The 43rd GST Council meeting under the Chairmanship of Central Finance Minister Smt. Nirmala Sitharaman, attended by Minister of State for Finance Anurag Thakur and the finance ministers of states and Union Territories (UTs) along with senior officials of the Government of India was conducted on 28 May 2021. Some of the key measures such as IGST Exemption and rationalisation of GST rates on COVID 19 related imports/supplies, rationalisation of GST rates for specified services, relief measures for GST compliance for specified periods, waiver/reduction of late fee for belated GST compliances through Amnesty Scheme, GST audit Self-certification by taxpayers, retrospective amendment for levy of interest on net cash liability, trade facilitations etc., were recommended in the Council meet.

Read more -> GST News & Updates

The Central Board of Direct Taxes (CBDT) has granted another relief to taxpayer’s
compliance by extending various due dates under the Income-tax Act. The Board vide Circular no. 9/2021, dated 20-05-2021 has further extended the time limits of certain compliances.

Read more -> CBDT Notification

The Finance Act, 2021, has amended Section 50B to provide that in case of slump sale, the Fair Market Value (FMV) of undertaking or division transferred shall be deemed as the full value of the consideration received or accruing as a result of the transfer of such capital asset. The CBDT was empowered to prescribe how the FMV of such undertaking or division is to be determined.

Read more -> CBDT Notification

The Finance Act, 2021 has discontinued the Income-tax Settlement Commission w.e.f.,
01-02-2021. It has also been provided to constitute an Interim board for settlement of cases pending with the settlement commission.

The assessee (who had filed an application with the settlement commission) has the
option to withdraw such application within 3 months from the date of commencement of the Finance Act, 2021. If not withdrawn, the application will be deemed to be received by the Interim Board on the date on which the application was allotted by the Board.

Read more -> CBDT Notification

The Income-tax Dept. is going to launch its new e-filing portal www.incometax.gov.in on
June 7, 2021. The existing portal of the Department atwww.incometaxindiaefiling.gov. in would not be available for a period of 6 days from June 01 to June 06, 2021, in preparation for the new launch and migration activities.

Read more -> CBDT Notification

As per Section 142 of Code on Social Security 2021 has been notified vide Gazette Notification No 1730(E) dated 30-04-2021, It is informed that w.e.f 01-06-2021, the monthly ECR (Electronic Challan cum Return) shall be allowed to be filed only for those EPF members whose Aadhaar number are seeded and verified. Employers are requested to ensure that the Aadhaar is seeded in respect of all the contributory members to enable them to avail uninterrupted services of the EPFO and to avoid any inconvenience. It is requested to upload and digitally approve the KYC details of your employees and also inform your employees to link their Aadhaar numbers with the UAN. Employees can seed their Aadhaar directly through the online E-KYC facility available on the member portal and UMANG APP.

Keeping in view the spread of COVID-19 in India, an appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of market capitalization, to contribute generously to “Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and an amount over and above the minimum prescribed CSR amount for FY 2019-20, which can later be offset against the CSR obligation arising in subsequent financial years. The said appeal was uploaded on the website of the Ministry and sent to e-mails of the aforementioned corporates on 31.03.2020.

Read more -> MCA Circular

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