bizsol update · this is pure and simple legerdemain economics. ... of gratitude, in the heart of...

1 | P a g e ISSUE-X, VOLUME-XV J u n e - 2 0 2 0

BIZSOL UPDATE

WE BELIEVE IN In this issue

From the Desk of the Chairman 4

What’s New

- GST 8

- Customs 9

- Foreign Trade Policy 12

- Income Tax 13

- Company Law 18

- RBI & FEMA 19

MSME Benefits & Package -By CMA Ashok Nawal

26

Competencies for the Afterlife –By CS Venkat R. Venkitachalam

38

Sunset date for claiming Income Tax exemption for SEZs -By CMA Amit Devdhe

41

Beyond the Obvious 44

Did You miss This 46

Bizsol Corner 47

Our Services 50


THIS MONTH FOR YOU

DATE Jun-20

5 State Excise Act Returns in Form RT-1 / RT-2 for May 20

6 Excise E- Payments for May 20(w. r. t. products not covered under GST)

7 1. Payment of Salary / Wages If employees <1000

2. TDS Payments for May 20

10 1. Payment of Salary / Wages If employees > 1000

2. ER-1 / ER-2 Returns for May 20(w. r. t. products not covered under GST)

12 GSTR-3B (Turnover < Rs. 5 Cr) for May 20

15 1. PF Payment Cum Return in Form ECR for May 20

2. Payment of Water Cess in Form-I for May 20

3. Advance Tax 1st Installment by Company assessee

4. ESIC Payments for May 20

24 GSTR-3B (Turnover > Rs. 5 Cr) for Feb 20 to Apr 20, no late fees and interest for first 15 days from original due date, after 15 days delay from original due date, interest @9% applicable.

27 GSTR-3B (Turnover > Rs. 5 Cr) for May 20

29 GSTR-3B (Turnover > Rs.1.5 Cr < Rs.5 Cr) for Feb & Mar 20 without any late fees and interest.

30 1. PTEC Yearly Payment-cum-return in MTR-6 as employer for 2020-21

2. Annual Return under E -waste (Management & Handling) Rules, 2011 in Form-3 for April 19 to March 20

3. Monthly Profession Tax Payment-cum-return in Form IIIB (having payment more than Rs. 50,000/-) for May 20

4. Income Tax Return for FY 18-19 AY 19-20

5. Apprentice Act- Quarterly Report in Form APP-6 - April to June 19

6. Revised ER-1, ER-2 (w. r. t. products not covered under GST)

7. Monthly GSTR-1 for Feb 20 to Apr 20 without any late fees


8. Quarterly GSTR-1 for Jan-Mar 20 without any late fees

9. Quarterly TDS Returns in Form 24Q/26Q (Jan-Mar 20)

10. Monthly TDS returns in Form 26QB/QC/QD for Feb 20 to April 20

11. Form DPT-3 – One time Return for Disclosure of Details Of Outstanding Money Or Loan Received By Company But Not Considered As Deposits

12. Issue of quarterly TDS certificates in Form 16/ Form 16A (Jan-Mar 20)

13. Issue of monthly TDS certificates in Form 16B/16C/16D for Mar & Apr 20

14. Investments under Chapter VI for Income Tax Deductions for F. Y. 2019-20

15.GSTR-3B (Turnover > Rs.1.5 Cr < Rs.5 Cr) for Apr 20 without any late fees and interest.

16. GSTR-3B (Turnover < Rs.1.50 Cr) for Feb 20 without any late fees and interest.

17. GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR) for Mar 20 - May 20

18. GSTR-6 Return to be filed by Input Service Distributor for Mar 20 - May 20

19. GSTR-7 by the person who is required to deduct TDS under GST for Mar 20 - May 20

20. GSTR-8 (to be filed by e-commerce operators required to deduct TDS under GST) for Mar 20 - May 20


FROM THE DESK OF THE CHAIRMAN

Rupees Twenty Lakh Crores of is what Narendra Modi declared grandly as the stimulus package to take the country out of the economic mess caused by the Covid-19 pandemic. That is an awful lot of money and to put this figure in perspective, it is as high as 10% of our GDP. This figure is higher than the stimulus package declared by any other country including the developed economies. Once the PM vacated the podium after this announcement it was left to the FM to explain to the world the nuances of this grand proposal, warts and all. The FM as is her wont, agonised over the stimulus package over 5 sittings. Her painstaking explanations failed to convince anyone that her stimulus package contained any stimulus at all. All her proposals were neatly packaged and marketed in the name of self-reliance, a slogan peddled earlier by Indira Gandhi years ago. The only difference this time around is that the slogan is coming to you in its Hindi avatar as Aatmanirbhar. The PM-FM duo managed to make a song and dance of the so-called stimulus. Fiscal measures are normally resorted to under dire conditions to stimulate demand by putting money in the hands of people and encouraging them to spend. Instead what we are witnessing is an ambitious statement of intent focused largely on the supply side through an economic reform package. The structural reform measures are welcome and are even overdue. If you look at the economic package a lion’s share

