Direct Tax Measures, GST MEASURES and PF UPDATES:

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Direct Tax Measures:

  • Due date of filing Income-tax return for Financial Year (FY) 2019-20 extended from 31st July 2020 & 31st October 2020 to 30th November 2020 
  • Due Date of filing Tax Audit Report for FY 2019-20 extended from 30th September 2020 to 31st October 2020 
  • Due date of Assessments getting time barred on 30th September 2020 extended to 31st December 2020 and those getting time barred on 31st March 2021 extended to 30th September 2021 
  • Due date for making payment under ‘Vivad se Vishwas Scheme’ (Dispute to Resolution scheme) without additional amount extended to 31st December 2020 
  • To address issue of liquidity / cash crunch and ease compliance under EPF & Miscellaneous Provisions Act, 1952, the filing of monthly ECR is separated from payment of statutory contributions reported in the ECR. Henceforth, ECR can be filed by an employer without simultaneous payment of contributions. Contribution may be paid later by the employer after filing of the ECR. This is likely to entail convenience to employers as well as employees covered under the Act and Schemes. 
  • Government has clarified that the provisions of section 269SU shall not be applicable to a person having only B2B transactions (i.e. no transaction with retail customer/consumer) provided at least 95% of all amounts received during the previous year (including sales, turnover or gross receipts) are not in cash. 

 

GST MEASURES:

  1. Form GST PMT-09 for shifting balance available in electronic cash ledger 
  2. Form GSTR-3B (summary return) can now be filed through Electronic Verification Code (EVC) / Short Message Service (SMS) 
  3. CBIC extends GST annual return filing date for FY 2018-19 
  4. Form GST ITC-02A live on GST Portal for transfer of Input Tax Credit (ITC) 
  5. Government has enabled Form GST ITC-02A on the GST portal wherein a registered person gives a declaration of unutilized ITC transferred for obtaining a separate registration within the same state or union territory. Rule 41A of the CGST Rules, 2017 deals with transfer of credit on obtaining separate registration for multiple places of business within a state or union territory.

 

PF UPDATES:

  1. Considering that many employers are not being able to function normally and are facing problems in using their digital signatures or Aadhaar based e-sign on EPFO portal, EPFO has decided to accept requests through email also. Employers can send scanned copy of signed request letter to the regional office through email. 
  2. Keeping in view the above situation and to further ease the compliance procedure under EPF & MP Act, 1952, the filing of monthly Electronic-Challan cum Return (ECR) is separated from Payment of the statutory contributions reported in the ECR. The ECR can now onwards be filed by an employer without the need of simultaneous payment of contributions and contributions may be paid later by the employer after filing the ECR.

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