November, 2020 – Issue No. III

GST 

Recent changes with respect to GST returns:

  • GST E-invoicing mandatory from 01.01.2021 if turnover exceeds Rs. 100 Crores;
  • Due date for filing ITC-04 for July 2020 to September 2020 extended upto 30.11.2020;
  • CBIC notifies procedure for filing Quarterly GSTR 3B;
  • CBIC notifies new rules for filing Monthly/Quarterly GSTR 1;
  • CBIC extends time for filing GSTR-1. Monthly filers – by 11th of next month. Quarterly filers – by 13th of the month succeeding the quarter; previous notifications superseded.
  • CBIC notifies new rules for Inward/Outward Supplies, GST Returns & new form GSTR 2B;
  • CBIC notifies 10.11.2020 as the date changes made in Section 39 of CGST Act 2017 comes into effect.

Quarterly Return Monthly Payment Scheme – Clarifications issued.
Sabka Vishwas Scheme in J&K extended up to 31.12.2020.

INCOME TAX

If the difference between cost of the home and the circle rate (stamp duty value) set by the government is more than 10%, any excess income is accounted for as the buyer’s income. Now, for homes under the price of Rs. 2 crores, this differential is increased from 10% to 20% until 30 June 2021.

CUSTOMS

Basic Customs duty of 5% levied on specified goods used in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Anti-dumping duty levied on imports of acrylic fibre from Thailand is removed.

Definitive anti-dumping duty imposed on “Clear Float Glass” imported from Malaysia.

Anti-dumping duty imposed on “flax fabrics (having flax content more than 50%)” imported from China PR and Hong Kong.

Anti-dumping duty levied on imports of “Carbon Black used in rubber applications” from China PR and Russia extended upto 31.12.2020.

DGFT

Formulation of New Foreign Trade Policy – Stakeholders are requested to send their suggestions/inputs at –  https://bit.Iy/3khHEI2.

COMPANIES ACT
LLP Settlement Scheme was extended up to 31.12.2020 in September; accordingly, default period covered under the scheme is extended upto 30.11.2020.
FEMA – RBI
17 Returns/Reports under Foreign Exchange Management Act, 1999 discontinued.
ATMANIRBHAR

Atmanirbhar Bharat 3.0 announced. Excerpts from the press release:

  • A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched;
  • Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20%;
  • Production Linked Incentive worth Rs. 1.46 Lakh crore offered to 10 champion sectors;
  • Rs. 18,000 Crore Additional outlay for PM Awaas Yojana – Urban;
  • Relaxation of Earnest Deposit Money & Performance Security on Government Tenders;
  • Increase in differential between circle rate and agreement value to 20% providing Income Tax relief for Developers & Home Buyers;
  • Rs. 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF);
  • Rs. 65,000 Crore for subsidized fertilizers provided to support agriculture;
  • Additional outlay of Rs. 10,000 Crore has been provided for PM Garib Kalyan Rozgar Yojana;
  • Rs. 3,000 crore boost to be given for project exports through assistance given by India to developing countries;
  • Rs. 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure.
  • Rs. 900 crore is being provided for Research and Development of Indian COVID Vaccine.