amounting to about 8 lakh crores are through loans to infuse liquidity in the system. Add to it the credit guarantees that have also been factored into the so-called stimulus. The FM’s proposals also include those covered by the previous announcement made in March like the ones to forgo tax concessions, Garib Kalyan Yojana and the amounts for the health care workers. These proposals would cost the government an amount of about Rs. 93,000 crores. When you add up all the fiscal sacrifices made by the government on the demand side announced through the five tranches, what you get is a princely sum of Rs.1,29,000 crores. All together you get an amount of a little over Rs.2,00,000 crores – a less than impressive 1% of the GDP in place of 10%! This is neither supply side nor demand side stimulus. This is pure and simple legerdemain economics. Sukumar Yadav who has trudged a distance of about 800 kms to his native place somewhere in Bihar is a satisfied man ever since he had heard the PM’s announcement of a stimulus package of Rs.20 lakh crores. He is now certain that through what is called trickle down effect he and his family would have a bright future what with so much money being spent on the people by the government. The PM and FM are doing everything for the welfare of his and his family’s long-term benefits. Someone walking along with him had told Sukumar that if we delay going to

“The structural reform measures are

welcome and are even overdue. If you

look at the economic package a lion’s

share amounting to about 8 lakh crores

are through loans to infuse liquidity in

the system.”


the moon by even a week, the government would be able to feed all the migrants on the road free of cost. Ever since he heard that Sukumar is a disturbed man. Sometimes he also wonders how the government that cannot arrange trains for people like him to go home on earth would be able to send someone to the moon. Fortunately for the decision makers Sukumar does not know the famous words of Lord Maynard Keynes, that high priest of Economics who said presciently that in the long term all of us are dead. Now that he and his family have reached back home safely, his first priority is to buy a good pair of chappals in place of the one he had that is beyond repairs after his long march home. He needs to meet the Sarpanch and ask him how he should go about raising a loan to buy a new pair as he has no savings left. Should he approach a Bank or an NBFC or take a loan from somewhere which will be guaranteed by the government? One resolution he has already made. He will never buy Chinese Chappals. After all he is a proud Indian. Faith and Fate are words that are almost homophonic. These words also have some uncanny similarities. Faith amounts to blind faith, not amenable to logic or reasoning. Fate similarly stands for something inevitable. In both cases these adjectives appear to merge into the words themselves. In these Covid days we see deaths with alarming regularity, tragic though they are. We also see people accepting these fatalities with a sense of stoicism. For instance, even a few months back it would have been difficult to imagine that the American society would accept a staggering figure of more than one lakh people dying other than through natural attrition. Even one American life endangered would be taken very seriously. But no more. But with so many people dying, the society not only is getting desensitised to such calamities but also accepting them as inevitable fate. This is true for all countries who are dealing with novel Corona virus. Death resulting from

virus infection has now become an issue of private grief and the society appears to take this situation for granted. Is this also a part of the famed new normal? Or is it because death caused by a pandemic is absorbed by man as an act of God, a matter of faith? This is the third back to back issue on which I raise the matter of migrants. I am unable to sweep the migrant issue under my mental carpet despite myself. I am writing about it again, if for nothing else but to preserve my own sense of balance. There were reports that the highways are packed with good Samaritans distributing food packets to the migrants on their way back home on foot. I, like everyone else, am heartened to learn that despite all the negativities surrounding us, humanity is still alive and kicking. However, we should be careful that such acts of kindness on the part of some noble souls should not make us blind to the gruesome realities on the ground. If we do, we will be missing the wood for the trees. Allow me to explain. When we are carried away by the humanitarian gestures of people on the road coming forward to help the migrants you are likely to forget why the migrants are there on the roads under such pathetic conditions in the first place. We are patronisingly looking at the whole situation through our own prism. Those on the roads have no business to be there having committed no crime to deserve this punishment. We feel great with our patronising acts of kindness by feeding the migrants. Peep into a migrants’ mind if you can for moment. Even when you are feeding them with all your love, and even when they are accepting it with a sense of gratitude, in the heart of hearts they know that they are being reduced to the status of beggars. They did not deserve this. Charity and philanthropy are not substitutes for the society’s governance apparatus, popularly known as government. Long back when in industry I have heard people tell me in jest that it is easy to spot an HR manager from a mile in the work place. They are the ones who are good at creating a


