Exemptions) are authorized to admit such belated applications for condonation of delay in filing Return of Income and decide on merit.
Reference: Ministry of Affairs
Update:
Companies (Incorporation) Amendment Rules, 2020
MCA has notified the Companies (Incorporation) Amendment Rules, 2020. Under the said rule, MCA has prescribed the procedure for Reservation of name or change of name as follows-
An application for reservation of name shall be made through the web service available at www.mca.gov.in by using web service SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus: INC-32), and
For change of name by using web service RUN (Reserve Unique Name) along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014, which may either be approved or rejected, as the case may be, by the Registrar, Central Registration Centre after allowing re-submission of such web form within fifteen days for rectification of the defects, if any, with effect from the 23rd February, 2020.
It has also substituted “Form No INC-32 (SPICe)\” with \” SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus: INC-32\”,
Implication:
These changes shall come into force with effect from the 23rd February, 2020.
Update:
Invitation for Public Comments on the Competition (Amendment) Bill, 2020
MCA had constitued a Competition Law Review Committee to review and recommend a robust Competition regime by taking the inputs of key stakeholders and suggest changes in both the substantive and procedural aspects of law.
Hence, public comments are solicited on the draft Competition (Amendment) Bill, 2020.
Implication:
Stakeholders shall submit their comments online by end of business hours on 6th March, 2020 positively.
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