Tax Updates January 2020 – 04.01.2020
1. CBDT further extends the timeline for Linking PAN with Aadhar from 31st December 2019 to 31st March 2020. Notification No. 107/2019.
2. Startups can get Company Identification Number (CIN) number, GSTN number, PAN number, EPFO No & Employer Code under ESIC in one application at MCA portal through SPICE-AGILE Form.
3. After the formation of Union Territory of Ladakh, New GSTINs are reallocated to active existing taxpayers registered under J & K State. The list contains new GSTINs along with old GST No. Taxpayers are requested to use new GSTINs while generating the invoices and receiving of supplies etc. w.e.f. 1st Jan 2020.
4. New Offline Tools Of GSTR-9C (Version 1.6) Is Available On GSTN Portal
Notification No. 56/2019 dated 17.11.2019 was issued for making some changes in the Forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C). Accordingly, the changes in application software and offline tools. In the press note released along with the new version of the offline tool of GSTR – 9C i.e version 1.6. the GSTN also resolved the following two issues.
A. Error JSON not showing any error now fixed
B. Column 5G, 12B, and 12C made optional.
5. In a case, a Chartered Accountant, was held as an accused on the allegation that he in collusion with other accused persons, had allegedly issued GST invoices without any supply of goods to buyers. He did this on commission basis causing loss of more than 98 crores. During the course of proceedings petitioner himself admitted that he did not register any parties as mentioned in the Charge Sheet and invoices were issued for goods and service without movement / supply of goods or services in cases of bills issued by him. Commissioner held that the petitioner offense was an offense under section 13 thus he authorized concerned officer to arrest the petitioner under section 69. Subsequent to this the when petitioner filed a petition challenging the order. It was held that the petitioner shall not be entitled a bail, however, he was at liberty to approach the concerned authority for compounding of an offense under section 138 of the Act.
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6. Revenue Secretary hold a meeting with tax commissioners on 7th January to discuss ways for streamlining the GST system and loss of revenue due to fraud. Sources added that the purpose of the meeting is on enhancing GST compliance by plugging loopholes and discouraging tax evaders and those gaming or misusing the system.
7. The officials of the excise and taxation department of the Chandigarh administration have caught seven persons in the last week for not issuing bills to the customers; Each caught violator has been penalized with Rs 20,000. The violators were also warned to issue bills to the customers. All the key markets, industrial areas, furniture markets, and transport areas are under the surveillance of the department.
8. According to the GST Act, every purchase beyond RS 200 is required to have a proper bill from the shopkeeper.
9. Recently it was held that due to lack of clarity with respect to refund of IGST if petitioners inadvertently claimed a benefit under a wrong provision during the transitional period then it could not have been denied the substantive benefit of IGST paid by them on exports.
10. Christiaan van der Valk, vice-chair, commission on the digital economy at the International Chambers of Commerce said w.r.t to e-invoicing said that “Adopting software that has been upgraded for this purpose won’t be painless, but it isn’t transformational,”. He added that fraud often causes governments to collect significantly less VAT. To reduce this gap, countries across the globe are adopting continuous transaction controls (CTCs).
11. E-invoicing with real-time tax approvals is successfully reduced fraud in Mexico, Brazil, and Turkey. With respect to difficulty in the implementation of e-invoicing, he further added that new legislation requires businesses to use software that automatically obtains a unique identifier from a registration body.
Also see, “Tax Updates January 2020 – 02.01.2020
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