Newsletter – July, 2020 I Week

GST

Click here for GSTR 3B – Late Fee details
Click here for GSTR 3B – Interest details
Click here for GSTR1 – Late Fee details

INCOME TAX

TDS and TCS rates cut by 25 per cent on specified non-salaried payments. To be effective from 14.05.2020 to 31.03.2021.

MSME

New portal for registration of MSMEs – Udyam registration, launched by the Government. Self-Declaration along with Aadhaar number is sufficient for registration. In case of a Company or LLP or a Cooperative Society or a Society or a Trust, GSTIN and PAN along with its Aadhaar number is to be furnished additionally.

MSMEs already having Entrepreneurs Memorandum (EM)-II or Udyog Aadhaar Memorandum (UAM) registrations etc., will also have to register themselves again on Udyam Registration portal.

DGFT

Validity of AEO certificates expired/expiring between 01.03.2020 and 30.09.2020 extended upto 30.09.2020. This is not applicable for those entities which have a negative report during this period.

Procedure and Criteria for submission of applications for export of PPE Medical Coveralls for COVID-19 issued. Export of only 50 Lakh units of ‘PPE medical coveralls for Covid-19’ will be allowed every month. Only applications filed from 1st to 3rd day of each month will be considered for the quota of that month.

Recognition of Pre-Shipment Inspection Agencies (PSIAs) extended up to 30.9.2020.

COMPANIES ACT

Ministry prescribes procedure for removal of the name of Government company from the Registrar of Companies (RoC); Indemnity Bond to be given under Form No. STK – 3A by prescribed official.

Time extension granted for Name Reservation and Re-submission of Forms for Companies & LLPs. For details, please click here Extension.

BANKING LAWS

Banking Regulation (Amendment) Ordinance, 2020 introduced to widen the scope of RBI’s supervision and governance over co-operative banks. Such amendments have been brought in to protect the interests of depositors in co-operative banks.

The amendments do not apply to Primary Agricultural Credit Societies (PACS) or co-operative societies whose primary object and principal business is long-term finance for agricultural development. Further such societies should not use the word “bank” or “banker” or “banking” in connection with its name or business, and should not act as drawees of cheques.