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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Effective from 1st September 2019 ( Notification link ) Objectives • One time measure for liquidation of past disputes   of 29 enactments   including Excise, Service Tax, Sugar Cess, Salt Cess, tobacco cess enactments etc. • To provide an opportunity for voluntary disclosure to non-compliant taxpayers. Cases covered under the Scheme   • A show-cause notice or appeals arising out of a show-cause notice pending as on the 30th day of June 2019 • An amount in arrears • An enquiry, investigation or audit where the amount is quantified on or before the 30th day of   June 2019 • A voluntary disclosure Exclusions from the Scheme • Cases in respect of excisable goods set forth in the Fourth Schedule to the Central Excise Act, 1944 (this includes tobacco and specified petroleum products) • Cases for which the taxpayer has been convicted under the Central Excise Act, 1944 or the Finance Act, 1944 • Cases involving erroneous refunds • Cases pending before the Set
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Changes in New ITR for AY 2019-20 FY 2018-19 Decoded The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for the filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance Act, 2018 in the Income-tax Act, 1961. 1.            Start-ups are required to report registration number allotted by DPIIT & other information. 2.            Start-ups & closely held companies are required to report details of shareholding. 3.            Start-ups & unlisted companies are required to report additional details regarding assets & liabilities. 4.            Assessee holding unlisted equity shares at any time during the previous year is required to report details of investment in unlisted companies. 5.            Section 54EE is deleted
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Outcome of 26th GST council Meeting Held on 10th Match 2018

Current GST Return filing system to continue for next 3 months. Taxpayers can continue to file GSTR-1 and GSTR-3B. E-Way bill:            - Inter-state implementation of E-way bill to be implemented from 1st April 2018.           - Intra-state implementation of E-Way Bill to take off from 15th April 2018 a phased manner. States to be divided into 4 lots to execute this phased rollout. Reverse Charge Mechanism (in case of supplies made by unregistered persons to registered persons) delayed till 1st July 2018. TDS & TCS applicability postponed until 30th June 2018 pending procedural. Exporters presently availing various export promotion schemes can now continue to avail such exemptions on their imports up to 1st October 2018 by which time an e-Wallet scheme is expected to be in place with effect from 1st April 2018, to continue the benefits in future. Council has advised the GSTN to expedite the export refund claims. No GST rate changes announced. A commit
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Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits by RBI

Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits by RBI LOU & Bank Guarantees under which a bank allows its customer to raise money from another Indian bank’s foreign branch in the form of short-term credit. The loan is used to make payment to the customer’s offshore suppliers in foreign currency. The overseas bank usually lends to the importer based on the LOU  issued by the importer’s bank. The central bank's move may hit businesses which are dependent on imports, who are often reliant on LoUs to get bank guarantees. RBI NOTIFICATION www.cajd.co.in
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Composite Supply & Mixed Supply under GST

A taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is also separately notified Classification of supply (whether as goods or services, the category of goods and services) is essential to charge applicable rate of GST on the particular supply. The application of rates will pose no problem if the supply is of individual goods or services, which is clearly identifiable and the goods or services are subject to a particular rate of tax. But not all supplies will be such simple and clearly identifiable supplies. Some of the supplies will be a combination of goods or combination of services or combination of goods and services both. Each individual component in a given supply may attract different rate of tax. The rate of tax to be levied on such supplies may pose a problem in respect of classification of such s
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Condonation of Delay Scheme 2018

Companies registered under The Companies Act, 2013 are required to file their annual financial statements & annual returns with Registrar of Companies and non-filing of same is offence under the companies act, 2013. Section 164(2) read with section 167 of the Companies Act, 2013 (w. e. from 01.04.2014) provide for disqualification of director on account of default by company in filing an annual return or financial statement for a continuous period of 3 years. Rule 14 of The Companies (Appointment & Disqualification of Directors) Rules, 2014 prescribe that every director shall inform to the company concerned about his disqualification, if any, u/s 164(2), in form DIR-8. Consequent upon notification of provisions of section 164(2), Ministry of Corporate Affairs (MCA) had launched a Company Law Settlement Scheme 2014 providing an opportunity to defaulting companies to clear their defaults within the time period specified therein & Following the due process as notifie
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Rate of Composition Scheme Reduced

Rate of Tax of Composition Levy Sl. NO Particulars Rate of tax (CGST) 1 Turnover in state in case of Manufacturers 0.50 % (Earlier 1 %) 2 Turnover in state in case Restaurant Services Suppliers 2.50 % 3 Turnover of Taxable Supplies of goods (Earlier Turnover) 0.50 % Eligibility: Supplier Dealing only in Goods & Restaurant Services Threshold Limit: ₹ 1 Crore (₹ 0.75 Crore in specified states) Maintain Details Records: No Avails ITC: No Issue tax Invoice: No Tax Collection from Customer: No Inter State Supplier opt this scheme: No, only Intra State supplies can be suppled under this scheme Relevant Notifications: Notification No. 8/2017-Central Tax Notification No. 46/2017- Central Tax Notification No. 1/2018- Central Tax www.cajd.co.in
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