#Weekly update- #Incometax- #GST- #Companies 25/12/2019


  1. File Your Income Tax Return for AY 2019-20 before 31-12-2019 with Late Fees of INR 5,000 for Persons Earning exceeding Rs 5,00,000/-
  2. Central Government notifies 31st Jan 2020 as the Last date for payment of pending amount under Income Declaration Scheme (IDS) 2016, Such persons can pay the amount with interest @ 1% pm or part thereof.
  3. CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY (financial year) 2019-20 from 15th December, 2019 to 31st December, 2019 for the North Eastern Region.
  4. CBDT extends the due date for filing of ITRs/Tax Audit Reports to 31st January, 2020 for all categories of assesses in UTs of J&K and Ladakh, who were required to file ITRs/TARs within the due date specified u/s 139(1) of IT Act,1961.
  5. CBDT extends the time limit for filing of response to notices issued under section 142(1) (Inquiry before assessment)of the Income-tax Act,1961 under the E-assessment Scheme- 2019 till 10th January 2020.


  1. Income Tax Department made it mandatory to link your PAN with Aadhaar  before 31st December, 2019.

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Link Aadhaar Now by clicking the below:



  1. Companies MGT-7 Form for filing annual return by a company for the year March 31,2019 due date is 31st December 2019.


1.CBIC has notified E-INVOICING w.e.f. 01.04.2020 for registered persons with aggregate turnover exceeding INR 100 crores for all B2B supplies. Govt. has also notified 10 Portals for generation of such E-Invoice.

Know truth about the E-Invoice through ‘Myth vs Reality’

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  1. Annual Audit GSTR 9C Audit New Utility Available , Previously Version 1.4 Now Version 1.5 is available.


– Multiple fields now accept negative values.

– Column 14S made optionally

– Cash flow statement is now optional.

– Multiple changes in the certificate as required.

– Fixed some records stuck as In Progress when uploading JSON.

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(I) Due date for annual return in FORM GSTR-9 and reconciliation statement in FORM GSTR-9C for FY 2017-18 to be extended to 31.01.2020.

(II) Following measures would be taken to improve filing of FORM GSTR-1:

  1. Waiver of late fee to be given to all taxpayers in respect of all pending FORM GSTR-1from July 2017 to November 2019, if the same are filed by 10.01.2020.
  2. E-way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked.

(III) Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 per cent of the eligible credit available in respect of invoices or debit notes reflected in his FORM GSTR-2A.

From April 1 ,2020 there is the concept of invoice matching — ITC cannot be claimed on invoices not reconciled..

(IV) Exemption to upfront amount payable for long term lease of industrial/financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January,2020.

(v)Single rate of GST @28% on both State run and State authorized lottery. This change shall become effective from 1st March,2020.

(vi) Rate of GST rate on Woven and Non Woven Bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods (HScode3923/6305), post the changes recommended on such goods in last meeting and

Recommended to raise the GST to a uniform rate of 18% (from12%) on all such bags falling under HS3923/6305 including Flexible Intermediate Bulk Containers(FIBC).

This change shall become effective from 1st January,2020.

(vii) Due date for filing GSTR 9 and GSTR 9C for 2017-18 has been extended from 31.12.2019 to 31.01.2020.

(viii) Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10th Jan 2020.

(ix)  No GST rate hike was discussed in the GST Council meeting. Council decides to levy 28 percent on all lotteries. Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.

(x) GST Council has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.

(xi) The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.0

#Customs #Import File your Bill of entry before 01st February or wait for some days

On account of Interim Budget 2019-2020, due to be presented on 01-Feb-2019, filing of Bill of Entry (Import good declaration) in ICES would not be available from 08.00 PM onwards on 01st Feb 2019 till further notice.
ICES is designed to exchange/transact customs clearance related information electronically using electronic data interchange (EDI)

#MSME Loan Interest reduced by 2 % from 2nd November

To boost MSME* sector exports, the Reserve Bank increases the interest SUBSIDY on post and pre-shipment export credit** to 5 percent from 3 percent, Which means the you will get Loan at reduced Interest rate.
It has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalization rate from 3 percent to 5 percent in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit
The increased subsidy is applicable from November 2.
*MSME means of Micro, Small & Medium Enterprises, These can be further divided into Manufacturing  & Service Enterprises. 
  1.  Manufacturing Enterprises -Enterprises engaged
  • In the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) OR
  • Employing plant and machinery in the process of value addition to the final product having a distinct name or character or use.
The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.
  1. Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment..
The limit for investment in plant and machinery / equipment for manufacturing / service enterprises,
**Credit/Loan extended to an exporter for his daily business expenses till he receives his export proceeds. It can be pre as well as post shipment.
In Case of any Clarification you can contact us on
GOOGLE PLUS-https://plus.google.com/115077937912299081067
Website- http://www.amundhraassociates.com/
Email- caankurmundhra@gmail.com


Mobile phones 📱 import duty/Prices may reduce soon.

Prices of Gadgets such as Mobiles. Printer Ink Cartridges, Digital Cameras, Electronic Integrated Circuits & Other Gadgets may reduce after 12th November 2018.

Do you know why???

1. Information Technology Agreement(ITA) enforced by the World trade organization (WTO) in 1997 aims to lower all taxes and tariffs on information technology products by signatories to zero.
2.India, which is a signatory to the Information Technology Agreement (ITA) in 1996, is required to follow the Import Duty Custom Duty Rates.
This Means that all IT related Gadgets including Mobile Phones Import duty should be Zero as per Agreement done by India with Other countries in Year 1996.
3.US, China, Japan, Canada & Norway are expected to object at the world trade organization (WTO) to customs duty on information and communications technology (ICT Products) particularly mobile phones and other gadgets on the ground that India is not adhering to its bound tariff commitments.
4.The Six Countries are expected to challenge India to clarify on 12th November 2018 whether it is adhering to its bound/Scheduled Tariff commitments on ICT Products.
5.India have already given the Justification on the same that IT Goods in question do not fall under ITA. India said that IT & Telecom Technologies have evolved with the new applications and equipment which were neither nor even conceived at the time of signing the ITA-I in December 1996, at the WTO’s First trade ministerial meeting in Singapore.
6.India have argued the new IT Products including Apple Phones products and other IT Products do not strictly fall under the scope of ITA-1 Agreement.
What happens on 12 th November 2018 Meeting in WTO no body knows but it is very uncertain that Import Duty will be reduced to Zero as per agreement, But there  is expectation that Import duty will be reduced after the meeting on 12th November 2018.
In Case of any Clarification you can contact us on
GOOGLE PLUS-https://plus.google.com/115077937912299081067
Website- http://www.amundhraassociates.com/
Email- caankurmundhra@gmail.com