problem and then solving them thereby reasserting their own importance in the organisation. A migrant is entitled to his food as a matter of right. Here he is begging on the road. Being a huge beneficiary of an unequal economic system in the country you and I can wax eloquent on whatever reaction one sees on the faces of the faceless multitude after we feed them. Let us not make a virtue of necessity. The privileged few like us, especially the middle class has just shifted the ivory tower closer home inside our gated communities. However, tragedies of what we are seeing have a knack of coming back to haunt us even when you try to avoid being confronted by reality. It is not easy to erase the images of 18-month-old Rahmat at the Muzaffarpur railway station trying to wake up his dead mother. Poor Rahmat is too young to know that his mother was a migrant and hence not entitled to that thing called dignity. If this does not shake the conscience of the powers that be, we are living in a hopeless society. Rahmat’s efforts to wake up her dead mother would be captured in history as the defining image of the migrant crisis just as the three-year-old Syrian boy called Aylan whose body was washed ashore in Turkey that shook the conscience of the entire world a few years back. These photographs are as iconic as they are tragic. The United States of America is racked by convulsions and unprecedented violence on the streets consequent to the death of a black man at the hands of the police. The outcome of the protests taking place in America would decide whether the nation’s name and character would effectively change from ‘United’ to ‘Divided’. Violence of this sort was waiting to happen though the ferocity of what is taking place on the streets across the country took everybody by surprise. The black American has had enough of this racial prejudice. Donald Trump has revelled in being labelled the Disruptor in Chief. Today he is known as the Divider in Chief. Through a public display of decency he could have attempted at

healing the divide. But not Trump. He has broken every tenant of decent behaviour with impunity. He now has only one obsession – to be re-elected as President, come November. He says and does what his ‘base’ wants him to do. He has threated to call in the army to quell the protests. Nothing is wrong with it except that a step like this cannot be the first weapon of choice while dealing with a situation of this kind. When he heard that protests were taking place close to the White House, he preferred to hunker down in the underground bunker inside the White House. When news of this act of valour on the part of the Commander in Chief was leaked, he had to do something to undo the damage. Being a reality star himself he knew how. He got the peaceful protesters evicted by using force and when the precincts of the White House was cleared of the nuisance makers, he did a victory lap with a Bible in hand and walked to the nearest Church that incidentally was closed because of Corona fears. Undeterred, he used the occasion for a photo op. Some people expected him to read at least a small passage from the Bible he was carrying. Not Trump, a man who has never read a single book in his entire life. As stunts go there are few parallels to this. But for the seriousness of the situation, one would have been tempted to dismiss it as a comedy act on the part of the President of the most powerful country on earth. Instead of a man or place of the moment I have the stuff of the moment for this month - the ubiquitous mask. An item normally associated with dubious characters like thieves and dacoits is now suddenly considered as the symbol of responsible citizenship on the part of the person who dons it. After all he is helping the society in its effort to prevent the spread of a dangerous virus. It doesn’t matter if the mask is worn in such a way that it just doesn’t serve the intended purpose when it is positioned below the nose. For some, the designer masks present an opportunity to make a fashion statement; for others it simply is a nuisance to be shoved under


the chin. To hell with the virus. For Donald Trump the mask is an indignity. He exhorts his countrymen to wear masks in public but won’t wear one himself because it does not go well with the décor and decorum of the Oval Office where the American President meets with the world leaders including (in his own words) royalties and dictators. Imagine a manager of a plant refusing to wear a safety helmet in a plant but advising all others to do so. Talk of responsible leadership. You can’t beat the idiosyncrasies of this man. For Narendra Modi having to wear a mask is a continual photo op and an opportunity to exhibit his own brand of

sartorial elegance. After the designer kurtas and desi jackets to go with it, he now has a variety of stoles matching each occasion. Unlike Trump, he makes his point in style as we saw a few times recently during the photo shoots before the cameras announcing the lockdowns and during the video conferences with the CMs. He also has his stoles of different designs doubling as masks. Even during serious discussions our PM never misses an opportunity to make a statement as a fashionista. Thank you. Venkat R Venkitachalam


