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 Quarterly filers – by 13th of the month succeeding the quarter; previous notifications superseded.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.
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.
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.
Formulation of New Foreign Trade Policy – Stakeholders are requested to send their suggestions/inputs at – https://bit.Iy/3khHEI2.
FEMA – RBI
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.