Newsletter – May 2020

TAMIL NADU REGISTRATION – Relief to builders & promoters
No need to include value of building while registering UDS document after completion certificate has been granted.

GST – For those who missed the TRAN-1 credit
Hon’ble Delhi High Court extends time for filing TRAN-1 up to 30.06.2020.

CENTRAL EXCISE & SERVICE TAX – Reminder for payment
Time extended till 30.06.2020 for payment under Sabka Vishwas Scheme.

CUSTOMS – Chinese attack
Anti-dumping Duty imposed on electronic calculators (certain types excluded) imported from China.

RBI – Relief Brought to Importers
Import remittance against normal imports is extended from six months to twelve months from the date of shipment for such imports made on or before 31.7.2020.

DGFT
– Covid Exports

  • All non-medical/non-surgical masks of all types (cotton, silk, wool, knitted) are free exports.
  • Non alcohol based hand sanitizers are free for exports. Only alcohol based hand sanitizers are prohibited for exports.

– Silver Imports
Import of Silver under Advance Authorisation and direct supply by foreign buyers to exporters are not under restricted category.

COMPANY LAW – Covid Donations

  • PM CARES fund now eligible for receiving donations under CSR obligation.
  • ​“Companies Fresh Start Scheme, 2020″ announced to give an opportunity to defaulting companies to file belated documents in the MCA-21 registry. Scheme to be in force from 01.04.2020 to 30.09.2020

DIRECT TAX – Vigilance Increased

  • Specified financial transactions like transactions of purchase/sale of goods, property and services, works contract, investments made or expenditure incurred, availing of loan or taking deposits to be reflected in Form 26AS. Any proceeding – adverse or otherwise will also be reflected.
  • Instant allotment of PAN using Aadhaar-based e-KYC launched.
  • B2B Suppliers are excluded from mandatory electronic mode facility under Section 269SU if their cash transactions in the previous year is less than 5%.

TNVAT – Covid relief for compliance
Due date falling between 20.03.2020 to 29.06.2020 extended up to 30.06.2020.

open

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.