https://www.facebook.com/111475912534957/

SMA Services, Delhi (2026)

29/07/2020

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due dt for filing of for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020

13/05/2020

1. *MSME Step-1*-Collateral Free Automatic Loan for MSME. Those MSME having Loan upto 25cr and turnover upto 100cr will be covered in this scheme. 100% Central Govt Guaranteed. Will help 40 Lac Units. This loan will be for 4 Yrs with a Moratorium of 12 Months. 45 Lakh MSME Units will get benefit from It. Total 3 Lakh Cr Loan will be Given under this scheme.
2. *MSME Step-2*- 20000Cr will be infused as Subordinate Debt for stressed MSME. 2 Lakh SME will get benefit from this. Govt will provide 4000 cr to CGTSME Trust.
3. *MSME Step-3*- Their is a Fund of Fund to be created. Rs 50000cr will be infused as equity to standard MSME. Will help them to expand their capacities.
4. *MSME Step-4*- Definition of MSME changed. Investment Limit which defines a SME is changed. Now Turnover criteria is also introduced. Different between manufacturing and service SME is removed. Micro Units- Investment limit increased to 1Cr from 20Lakh. And Turnover can be upto 5Cr. Other changes are also done. For Medium Enterprise the limit increased to 10 Cr Investment and turnover 50Cr. 20Cr and 100Cr
5. *MSME Step-5*- Tenders upto 200Cr relating to Govt procurement will not be Global Tenders any more. mSME will get benefit out of it
6. *MSME Step-6*- E-Market Linkage will be Provided to all MSME due to less possibility of Trade fares. All Central Govt outstanding will be cleared within 45 Days by Govt Help of all MSME.
7. *EPF Step-1*- EPF Payment was paid by Govt for Mar, April and May now Extended by another 3 Months. 12%+12% will be paid by Govt of India.
8. *EPF Step-2*- Contribution reduced from 12% to 10% for those organisation having more than 100 employee is done now.
9. *NBFC, MFI, HFC-Step-1*- Special 30000cr Liquidity window will be given. Govt will buy debt papers of these institutions even if investment grade. These will be fully guaranteed by govt of India.
10. *NBFC Step-2*- To Give 45000cr Liquidity will be given to NBFC. First 20% Loss will be born by Govt of India. Even unrated papers will be get money under this scheme.
11. *Discom Steps*- Discom not able to pay the power generation Companies. 90000cr Special fund created to pay all outstanding of Power Generation Companies. PFC and REC will give this money
12. *Contractors Step* 6 Month extension will be given to all Govt contractors of Railways, Roads, Other departments. Govt Agencies will partially release Bank Guarantees to the extent of work completed. A Big Step.
13. *Realestate Step*- Covid19 can be treated as act of God. Using the Force Major Clause the project registration will be extended by 6 Month automatically. Completion dates of existing projects to be extended automatically by 6 Months by Govt authorities.
14. *Tax Related Step*- Non Salaried TDS and TCS rates will be reduced by 25% from existing rates. This will be effective from tomorrow and will remain till 31-03-2021.
15. *Tax Related Step*- All Pending Refunds will be issued immediately to all even above 5 Lakhs. For AY 2020-21 the ITR Dates extended to 30th Nov 2020, And Tax Audit Date extended to 31st October 2020.

13/05/2020

Date of filing Income Tax returns for FY 19-20 extended

Direct Tax Measures announced
• All pending refunds to charitable trusts and noncorporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
• Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020

• Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.

13/05/2020

Existing and Revised Definition

13/05/2020

Register your Firm under MSME to get exclusive benefits from Government announced Under Package

12/05/2020

PM Narendra Modi Ji Speech Announcements _8PM_12/05/2020

# Lockdown 4.0 will be in a new form with new rules and guidelines will be announced before 18 May,

# Special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry.

# Package ₹20 lakh crore, which is equivalent to almost 10% of India’s GDP.

# Beginning Wednesday, finance minister will announce details of special economic package.

# Special economic package will have emphasis on land, labour, liquidity and laws.

# India's self-reliance will be based on five pillars -- economy, infrastructure, technology driven system, vibrant demography and demand"

