J Chawla and Associates (Team of CA, LL.B, DISA(ICAI) qualified professionals

*MCA Updates* *नाम आरक्षित रखने एवं पुनः आवेदन करने की समयावधि बड़ाई गयी* http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf *कंपनियों के निदेशकों की नियुक्ति एवव क्वालिफिकेशन संबंधी नियमों में परिवर्तन* 7 माह की जगह 10 माह http://www.mca.gov.in/Ministry/pdf/Rule2_25062020.pdf *कंपनियों की बोर्ड मीटिंग संबंधी नियमों में परिवर्तन* 30 जून की जगह 30 सितंबर  http://www.mca.gov.in/Ministry/pdf/Rule1_25062020.pd f

*CBIC Also Issued Various Notifications for Providing Further Relief.* *Notification No. 49* To Bring into Effect Certain Sections https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-49-central-tax-english-2020.pdf *Notification No. 50*  Notifying Rates for Composition Dealers https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-50-central-tax-english-2020.pdf *Notification No. 51* Conditional Waiver of Interest in Excess of 9% PA https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-51-central-tax-english-2020.pdf *Notification No. 52* Conditional Waiver of Late Fees for GSTR-3B https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-52-central-tax-english-2020.pdf *Notification No. 53* Conditional Waiver of Late Fees for GSTR 1 https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-53-central-tax-english-2020.pdf *Notification No. 54*  Extension of Due Date for Filing of GSTR 3B for the Month of Aug 2020 https://www.cbic.gov.in/htdocs-cbec/gst/notfctn-54-central-tax-english-2020.pdf

Various Government Loan Schemes Launched in 2000, Credit Guarantee Funds Trust for Micro and Small Enterprises (CGTMSE) is a government initiative by the Ministry of  Medium, Small and Micro Enterprises (MSME)  in association with the Small Industries Development Bank of India (SIDBI). Its focus is to provide credit guarantee to financial institutions that provide loans to MSMEs. CGTMSE provides a guarantee to lending institutions up to a certain limit for all lending done by them to the MSME sector. This initiative allows banks and other lending institutions to provide funds to first generation entrepreneurs without the need for collateral/security or third party guarantees. CGTMSE is one of the more important provisions that help small Indian businesses to thrive in a competitive environment. Since the risk of providing a bank loan without any collateral is a key factor for all banks, the objectives of CGTMSE help these institutions achieve their lending goals to MSME market...

 It is clarified that the part of Director's remuneration which are declared as "Salaries" in the books of a company and subjected to TDS under Section 192 of the IT Act, are not taxable being consideration for services by an employee to the employer in the course of or in relation to his employment in terms of Schedule III of the CGST Act, 2017. It is further clarified that the part of employee Director‟s remuneration which is declared separately other than „salaries‟ in the Company‟s accounts and subjected to TDS under Section 194J of the IT Act as Fees for professional or Technical Services shall be treated as consideration for providing services which are outside the scope of Schedule III of the CGST Act, and is therefore, taxable. Further, in terms of  notification No. 13/2017 –Central Tax (Rate) dated 28.06.2017, the recipient of the said services i.e. the Company, is liable to discharge the applicable GST on it on reverse charge basis. Link : Click here to view Cir...

Summary of Revised MSME Definition  :- Micro Units - if they have investments upto Rs 1 crore and turnover of less than Rs 5 crore. Small Units - if they have investments upto Rs 10 crore and turnover of less than Rs 50 crore. Medium Units -if they have investments upto Rs 50 crore and turnover of less than Rs 250 crore.

CBDT notifies Cost Inflation Index for FY 2020-21- 301 vide Notification No. 32/2020 dated 12 June 2020.