BusinessRSS Feed - International

New Amendments in Income Tax, GST, Company Laws from 1st April 2021

Central, as well as the State Government of India, has amended various acts under the companies law pertaining to taxes, audits and accounts

1. Maharashtra government decides not to extend the reduction in stamp duty rates in the state, which expired on 31.03.2021.

2. Maharashtra Revenue Minster says: As the concession has expired, regular rates will be applicable from now.

3. For woman buyers, the Government had announced 1% reduction in stamp duty which will be applicable from April 1 2021.

4. Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.

5. Next Year with effect from 01.07.2021 TDS @ 0.1% will have to be paid on Purchases of more than 50 Lacs if Turnover in the financial year 2020-21 exceeded 10 Crore. u/s 194Q.

6. Charitable Institutions/Trusts already registered with Income Tax Department will have to re-register themselves in 2021-22.

7.  ITR of Financial Year 2020-21 cannot be filed after 31st Dec’21. (means 3 months lesser period made available next year)

8. Existing LUT (Letter of Undertaking) for export without payment of IGST expires on 31.03.2021. Seek renewal for 2021-22.

9. E-Invoicing made mandatory with effect from 01.04.2021 for dealers with Annual Turnover of 50 Cr or more in any preceding Year. Those buying from such dealers without E-Invoice will lose Input Tax Credit on such purchases.

10. Till now HSN code (Harmonized System of Nomenclature) was not mandatory for dealers up to 1.5 Crore. As per the new rules 4 digit HSN has been made mandatory for dealers having Turnover up to 5 Crore in 2020-21 for B2B transactions. 6 Digits HSN is mandatory for others both for B2B & B2C transactions.  Export Invoices will have 8 digits HSN as per the requirement of FTP (Foreign Trade Policy). HSN details will have to be given in GSTR1 also. Those who do not follow new HSN rules will face a penalty of Rs 50 thousand under section 125 along with other liabilities.

11. QR code for B2C transactions for dealers having turnover of more than 500 Crore in any preceding year is mandatory wef 01.07.2021. 

12. Every Company which uses software to maintain its accounts, shall use such accounting software which has an edit log of each and every transaction, every change made in books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled. (Applicable from 01.04.2022)

Show More

News Desk

Stay tuned to read latest updates and news from all around the world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisment
Back to top button