Tax Updates January 2020 – 13.01.2020
1. Income tax rule 10DA and rule 10DB amended by the Central Board of Direct Tax. These amendments will be applicable from 1st April 2020. These rules pertain furnishing of information and maintenance of documents by the Constituent Entity of an international group. For more details Notification No. 03/2020-Income Tax Dated: 6th January 2020.
2. MCA has extended the time limit upto 31st March 2020 for filing Form BEN-2. Form BEN-2 is to provide information about persons who control 10% or more stake in the entity by 3 months. The extension is with no additional fee payment.
3. Due date for filing of GSTR-1 for the period of July 2017 to November 2019 has been extended from 10t January to 17th January 2020 to avail waiver of late fee on filing of GSTR-1.
4. According to CDBT there is no requirement to raise a request for CPC Intimation order, now the taxpayer can download “CPC Intimation orders”.
5. RBI allow banks and other lending institutions to use the Video-based Customer Identification Process (V-CIP) for customer’s KYC.
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7. Omission of Issue raised based on limitation for re-consideration:- In a recent case the Competent Authority issued on assessee a notice under section 67 proposing imposition of penalty and assessee filed writ petition contending that proceeding was initiated beyond time limit and Single Judge dismissed petition and thereupon assessee filed writ appeal contending that Single Judge had omitted to consider issue raised based on limitation, matter required to be sent back to Single Judge for reconsideration
a). Setting up a panel of tax officials from the Centre and states has to be frozen with a purpose to draw up a standard operating procedure for tackling refund frauds. For this, a nine-point plan has been solidified.
b). On 7th January 2020, a meeting of state and central GST chief commissioners was held which was chaired by revenue secretary Ajay Bhushan Pandey.
c). The nine-point plan is the outcome of the said meeting.
d). In a statement, GST Council Secretariat said” “The committee of Centre and state officers will come out with a detailed standard operating procedure within a week, which may be implemented across the country by January-end,”
f). Linking foreign exchange remittances with integrated GST refunds may be undertaken to check fraudulent refund claims for new or risky exporters, while a single bank account for remittance receipt and refund disbursement will be created, it said.
8. Laminated HDPE Woven Fabric is Not a Textile Material, Excluded from Heading 5903:-
a). In case East Hooghly Agro Plantation Pvt. Ltd, the West Bengal AAR held that Laminated HDPE woven fabric is not a textile material and does not merit classification under HSN 5903 and in view of Note 1(h) to section XI of GST Tariff Act, tarpaulins of HDPE woven fabric, laminated as per specification of IS7903:2017, being expressly excluded, do not merit classification under Chapter 63.
b). Chapter 59 is relevant which excludes “products in which the textile fabric is either completely embedded in plastics or entirely coated or covered on both sides with such material, provided that such coating or covering can be seen with the naked eye with no account being taken of ant’ resulting change of colour (Chapter The sample produced by the Appellant was seen with the naked eye to he completely coated on both sides by plastic material and thus the laminated HDPE woven fabric in the instant case is not a textile material and does not merit classification under HSN 5903.
Also See, “Tax updates January 2020 – 09-01-2020
Also See, “Reminder Statutory Due Dates Chart for January 2020
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