GOODS AND SERVICE TAX:

CENTRAL TAX

NOTIFICATION • The CBIC has allowed the companies to

furnish the returns verified through electronic verification code (EVC) and also a nil return can be furnished by a short messaging service using registered mobile number which will be verified by one-time password on registered mobile number. [Notification 38/2020 Central Tax dated 5th May, 2020]

• The CBIC has made the required changes in procedure for corporate debtors undergoing the corporate insolvency resolution process which was effected by notification no 11/2020 – Central Tax dated 21/03/20202 by allowing the said class of person to register under GST within 30 days of appointment of IRP/IR or 30th June 2020 whichever is later. Also, in case where the returns have been filed regularly, in that case no separate registration has to be taken. [Notification 39/2020 Central Tax dated 05th May 2020]

• The board has extended the validity of e-way bills till 31/05/2020 for those e-way bills which generated till 24/03/2020 and expire during the period from 20/03/2020 to 15/04/2020.

[Notification 40/2020 Central Tax dated 05th May 2020]

• The due date for furnishing the annual returns GSTR 9/9C for FY 2018-19 has been further extended till 30/09/2020. [Notification 41/2020 Central Tax dated 05th May 2020]

• The due date for furnishing the GSTR 3B for month of January 2020 to March 2020 for the registered person whose principle place of business is in the Union territory of Ladakh has been extended till 20/05/2020. [Notification 42/2020 Central Tax dated 05th May 2020]

• The GST Portal has enabled the option for companies and firms to file GSTR-1 via EVC in case on Companies & Partnership Firms. That means like proprietorship, companies and Firms can also file GSTR- 1 and GSTR-3b both with EVC option.

Facility for registration of IRP/RPs made available on the GST Portal on behalf of the Corporate Debtors registered earlier, within 30 days of appointment For all the provisions relating to transfer of credit from previous laws to GST through TRAN 01 and TRAN 02, provisions have been amended to include only those returns filed under the previous laws which are filed within the due date. Such amendment shall be applicable from 18th May 2020. [Notification No. 43/2020 – Central Tax dated 16th May 2020]

CIRCULARS

• Clarifications have been issued in respect of certain challenges faced by the registered persons as follows:


SN Issue Clarification

1 The IRP/RP has to take the separate registration within 30 days from issuance of notification, but they are facing the difficulty, so they are requesting to increase time limit.

Time limit has been extended vide notification 39/2020, as per this notification IRP/RP can obtain the registration within 30 days of appointment as IRP/RP or 30th June 2020, whichever is later

2 Clarification has been sought whether IRP would be required to take a fresh registration even when they are complying with all the provisions of the GST Law under the registration of Corporate Debtor

By notification 39/2020, it is clarified that IRP/RP would not be required to take a fresh registration in those cases where statements in FORMGSTR-1 under section 37 and returns in FORMGSTR-3B under section 39 of the CGST Act, for all the tax periods prior to the appointment of IRP/RP, have been furnished under the registration of Corporate Debtor (earlier GSTIN)

3 where an appointed IRP is not ratified and a separate RP is appointed, whether the same new GSTIN shall be transferred from the IRP to RP or both will need to take fresh registration.

it is clarified that such a change would need only change of authorized signatory which can be done by the authorized signatory of the Company who can add IRP/RP as new authorized signatory or failing that it can be added by the concerned jurisdictional officer on request by IRP/RP

4 As per notification no 40/2017 of Central Tax, Registered person has allowed to supply to Merchant Exporter at the rate of 0.1% subject to condition that the merchant exporter shall export such goods within 90 days from issuance of invoice by such supplier. So, request has been made to clarify the exemption granted via notification no 35/2020 of CGST Act.

Vide notification no. 35/2020 of CGST Act, time limit for compliance of any action which falls during the period from 20th March 2020 to 29th June,2020 has been extended to 30th June 2020. Accordingly, it is clarified that time limit for such condition of exporting the goods within 90 days is extended up to 30th Jun 2020, provided completion of such 90 days falls within 20th March 2020 to 29th June 2020.

