Reference: Central Board of Indirect Taxes and Customs
Update:
Changes in GST rates of Goods:
To give effect to the recommendations of the GST Council in its 38th Meeting, CBIC has amended the CGST, IGST & UTGST rates on the Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods and Flexible intermediate bulk containers.
Implication:
This notification shall come into force on the 1 st day of January, 2020
Reference: Central Board of Direct Taxes
Update:
Extension of due date for Aadhaar-PAN linking:
CBDT has further extended the timeline for Linking PAN with Aadhaar from 31st December, 2019 to 31st March, 2020.
Implication:
Taxpayers will have more time for linking Aadhaar and PAN is extended till 31st March 2020.
Update:
Mandatory electronic mode of Payment:
Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely:-
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and
(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)
Implication:
Businesses over Rs 50 crore must have electronic payment mode as prescribed above from 1st January 2020.
Reference: Ministry of Corporate Affairs
Update:
Relaxation of additional fees and extenslon of last date of filing of CRA-4 (cost audit reportl for FY 2018-19 under the Companies Act, 2O19:
MCA has extended last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, for further period till 29.O2.2O2O.
Implication:
The said extension is given for the entire process starting from \’preparation of Annexures to the Cost Audit Report\’to \’submission of Cost Audit Report by the Cost Auditor to the Company\’ and finally ,liling of Cost Audit Report by the Company with the Central Government\’
