Today’s Important Updates

Today’s News – Certicom Updates

Economy
  • The Govt announced the guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products for 8,555 items. The outlay for the scheme is Rs 12,454 crore in the current fiscal.

  • India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener in world markets.

  • Retail, recreation visits hit pre-lockdown levels. Power generation also registers a surge; 20% higher than in 2019.

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Finance
  • In a partial relief to HDFC Bank, the RBI has allowed the lender to issue new credit cards.
Current Affairs
  • With 8,813,919 more Covid-19 vaccine doses being administered on Monday, India’s total count of vaccine shots reached 55.47 crores.

  • 80% fee cut for recognised institutes applying for patents. In the past, they were available only to recognised educational institutions owned by the govt.
Recent Posts

E-way Bill blocking for non-payers will resume from August 15

E-way Bill blocking for non-payers will resume from August 15

For taxpayers who have not filed two or more outbound supply returns by June 15, the government will begin banning e-way bill creation.

The Goods and Services Tax Network published a bit of advice to that effect on Thursday, notifying taxpayers and recommending them to file pending returns to avoid e-way bill blocking.

“After August 15, 2021, the system will check the status of returns filed in Form GSTR-3B or statements filed in Form GST CMP-08, and restrict the generation of EWB in the case of non-filing of two or more returns in Form GSTR-3B for the months up to June 2021, and non-filing of two or more statements in Form GST CMP-08 for the quarters up to April to June 2021,” according to the statement.

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Due to the epidemic, the ability to restrict the generation of e-way bills was temporarily disabled. If a GSTR-3B return has not been filed for two consecutive quarters, Rule 138E gives the authority to limit EWB generation.

If outbound supplies returns by regular taxpayers and those under the composition scheme are not filed within the next 10 days, the blocking of e-way bill generation will be a hindrance to company operations, according to experts.

GSTN has raised a red signal for all non-filers of GST returns, and their activities would come to a standstill on August 16 due to the blockage of e-way bill generation.

“Blocking e-way bill creation will have a direct impact on non-compliant enterprises and may have a spillover effect on large businesses,” said Rajat Mohan, senior partner at AMRG Associates.

SECTION 206AB- SPECIAL PROVISION FOR DEDUCTION OF TAX AT SOURCE FOR NON-FILERS OF INCOME-TAX RETURN 

“As company operations return to normal, industry players should file their tax returns in a timely manner, or their e-way bill generation would be prohibited, limiting movement of their goods,” said Abhishek Jain, tax partner at EY.

Latest Updated News

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.
Read more: http://femainindia.com/Image/Concept%20-2.11.pdf

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