5 Due date for filing ITC-04 for the quarter ending March 2020 is falls on 25th April 2020, so clarification has been sought as to whether the extension of time limit vide notification no 35/2020 of CGST is applicable for filing ITC 04.

Vide notification no. 35/2020 of CGST Act, time limit for compliance of any action which falls during the period from 20th march, 2020 to 29th June 2020 has been extended to 30th June 2020. Accordingly, it is clarified that time limit for filing ITC 04 is also been extended up to 30th June 2020.

[Circular No. 138/08/2020-GST dated 6th May,2020]

CUSTOMS


TARIFF

NOTIFICATION

• The government has increased the effective rate of Road and Infrastructure Cess, as additional duty of customs of petrol and diesel from Rs. 9 per litre to Rs. 18 per litre. [Notification No. 21/2020 dated 05th May, 2020]

• The CBIC confirms the imposition of bilateral safeguard duty on the Refined Bleached Deodorized Palmolein and Refined Bleached Deodorized Palm Oil, originating in Malaysia and imported under India-Malaysia Comprehensive Economic Cooperation Agreement for a period of 180 days from the date of initial imposition of duty (i.e. September 04, 2019). [Notification No. 22/2020 dated 12th May, 2020]

• The CBIC has made further amendment in notification 50/2017 – customs so as to extend the period of validity of existing Export Performance Certificates for FY 2019-20 up to 30/09/2020. [Notification No. 23/2020 dated 14th May 2020]

• For those cases where last date of exports falls between 01.02.2020 and 31.07.2020 due to outbreak of COVID-19 pandemic last date of export has been extended for the notification No 56/2000 (05.05.2000), 57/2000 (08.05.2000), 40/2015 (21.07.2015). [Notification No. 24/2020 dated 21st May 2020]

• Inclusion of Gopalpur Port [INGPR1] as notified port for getting benefits under AA/ EPCG schemes and other export incentive schemes like MESI/SEIS and other such schemes. [Notification No. 25/2020 dated 21st May 2020]

• Temporary Import duty on Lentil (Mosur) originating in or exported from USA has been reduced from 50% to 30% till 31st August 2020 and that imported from any country other than USA has been reduced from 30% to 10%.. [Notification No. 26/2020 dated 2nd June 2020]

NON-TARIFF

• Tariff value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver fixed as under:

TABLE-1

S. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value (US $Per Metric Tonne)

(1) (2) (3) (4)

1 1511 10 00 Crude Palm Oil

550

2 1511 90 10 RBD Palm Oil 560

3 1511 90 90 Others – Palm Oil

555

4 1511 10 00 Crude Palmolein

568

5 1511 90 20 RBD Palmolein

571

6 1511 90 90 Others – Palmolein

570

7 1507 10 00 Crude Soya bean Oil

666

8 7404 00 22 Brass Scrap (all grades)

3071

9 1207 91 00 Poppy seeds 3623

Table-2

Sl. No. Chapter/ heading/ sub-heading/tariff item


Tariff value (US $)


(1) (2) (3) (4)

1 71 or 98 Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

553 per 10 grams

2 71 or 98 Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed

559 per kilo gram

3 71 (i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9%.... (ii) Medallions and silver coins having silver content not below 99.9%....

559 per kilogram

4 71 (i) Gold bars, other than tola bars, bearing manufacturer’s or (ii) Gold coins having gold

553 per 10 grams

content not below 99.5%

TABLE-3

Sl. No.

Chapter/ heading/ sub-heading/tariff item


Tariff value (US $ Per Metric Tonne)

(1) (2) (3) (4)

1 080280 Areca nuts 3752”

[Notification No. 48/2020 - Customs (NT) DT. 29th May, 2020]

ANTI DUMPING DUTY (ADD) • Extension of Imposition of anti-dumping duty

on import of Sodium citrate originating in or exported from China PR for a period of further 5 years. [Notification No. 08/2020-Customs (ADD), Dated 19th May 2020]

• Imposition of definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators', originating in, or exported from, People's Republic of China for a period of five years. [Notification No. 08/2020-Customs (ADD), Dated 27th May 2020]

• Extension of levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months. [Notification No. 10/2020-Customs (ADD) New Delhi, the 29th May 2020]

• Extension of levy of anti-dumping duty on ‘Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants as per the detailed description hereunder’ originating in


or exported from People’s Republic of China, Malaysia and the Republic of Korea. [Notification No. 11/2020-Customs (ADD) New Delhi, the 3rd June 2020]

