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.

– 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.

The Indian Tax Advisors