Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. The application so filed will be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for personal hearing to the taxpayer and pass its order for unblocking as per the law. So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation facility and tax officials were issuing orders online on GST Portal, in Form GST EWB 06. Now this facility is being discontinued.
Quarterly Return and Monthly Payment (‘QRMP’) scheme and other recent changes in GST
The GST Council in its 42nd meeting held on October 05, 2020 recommended that the registered persons having aggregate turnover up to Rs 5 crores shall be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 01, 2020. In this regard, the Government on November 10, 2020 issued various Notifications.
The registered person who is required to furnish Form GSTR-3B and whose aggregate turnover in the preceding financial year is up to Rs 5 crore, is eligible for the Quarterly Return Monthly Payment Scheme (QRMP) Scheme. This new Scheme will be effective from January 01, 2021. In this regard the GSTN system would itself compute the aggregate annual turnover of the taxpayer.
Transaction limits on processing of e-mandates for recurring transactions increased to Rs. 5000: RBI
Based on requests received from stakeholders and given the sufficient protection available to customers, it was announced in the Statement on Developmental and Regulatory Policies dated December 4, 2020 that the aforesaid transaction limit will be increased. Accordingly, it has been decided to increase the above limit for AFA relaxation to ₹ 5,000/- per transaction, with effect from January 1, 2021.
CBDT to validate UDIN at time of uploading of Tax Audit Reports
The income tax e-filing portal had already made it mandatory for quoting Unique Document Identification Number (UDIN) with effect from 27th April 2020. This was for documents certified or attested in compliance with the Income-tax Act,1961 by a Chartered Accountant.
In line with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies and bodies, Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them. With this system-level integration, UDIN provided for the audit reports or certificates submitted by the Chartered Accountants in the e-filing portal will be validated online with the ICAI. This will help in weeding out fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.
MCA extends last date of filing of cost audit report for F.Y. 2019-20 to Dec 31, 2020
In view of the disruption caused by the Covid-19 pandemic and after due examination of the representation received from various stakeholders, MCA has decided to extend last date of filing of CRA-4 (form for filing of cost audit report) for F.Y. 2019-20 under the Companies Act, 2013.
Filing of form after due date shall be accompanied a fee of Rs 500 under 40B of CIRP Regulations: IBBI clarifies
The IBBI has issued clarification wherein it has clarified filing of a Form under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1st October, 2020.