• Levy of anti-dumping duty on "Electronic Calculators of all types [excluding calculators with attached printers, commonly referred to as printing calculators, calculators with ability to plot charts and graphs, commonly referred to as graphing calculators and programmable calculators originating in or exported from Malaysia. [Notification No. 12/2020-Customs (ADD) New Delhi, the 3rd June 2020]

CIRCULARS • The CBIC has further extended the facility of

accepting the undertaking in lieu of bond for the period till 30th May 2020 and the date for submission of proper bond has been extended till 15th June, 2020. [Circular No. 23/2020-Customs dated 11th May 2020]

• Implementation of PGA e-SANCHIT– Paperless Processing under SWIFT-Uploading of Licenses/ Permits/ Certificates/Other Authorizations (LPCOs) by PGAs - reg. [Circular No. 23/2020-Customs dated 11th May 2020]

• The Central Board of Indirect Taxes and Customs (CBIC) on May 18, 2020, rescinds Circular No. 19/2018-Customs dates June 18, 2018 and Circular 10/2020-Customs dates February 07, 2020 regarding Radio Frequency Identification (RFID) sealing of goods to be deposited in or removed from Customs Bonded Warehouses. However, a comprehensive circular is under consideration and shall be soon placed in public domain (www.cbic.nic.in) to seek inputs or suggestions from all stakeholders before issuance. [Circular No. 25/2020-Customs dated 18th May 2020]

• Review of Circular No. 17/2020 dated 03.04.2020 namely, 'Measures to facilitate trade during the lockdown period- section 143 AA of the Customs Act, 1962. [Circular No. 26/2020-Customs dated 18th May 2020]

• Extension of validity of all AEO Certificates Expired /Expiring between 01.03.2020 to 31.05.2020 till 30th June 2020. [Circular No. 27/2020-Customs dated 2nd June 2020]

INSTRUCTIONS

• It has been clarified that the incidence of National Calamity Contingent Duty (NCCD) where applicable, is required to be factored in the calculation of Brand Rate of Duty Drawback. [Instruction No. 05/2020-Customs dated 12th May, 2020]

• Directions w. r. t. special drive for disposal of applications for fixation of Brand Rate of Duty Drawback. [Instruction No. 07/2020-Customs dated 28th May, 2020]

• Instructions given to make proper arrangements for 24x7 customs clearances at all sea ports / air cargo stations / ICDs/CFS etc. falling under respective jurisdictions and also to maintain records of Bes/SBs filed beyond the normal office hours station wise. [Instruction No. 08/2020-Customs dated 1st June, 2020]

FOREIGN TRADE POLICY NOTIFICATION

• The “Alcohol based Hand Sanitizers” following under any ITCHS Code 3004, 3401, 3402 & 380894 are “Prohibited” for export. [Notification No. 04/2015-20, dated 06th May, 2020]


• Import of Silver under Advance Authorisation and supply of silver directly by Foreign buyers to exporter under Para 4.45 of FTP against export orders has been allowed as “Free” from “Restricted”. [Notification No. 05/2015-2020 dated 13th May, 2020]

• Prohibits the export of all types of masks, except it allows the export of non-medical/non-surgical masks of all types (cotton, silk, wool, knitted). [Notification No. 06/2015-2020 dated 13th May, 2020]

• Amendment for removal of the restrictions on export of Paracetamol APIs, making its export "free" with immediate effect. [Notification No. 07/2015-2020 dated 13th May, 2020]

• Alcohol Based Hand Sanitizers exported in containers with the dispenser pumps are prohibited for exports, whereas Alcohol Based Hand Sanitizers exported in any other forms /packaging are Free to exports. [Notification No. 08/2015-2020 dated 1st June 2020]

PUBLIC NOTICE

• DGFT clarifies that claims for Transport and Marketing Assistance to be made on Kilograms basis for the shipment by air. [Public Notice No. 05/2015-2020 Dated 12th May 2020]

• Inclusion of Gopalpur Port, Odisha as a Port of Registration. [Public Notice No. 06/2015-2020 Dated 22nd May 2020]

• Additional quantity of 3569MT of raw cane sugar and refined sugar, for export to USA, under TRQ, up to 30.09.2020, has been notified. [Public Notice No. 07/2015-2020 Dated 25th May 2020]

• Relaxation provided from applicable late cuts for SEIS and MEIS applications and the validity of scrips expiring between 01.03.2020 to

