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 asks for physical verification of biz granted deemed GST registration between August 21-November 16
The Central Board of Indirect Taxes ...
CBIC issues new rules for outward supplies
From January 1, 2021, quarterly return filers will have to furnish business to business invoices f...
E-invoicing mandatory for companies over Rs 100 crore revenue from January 1, 2021
"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.
Due date for 2018-19 annual return, reconciliation statement extended to 31st Dec
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.
CBIC makes virtual hearing mandatory for GST appeal cases for expeditious disposal
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.
GST registration after physical verification of biz place if Aadhaar not authenticated: CBIC
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.
Government defers implementation of QR Code on B2C invoices till December 1
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.
CBIC offers more relaxations to small taxpayers for FY20
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.
India extends anti-dumping duty on methylene chloride imports from China till Jan 31
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.
Government not considering merger of CBDT, CBIC: Finance Ministry
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."
India imposes anti-dumping duty on fluoroelastomers imports from China for 5 years
"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.
Government cuts import duty on crude palm oil to 27.5 pc effective November 27
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.
CBDT and CBIC sign MoU for exchange of information on automatic and regular basis
"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.
Salaries paid to company directors not to attract GST: CBIC
"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.