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The Economic Times
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| 02 December, 2020, 02:57 AM IST | E-Paper


    CBIC waives penalty on QR code on e-invoices till March 31, 2021

    QR code for B2C transactions is meant to encourage digital payments by the buyers but can potentially be used to check tax leakages as well. It would have an impact on all consumer facing businesses including retail, restaurants, hotels and so on.

    CBIC issues new rules for outward supplies

    From January 1, 2021, quarterly return filers will have to furnish business to business invoices f...

    • "Aligned to the recent communications by various government officials, e-invoicing has now been notified for Rs 100 crore and above companies as well. With only approximately 50 more days, these mid size companies would need to soon gear up their processes/ IT systems to enable compliance with this new invoicing regulation," said Abhishek Jain, tax partner at EY.

      The government has taken the decision on recommendations of the GST Council and representations from industry regarding the need to extend due dates on account of Covid-19 pandemic related lockdown and restrictions.

      The CBIC said the feedback received from trade and field formations on this indicated that the initiative has helped in speeding up passing of adjudication and appellate proceedings, saving cost of travel and time, and critically ensuring social distancing in these challenging times. This initiative would facilitate all stakeholders such as suppliers under GST, importers, exporters, passengers, advocates, tax practitioners and authorised representatives.

      In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar number, he shall, with effect from Friday (August 21), undertake the said authentication while submitting an application.

      Under Goods and Services Tax (GST), companies with a turnover of over Rs 500 crore will have to generate e-invoice for B2B (business-to-business) transactions from October 1. However, for B2C (business-to-consumer) transactions, e-invoice is not yet mandatory.

      The requirement to file annual return in GSTR-9 by taxpayers having aggregate turnover upto Rs 2 crore has been made optional for financial year 2019-20.

      The Board said that the decision has been taken after the Directorate General of Trade Remedies (DGTR) initiated a review and sought for extension of the duty. India had first imposed the duty in May 2016.

      Reacting to a media report which suggested that a merger of policy making bodies of direct and indirect taxes CBDT and CBIC is on cards, the ministry in a statement said, "The government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963."

      "There is sufficient evidence to indicate that the cessation of anti-dumping duty at this stage will lead to continuation of dumping and injury to the domestic industry," the CBIC said in its notification. The duty ranges between $1.04 and $8.6 per kg.

      The Central Board of Indirect Taxes and Customs (CBIC) in a notification said the basic customs duty (BCD) rate on crude palm oil has been revised to 27.5 per cent with effect from November 27. The BCD on crude palm oil is 37.5 per cent currently.

      "Significant developments have taken place since the signing of earlier MoU in 2015 including introduction of GST, incorporation of GSTN and change in the nomenclature of CBEC to CBIC," the direct taxes body said in a statement Tuesday. "Changed circumstances, including advancements in technology, are duly incorporated in the MoU signed today," it added.

      "The part of director's remuneration that are declared as 'salaries' in the books of a company and subjected to TDS under Section 192 of the IT Act, are not taxable being consideration for services by an employee to the employer in the course of or in relation to his employment in terms of Schedule III of the CGST Act, 2017," the CBIC said.

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