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NCLT approves Ebix’s revival plan for Trimax IT Infrastructure

Ebix Software India (ESIPL) will pay upfront Rs 75 crore to acquire the company. The company owed over Rs 1,918 crore to its lenders, including about Rs 1,700 crore to financial creditors. Read more »

Govt allows biz to verify monthly GST return through EVC

In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from the April 21, 2020 to June 30, 2020, will be allowed to furnish the return under section 39 in Form GSTR-3B verified through electronic verification code (EVC). Read more »

GSTN allows inter-head cash transfer for taxpayers; resolves cash flow issues

GSTN added that a taxpayer can now transfer the amount available in an electronic cash ledger from one major head to another major head, keeping the minor head the same. Read more »

Date for filing GST return for FY19 extended to September 30

The Finance Ministry has extended the date for filing annual return for financial year 2018-19 till September 30. At the same time NIL return can be filed through Short Messaging Service (SMS).The Ministry has also notified extending the validity of e-way bill, expiring between March 20-April15, till May 31. Read more »

IBBI seeks public comments on existing regulations

Noting that stakeholders could play a more active role in making regulations, IBBI said that they may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. Read more »

Co-operative banks can invoke SARFAESI Act, seize and sell defaulters’ assets to recover dues, says SC

The SARFAESI Act, which is now rarely being used after the Insolvency and Bankruptcy Code has come into existence since 2016, allows banks to seize, take control, manage and sell assets of defaulting borrowers without the intervention of any court/tribunal and also ensures speedy recovery. Read more »

Pre-GST CENVAT credit available till June-end revised

The Delhi High Court on Tuesday allowed taxpayers registered under Goods and Services Tax (GST) to claim accumulated CENVAT credit from pre-GST regime till June 30, 2020, and noted that the benefit of transitional credit will be applicable for three years (since launch of GST on July 1, 2017) which is the period mentioned in the limitation Act. Read more »

Tax collections to decline further in May, state’s fiscal deficit may touch 4% in FY21: Sushil Modi

The revenue situation will only get worse next month as the lockdown in the whole of April would be reflected in collections in May, said Bihar Deputy CM Sushil Kumar Modi. Read more »

Audit files to be opened for scrutiny for greater accountability

The National Financial Reporting Authority (NFRA) has floated draft procedures for submission of audit logs to the regulator by audit companies and chartered accountants (CAs). This is part of the process to bring in more accountability and transparency in the auditing process. The regulator has also sought comments from stakeholders on the same by the end of this month. Read more »

Enhancing audit independence: Ministry sets up 7-member panel

The Corporate Affairs Ministry (MCA) has constituted a seven-member committee to examine the comments received on the consultation paper floated by it for enhancing audit independence and accountability in the country.The committee will examine the comments and make recommendations requiring any amendments in law, rules and standards to achieve the objective of enhancement of audit independence and accountability, official sources said. Read more »

Govt may soon allow firms to delay EPF contributions or pay in installments

The Union government is contemplating granting relief to companies by allowing them to delay or pay in installments their contribution to Employees’ Provident Fund (EPF) of their staff, apart from enabling more firms to make use of the EPF subsidy scheme. Read more »

India’s budget gap for FY 19-20 breaches estimate on poor tax collection

India’s budget gap for the year ended March 31 has touched 4.4% of gross domestic product, breaching the target set in February as an economic slowdown reduced tax collections, people with knowledge of the matter said. Read more »

GST audit guidelines need to be reviewed to include video conferencing: Experts

GST officers would have to audit and assess taxpayers via video-conferencing instead of undertaking physical visits amid the coronavirus pandemic, and the current guidelines need to be reviewed for this, according to experts.As per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their annual turnover — large, medium and small. While large and medium units are compulsorily under premises-based audits; for small units, desk-based audit has been suggested. Read more »

GST Collection Sinks To Rs 28309 Crore In March As Lockdown Hurts

The Goods And Services Tax (GST) collection fell sharply to a record low of Rs 28,309 crore in March 2020 as compared to Rs 1.13 lakh crore recorded in the same month last year. Read more »