30.06.2020 has been extended till 30.09.2020. [Public Notice No. 08/2015-2020 Dated 1st June 2020]

TRADE NOTICES

• Clarification with regard to Description of Stock Lot used in Notification No-45-2015-20 dated 31st January, 2020. [Trade Notice No. 08/2020-2021 dated 04th May, 2020]

• Clarification with respect to submission of Pre-shipment Inspection Certificate (PSIC). [Trade Notice No. 09/2020-2021 dated 06th May, 2020]

• Due to COVID-19 breakout, the deadline for import of additional 2.5 Lakh MT of Urad has been extended up to 31st May, 2020.i.e. import should arrive at Indian Port before 31st May, 2020. [Trade Notice No. 10/2020-2021 dated 13th May 2020]

• The Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit is further extended by one year and will remain effective for FY 2020 – 21 with same scope and coverage. [Trade Notice No. 11/2020-2021 dated 14th May 2020]

• The agencies will issue the Certificate of Origin in physical paper format for Thailand and Vietnam, till further notice. [Trade Notice No. 12/2020-2021 dated 22nd May 2020]

• Government of the India can import 2 Lakhs MT of pulses from Mozambique, during the fiscal year 2020-21 subject to the following conditions: 1. Import will be allowed only through the following 5 ports: (i) Mumbai, (ii) Tuticorin, (iii) Chennai, (iv) Kolkata and (v) Hazira.


2. Production of "Certificate of Origin" certified by the authorized signatories of Mozambique 3. While providing the Origin Certificate (including details of the exporter, importer and quantity of pulses), the designated authority will send a scanned copy of the certificate to [email protected] and [email protected]. 4. The importer will send the mail to DGFT with scanned copy of the certificate issued as above, for NOC on the same e-mail address as above, DGFT will compare both these documents and allow NOC to the applicant importer, based on which Custom will clear the consignments. [Trade Notice No.13/2020-21, Dated 1st June 2020]

CIRCULAR • No New Circulars

INCOME TAX NOTIFICATIONS

• The procedure for the resident of India how is aggrieved by the action of tax authorities of any country or specified territory outside India for the reasons which are against the terms of agreement with such countries has been prescribed in the Rule 44G of Income Tax Rules. [Notification No. 23/2020 dated – 06th May, 2020]

• The Central Government hereby notifies “SHRI RAM JANMABHOOMI TEERTH KSHETRA” (PAN: AAZTS6197B) to be place of historic importance and a place of public worship of renown for the purposes of the Section 80G (2) (b) from the year F.Y. 2020-2021, relevant to the Assessment Year 2021-2022. [Notification No. 24/2020 dated – 08th May, 2020]

• The insertion has been made so that the eligible assessee can avail of SHR benefits in

AY 2020-21 (which were earlier applicable only up to AY 2019-20). This amendment if exercised in AY 2020-21 would be valid only for 1 year. [Notification No. 25/2020 F. No. 370142/14/2020-TPL]

• The ‘Kerala Cooperative Development and Welfare Fund Board’, Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Uttarakhand, in respect of the specified income arising to that Board, under section 10(46) of Income Tax Act, 1961. [Notification No 26/2020, dated 21st May 2020]

• Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. [Notification No. 27/2020, dated 27th May 2020]

• The ‘Uttarakhand Environment Protection & Pollution Control Board’, Dehradun (PAN AAALU0160D), a Board constituted by the Government of Uttarakhand, in respect of the specified income arising to that Board, under section 10(46) of Income Tax Act, 1961. [Notification No 28/2020, dated 27th May, 2020]

• CBDT has notified new forms and annexures being:

✓ Form No 3CEJA to be reported by accountant regarding fulfilment of certain conditions by an eligible investment fund,

✓ Annexure to Form 3CEJA is for submitting the particulars relating to fund management activity and

✓ Form No 3CEK is the statement to be furnished by eligible investment fund to Assessing Officer.


[Notification No 29/ 2020/ F. No. 142/ 15/ 2015-TPL]

• New rule 114-I along with form 26AS has been notified by CBDT to share annual financial information in respect of each taxpayer. This new form 26AS will also provide information :

In respect of specified financial transactions which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any loan or deposits of such value as may be prescribed but not less than of Rs 50,000.

Also, information about income tax demand, refund, proceedings pending, and proceedings completed which may include assessment, reassessment under section 148,153A 153C, revision, appeal will also be shared in this form 26AS.