# India has resources and talent, it will make best products, improve quality and supply chain".

# Medicines supplied by India have infused new hopes in the world which is fighting battle of life and death.

# Making India self-reliant is only way to make 21st century belong to India.

09/05/2020

# Moody's slashes India Growth Forecast to 0.2% for 2020
# US supports firms weighing India as alternative to China
# Unemployment rate improves to 21.1% from last week
# MFIs turn vulnerable to default, seek relief package
# Govt extends deadline to bid for AI till June 30
# Blockchain can tackle Supply Chain failures: WEF
# SEBI initiates measures to study market issues

# Hong Kong may come under new FDI Rules; Custodians to seek clarity
# Diamantaires stare at decade-low revenue as Covid epicentre shifts to US
# ADB approves $1.5 Billion Loan for India to fight coronavirus pandemic
# BSE enables Negative Price trading in Crude Oil, testing on Monday
# Nokia, Airtel sign deal worth Rs 7,500 cr for 4G network enhancement

# RIL doubles down on its debt reduction plan with proposed rights issue
# Domestic leather sector flattened as $1-b export orders stand cancelled
# TRAI recommends overhaul in Governance structure of BARC India
# Centre mulls extending interest subsidy scheme for exporters
# Covid-19 trains global focus on ‘force majeure’ clause

# Axis Bank reports loss of ₹1,388 Crore in Q4 due to higher Provisions

# Grandfathering of existing unlisted NCDs applicable across MF industry: Sebi

# Mumbai court rejects interim bail plea of DHFL promoters

# Axis Bank to raise its stake in Max Life Insurance to 30%

# IDFC First Bank plans to raise up to ₹2,000 Crore

# Biocon, Mylan launch biosimilar Fulphila in Canada

Singapore to enter into recession this year due to coronavirus pandemic

# Big manufacturing opportunity for India in electronics, if states move swiftly

# Investors pull out Rs 5,000 Crore from Credit risk funds after Templeton move

# India ties up with Brics partners to protect MSMEs

# US proposes new restrictions on exports to China
# HSBC’s pre-tax profit falls 48% amid coronavirus
# US auto factories likely to remain closed for another two weeks

08/05/2020

GST Query_Answers :-

1. If gift to employees is more than 50,000 whether itc available to employer. For eg- employer gifted laptop to employee on Diwali. Whether itc available?

Ans. As per Schedule 1 of CGST Act 2020, it shall be treated as supply. If tax on output supply is paid then credit shall be available.

2. Whether itc on normal loss required to be reversed?

Ans. No, ITC on normal loss is to be reversed. Because as per Section 17(5)(h) relating to blocked credits, it states as ‘goods lost’. Here the term usedis“good lost” which is different from “normal loss”.

3. Sir I had issued E way bill and filed Part B and the goods were sent at a few meters outside the factory. We came to know that the receiver said that he shall not accept the goods. What can be done?

Ans. Sir in this case you are required to issue Credit note and cancel the E way bill if it has not been beyond 24 hours. And further the receiver can reject the E way bill within 72 hours.

4. An IIT coaching center gives tablet to each student. Whether itc available? Whether answer changes if tablet given to top 5 students?

Ans. Sir in the first case the ITC shall be available as it is provided to all the students and it is obvious that it has not been given free but has been included in the fees collected from the student.

In the second case, if tablet is given only to top 5 students then ITC shall not be available as it is gift under section 17(5)(h).

5. If A is registered in Mumbai and B is registered in Delhi. B comes to A’s shop and purchases the goods and delivers them to Delhi. What is to be charges CGST and SGST or IGST?

Ans. IGST is to be charged because as per section 10(1)(a), “where the supply involves movement of goods, whether by the supplier or the recipient or by any other person, the place of supply of such goods shall be the location of the goods at the time at which the movement of goods terminates for delivery to the recipient”. It states that movement can be caused either by supplier or recipient.

08/05/2020

1. DGFT issued clarification with respect to submission of physical copy of Pre-shipment Inspection Certificate (PSIC)

2. GSTN has enabled the facility for creation of Electronic Cash Ledger and Liability Register for UIN holders

3. DGFT amends the Export Policy by prohibiting the Export of Alcohol based Hand Sanitizers

4. GSTN has enabled new facility to adjust negative ITC while distributing ITC to its units by ISD in Form GSTR-6

5. 7 FAQ’s on ECR Filing and Payment of Contributions

6. K.T. Rama Rao roots for relaxing price control norms to boost pharma

7. Pivot or Perish: Auto industry calls for GST cut and incentives to revive growth

8. Coronavirus lockdown 3.0: States up taxes on auto fuels, liquor for income

9. CNBC-TV18: Support for MSMEs, small industries, through measures like interest waiver/restructuring of loans, subsidised electricity etc

