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Author: User Collaborator

Jul 4

NEW CRITERIA FOR MICRO, SMALL AND MEDIUM ENTERPRISES

The Central Government vide notification in the Official Gazette makes the following amendment in section 7(1) of the ‘Micro, Small and Medium Enterprise Development Act, 2006’ specifying the criteria for classification of micro, small and medium enterprises Enterprise Investment in Plant and Machinery not exceeding Rs. Turnover not exceeding Rs. Micro Enterprise 1 Crore 5 […]
Jul 2

CBIC amends notification no. 52/2020-Central Tax in order to provide conditional waiver of late fees for the period from July, 2017 to July, 2020

The following provisions have been inserted to the original notifications- 1. In case the taxpayers fail to furnish returns within the due dates prescribed under notification no. 52/2020-Central Tax but furnishes the said returns till 30th September 2020, then, Maximum late fees would be Rs 250 and fully waived for nil returns. 2.  For taxpayers […]
Jul 2

CBIC issues Circular No.141/11/2020-GST dated 24th June, 2020 clarifying various issues relating to the measures announced by the Government providing relief to the taxpayers as recommended in its 40th meeting of the GST Council held on 12th June, 2020

CBIC  after providing further relief to the taxpayers by issuing Notification No.51/2020, 52/2020, 53/2020 Central Tax, dated 24.06.2020 clarifies various issues such as Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Crores, Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Crores, Manner of calculation of […]
Jul 2

CBIC vide Notification No. 49/2020 – Central Tax & Notification No. 04/2020 – Integrated Tax brings into force section 118, 125, 129, 130 and 134 of the Finance Act, 2020 with effect from 30th June, 2020

Explanation to the sections of the Finance Act, 2020 that have came into force are as follows :- Section  118 – Amendment to section 2(118), sub-clauses (c) and (d) of the CGST Act,2017 – i.e., inclusion of Dadra and Nagar Haveli and Daman and Diu and Ladakh under the definition of Union Territories. Section 125 […]