Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

The Finance Ministry met with Infosys to discuss issues with the Income Tax Department’s e-filing portal.

Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, met with Mr Salil Parekh, MD & CEO, Infosys, here today afternoon to express the Government’s and taxpayers’ deep disappointment and concerns about the ongoing glitches in the Income Tax Department’s e-filing portal, even two and a half months after its launch, which was also delayed. Smt. Sitharaman demanded an answer from Infosys for the taxpayers’ ongoing problems.

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The Ministry of Finance emphasised the necessity for Infosys to invest more resources and effort in order to assure the much-delayed delivery of agreed-upon services. Mr. Parekh was also made aware of the challenges faced by taxpayers, as well as the issues that have arisen as a result of the portal’s slow operation.

The Finance Minister demanded that the team overcome the challenges that taxpayers are having with the portal’s present features by September 15, 2021, so that taxpayers and professionals may work together effortlessly on the platform.

India’s exposure to US securities has increased by more than 10pc in the last 3 months 

Mr. Parekh stated that he and his staff are doing all possible to ensure the portal’s flawless operation. Mr. Parekh further stated that around 750 team members are working on this project, which is being directly overseen by Mr. Pravin Rao, Infosys’ COO. Mr. Parekh also stated that Infosys is working quickly to ensure that taxpayers have a smooth experience on the platform.

CBIC gives partial relief to Companies from compulsory E-Invoicing

The government has decided that companies will not attract any penalty if they move goods without e-invoicing, provided that they get invoice reference number (IRN) for such invoices within a month of the date of invoice. The relief has been provided for the month of October 2020 only (Press Release dt. 30-9-20)

Applicability of e-invoice to all assessees who have an aggregate turnover of more than 500 crores in not only the last financial year but in any preceding financial year from 2017-18 onwards

The Government has decided that the applicability for e-invoice shall be to all assessees who have had an aggregate turnover of more than 500 crores in not only the last financial year but in any preceding financial year from 2017-18 onwards (Notification No. 70/2020 – Central Tax, dated 30-9-2020).

Applicability of e-invoice for export related invoices

The Government has decided that the applicability for e-invoice shall be in respect of supply of goods or services or both to a registered person or for exports (Notification No. 70/2020 – Central Tax, dated 30-9-2020).

invoice
Dynamic Quick Response (QR) Code Requirement for B2C Invoices Deferred to 1st Dec, 2020.

The government has deferred the requirement to mention the Dynamic Quick Response ( QR ) code on invoices issued by a registered individual whose aggregate turnover in the financial year from 2017-2018 exceeds Rs. 500 crores for an unregistered individual (B2C invoice) from 1-10-2020 to 1-12-2020 (Notification No. 71/2020 – Central Tax, dated 30-9-2020).

Ocean / Air Freight exemption for export of goods extended to 30 September 2021

The government has extended the exemption provided on services by way of transportation of goods by a vessel/aircraft from customs station of clearance in India to a place outside India up to 1 year, i.e., 30-9-2021. Earlier the exemption was available only till 30-9-2020 (Notification No. 04/2020 – Central Tax (Rate), dated 30-9-2020).

indirect tax
Extension of deadlines for different compliances under the erstwhile  indirect tax laws

The time limit for various activities such as the issuance of SCN, the filing of replies and appeals, etc. under the Central Excise, Customs and Service tax regime has been extended from 30 September 2020 to 31 December 2020 (G.S.R. 601(E) of 30-9-2020).

Extension of the date of filing of the application for settlement of taxes, etc. under the W.B.S.T. (S.O.D.) Act, 1999 to 31 March 2021

The government of West Bengal has extended the date for filing of an application for settlement of tax etc. under the W.B.S.T. (S.O.D.) Act, 1999 till 31 March, 2021 (Registered No. WB/SC-247) (WB(Part-I)/2020/SAR-724 dt. 29-9-20).

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