Batra & Associates

25/10/2020

07/10/2020

*42nd GST Council Meeting*

👉 Quarterly filing of GSTR-1 & GSTR-3B for taxpayers with aggregate turnover of less than Rs. 5 Crores from 1st January, 2021. However, payment of tax would be made monthly through challan.
👉 For the taxpayers filing quarterly returns as above, a facility to only upload outward supply invoices would be provided.
👉 For taxpayers with aggregate turnover of more than Rs. 5 Crores, HSN code to be mentioned at 6-digit level and for those with aggregate turnover of less than Rs. 5 Crores making B2B supplies, HSN code to be mentioned at 4-digit level.
👉 Further, for notified classes of supplies, 8 digits is required to be mentioned.
👉 From 1st January, 2021, refund would be disbursed to only those bank accounts which are validated with PAN and Aadhar. Further, refund applications can now be signed through Aadhaar authentication via OTP.
👉 Satellite launch services are to be exempted to promote start-ups making satellites.
👉 With respect to compensation to States with revenue shortfall, another meeting would be held on 12th October 2020.

Ref: Media briefing by FM Nirmala Sitharaman

30/09/2020

14/09/2020

#2020-21

14/08/2020

Views on 'Transparent Taxation Honoring The Honest'

“Mr. Ankit Batra, Advocate from Jalandhar, expresses his views about 'Transparent Taxation- ' initiative launched by Prime Minister yesterday. https://t.co/BAwGP7SpBy”

21/07/2020

CBIC & CBDT sign MoU to facilitate smoother bilateral exchange of data

A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) today, for data exchange between the two organisations. The MoU was signed by Shri Pramod Chandra Mody, Chairman, CBDT, and Shri M. Ajit Kumar, Chairman, CBIC, in the presence of senior officers from both the organizations.

This MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. Significant developments have taken place since the signing of earlier MoU in 2015 including introduction of GST, incorporation of GSTN and change in the nomenclature of Central Board of Excise and Customs (CBEC) to Central Board of Indirect Taxes and Customs (CBIC). Changed circumstances, including advancements in technology, are duly incorporated in the MoU signed today.

This MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis. In addition to regular exchange of data, CBDT and CBIC will also exchange with each other, on request and spontaneous basis, any information available in their respective databases which may have utility for the other organisation.

The MoU comes into force from the date it was signed and is an ongoing initiative of CBDT and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.

The MoU marks the beginning of a new era of cooperation and synergy between the CBDT and CBIC.

24/06/2020

Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) has unveiled a Secure QR coded Shipping Bill that would be electronically sent to exporters after the Customs allows export. Ajit Kumar informed that the endeavour is to leverage technology to make the Customs clearance process more transparent and faster.

1 This eliminates the requirement of the exporters having to approach the Customs officers for proof of export.

2 This also makes the end to end Customs export process fully electronic, from the filing of the Shipping Bill to the final order to allow export.

3 Thereby promoting Green Customs.

4 Turant Customs, which has as its main component Faceless Assessment, would be implemented in phases across the entire country by 1st January 2021.

The Ministry of Finance adds, "These reforms are based on enhanced use of digital technology to reduce the time and costs for the importers, exporters and other stakeholders, thereby improving India’s ranking in the World Bank’s Trading Across Borders parameter of its Doing Business Report."

24/06/2020

Tax Benefit on Education Loan

As per Section 80E, any individual who takes a loan from any financial institution or approved charitable insti-tution for pursuing higher education, whether in India or abroad, can claim deduction on the amount of interest paid for a consecutive period of eight years, beginning from the assessment year in which he has started paying the interest on loan or until the assessment year in which the interest is paid in full, which-ever is earlier. Education loan can be taken for self, spouse, children or student for whom you are the legal guardian.