Crude Oil sinks to lowest level since May
Crude Oil sinks to lowest level since May on fears fresh wave of Covid will hit demand. Brent is down 10% so far this week
In a first, Gujarat High Court starts to live stream proceedings for public on YouTube
In a first, Gujarat High Court starts to live stream proceedings for public on YouTube Gujarat High Court (HC) made history today and became the first court in India to live stream proceedings on YouTube. Earlier today, the Gujarat HC announced, "With a view to effectuating and broadening the implementation of Open Court concept even during the virtual hearings of the Court”. This is a major step towards bringing much needed transparency to court proceedings and allowing better understanding and participation by litigants. YouTube link for the live streaming is available on the homepage of Gujarat High Court Gujarat High Court You Tube Channel
Facility to file GSTR 3B and GSTR1 via EVC in lieu of DSC for Companies to be discontinued 1st Nov 2020
The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.
FY 1819 GST Annual Return and GST Audit Due Date Extended to 31 Dec 2020
FY 1819 GST Annual Return and GST Audit Due Date Extended to 31 Dec 2020
FY 1920 Tax Returns and Tax Audit Due Dates extended
FY 1920 Tax Returns and Tax Audit Due Dates extended The extended Due Dates are as below: Income Tax Returns FY1920 Non Audit Cases - 31 Dec 2020Income Tax Returns FY1920 Audit Cases - 31 Jan 2021Income Tax Returns FY1920 Patners whose Firms are required to be audited - 31 Jan 2021Tax Audit Report FY1920 - 31 Dec 2020Audit Reports w.r.t to Domestic / International Transactions - 31 Dec 2020Payment of Self Assessment for FY 1920 where Tax Liability is upto Rs. 1 Lacs - 31 Jan 2021
CA Associations request Govt to extend Income Tax and GST Audit Due Dates
Several associations of chartered accountants have requested the government to extend tax filing dates.
GST Clarification regarding application if 10% ITC Rule
GST Clarification regarding application if 10% ITC Rule Circular 142/12/2020-GST - Clarifications on applicability of restrictions under Rule 36(4) Cumulative amount of ITC availed during February - August should not exceed 110% of cumulative eligible credit available as per GSTR-1 filed by vendors till due date of September, 2020.
EWay Bill Generation to be blocked if GST Returns not filed for 2 or more months
Blocking of E-Way Bill (EWB) generation facility for taxpayers with Average Annual Turnover over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores. Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for 02…
Einvoices to replace E-way Bills soon…
eInvoice replaces the physical invoice and will soon replace the existing e-way bill system, taxpayers will not have to generate separate e-way bills. The returns will be automatically generated for all supplies for which e-invoice have been issued: Finance Secretary
Highlights of the 42nd meeting of the GST Council
Highlights of the 42nd meeting of the GST Council held today on 5th Oct 2020 GST Council Meeting: 42nd GST Council Meeting Updates The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. Centre is releasing…