10. Karnataka HC seeks Union’s response over Toll Tax Exemption for Farmers during COVID-19

11. Cognizant Q1 net falls 16.7% to $367 million; sees challenging demand environment in 2020 amid coronavirus pandemic

12. India moves big labour law changes to limit coronavirus impact; UP, MP, Punjab, others make these changes

13. India’s rating outlook reflects rising risk of slower GDP growth, low policy effectiveness:

08/05/2020

GST News for the day

1. High Court:- No relief by High Court as assessee did not appear before Authority in enquiry proceeding

2. No Sitting of CESTAT Benches from 4 May to 15 May due to extension of Lockdown

3. GST growth of 5.5% pulls economy down

4. Punjab got only Rs 71 cr to combat virus: FM

5. PM Narendra Modi meets Nirmala Sitharaman, Amit Shah for 2nd economic stimulus package

6. Center must release GST arrears of the state: Manish Tewari

7. Auto industry discusses life after lockdown with Javadekar, pleads for GST cut

8. Government defers release of April GST collection data

9. '2020 is the year to survive, not make profits' WhatsApp forward is fake news, Ratan Tata clarifies

10. GSTN Helpdesk handles over 56,000 taxpayer issues in one month of lockdown

11. It’s Anti-Profit, Not Anti-Profiteer ...

07/05/2020

GST Related

1. Suppose the value of the product is Rs 100 and Mandi tax on it is Rs. 2. Then on what amount is GST applicable Rs. 100 or Rs. 102.

Ans. As per section 15(2) of the CGST Act 2017, the value of supply shall include

“(a) any taxes, duties, cesses, fees and charges levied under any law for the time being in force other than this Act, the State Goods and Services Tax Act, the Union Territory Goods and Services Tax Act and the Goods and Services Tax (Compensation to States) Act, if charged separately by the supplier;”

So as per the above provisions, GST is applicable on Rs. 102 as stated in your query.

2. Sir we are manufacturing a new product during the COVID -19 lockdown that is Sanitizer’s steel stand. What is the tariff heading and GST applicable on the same?

Ans. Sir in my opinion sanitizer stand falls under the HSN 7326 and it is chargeable to 18% duty.

3. During the month of march 2020, there is no outward liability and no ITC. But there is a liability to be paid under RCM. Am I required to pay interest on the same @9% (My turnover exceeds Rs.5 Crore)

Ans. Yes sir if you have exceeded 15 days (nil interest as per notification No. 31/2020-Central tax dated 03.04.2020) then interest shall be applicable at the rate of 9% on the tax amount payable under RCM as it is to be discharged in the form of cash though you are claiming ITC of the same.

4. Sir I have query regarding two E-way Bills issued

a. One E-way bill was issued and its validity expires before 20.03.2020 and has been stuck on the way.

b. Other E way bill being issued on 20.03.2020 and the validity has expired but not reached the destination.

What can be done now?

Ans. a. In the first case, there is no remedy available except to issue credit note and generate a new E way bill with a new invoice. The relaxation has been provided for E way bills generated between 20.03.2020 to 15.4.2020. Hence it is not applicable in instant case.

b. In the second case, we would bring into light the notification No. 40/2020-Central tax dated 05.05.2020 wherein the validity of E way bills generated on or after 20th of March 2020 and its period of validity expires between 20th march 2020 to 15th April 2020 then the validity shall be deemed to be extended till 31st May 2020.

5. Has the time limit of exporting within 90 days for merchant exporters also being extended?

Ans. Yes sir as per Circular No. 138/08/2020-GST dated 06.05.2020 has clarified that this compliance has also been extended which falls during the period 20.03.2020 to 29.06.2020 to 30thJune 2020. It is also been clarified that this relaxation is applicable as above notification also falls under the Notification No. 35/2020-Central tax dated 03.04.2020.

SMA Services

29/07/2020

13/05/2020

13/05/2020

13/05/2020

13/05/2020

12/05/2020

09/05/2020

08/05/2020

08/05/2020

08/05/2020

07/05/2020

Address

Telephone

Website

Alerts

Contact The Business

Shortcuts

Share

Category