Today’s Updates:

1. Domestic companies are not permitted to give loans to directors etc. directly and indirectly under section 185 of the Companies Act 2013.
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2. ITAT directs CBDT to take steps to avoid unnecessary litigation. Case Name: ITO Vs Shri Partap Singh Solanki (ITAT Delhi) Appeal Number: ITA No. 7139/Del./2017. Date of Judgement/Order: 24/02/2021.

CBIC highlighted that detailed procedures are provided for the processing of Department limitations. However, such procedures are not being followed seriously and therefore, delayed departmental appeals/petitions are filed before the Hon’ble Courts. Thus, all Chief Commissioners/Director Generals were directed to adhere following procedure.

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3. GSTN has enabled a new feature to select ONE Core Business Activity on GST Portal. This will ease compliance. You are requested to accept this core business carefully based on the basic company documents, including Memorandum of association/ Partnership deed etc. and current Turnover of the business

GST collections for July at Rs 1,16,393 crore, improving the govt’s income collection.

4. MCA enables Aadhar authentication for GSTIN on Company Incorporation. Companies (Incorporation) Third Amendment Rules, 2021.
NOTIFICATION. Dated: 05th March 2021