Further an enabling provision has been notified empowering the CBDT to authorize DG Systems or any other officer to upload in this form 26A/, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom , GST , Benami Law etc. including information about Turnover , import , export etc. will also be put in this form 26AS so that not only the concerned taxpayer but also all the Income Tax authorities will know and have access to such information.

This form 26AS will also provide information received by Tax Dept from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside India. This form will also have mobile no, email I’d and Aadhar no. of the taxpayer.

Information on this form 26AS will not be a onetime affair at year end. This will be a live 26AS, as this will be updated regularly within 3 months from the end of the month in which such information is received. [Notification No 30/2020 dated 28th May 2020]

• CBDT has issued Income Tax Return forms for the Assessment Year 2020-21 (i.e. FY 2019-20) named as Form ITR-1 SAHAJ, Form ITR-2, FORM ITR- 3, Form ITR- 4 SUGAM, Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V. [Notification No. 31/2020/F. No. 370142/32/2019-TPL, Dated 29th May 2020]

CIRCULARS

• In view of the prevailing situation due to COVID-19 pandemic across the country, it has been decided by the Board that the reporting under clause 30C (reporting of impermissible avoidance agreement u/s 96of the Act) and clause 44 (Breakup of total expenditure of entities registered under GST or not) of the Tax Audit Report shall be kept in abeyance till 31st March, 2021 [Circular No. 10/2020 dated – 24th April, 2020]

• For the purpose of determining the residential status under section 6 of the Act during the previous year 2019-20 in respect of an individual who has come to India on a visit before 22nd March, 2020 and :

✓ has been unable to leave India on or before 31st March, 2020, his period of stay in India from 22nd March, 2020 to 31st March, 2020 shall not be taken into account; or

✓ has been quarantined in India on account of Novel Corona Virus (Covid-19) on or after 1st March, 2020 and has departed on an evacuation flight on or before 31st March, 2020 or has been unable to leave India on or


before 31st March, 2020, his period of stay from the beginning of his quarantine to his date of departure or 31st March, 2020, as the case may be, shall not be taken into account; or

✓ has departed on an evacuation flight on or

before 31st March, 2020, his period of stay in India from 22'd March, 2020 to his date of departure shall not be taken into account. [Circular No. 11/2020 dated 08th May, 2020]

• The provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transaction s (i.e. no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount the amount received for sales, turnover or gross receipts, or by any mode other than cash. [Circular No. 12/2020 dated 20th May, 2020]

PRESS RELEASE

• In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:

S. N.

Section

Nature of Payment

Existing Rate

Reduced rate from 14/05/2020 to 31/03/2021

1 193 Interest on Securities

10% 7.5%

2 194 Dividend 10% 7.5%

3

194A Interest other than interest on securities

10% 7.5%

4

194C Payment of Contractors and sub-contractors

1% (individual/HUF) 2% (others)

0.75% (Individual/HUF) 1.5% (others)

5 194D Insurance Commission

5% 3.75%

6

194DA

Payment in respect of life insurance policy

5% 3.75%

7

194EE Payments in respect of deposits under National Savings Scheme

10% 7.5%

8

194F Payments on account of re-purchase of Units by Mutual Funds or UTI

20% 15%

9 194G Commission,

prize etc., on sale of lottery tickets

5% 3.75%

10 194H Commission or brokerage

5% 3.75%

11

194-I(a)

Rent for plant and machinery

2% 1.5%


12

194-I(b)

Rent for immovable property

10% 7.5%

13

194-IA Payment for acquisition of immovable property

1% 0.75%

14

194-IB Payment of rent by Individual or HUF

5% 3.75%

15

194-IC Payment for Joint Development Agreements

10% 7.5%

16

194J Fee for Professional or Technical Services (FTS), Royalty, etc.

2% (FTS, certain royalties, call centre) 10% (others)

1.5% (FTS,

certain royal-

ties, call centre)

7.5% (others)

17

194K Payment of dividend by Mutual Funds

10% 7.5%

18

194LA Payment of Compensation on acquisition of immovable property

10% 7.5%

19

194LBA (1)

Payment of income by Business trust

10% 7.5%

20

194LBB(i)

Payment of income by In- vestment fund

10% 7.5%

21

194LBC (1)

Income by securitization trust

25%

(Individual/HUF) 30%

(Others)

18.75% (Individu

al/

HUF) 22.5%

(Others

22

194M Payment to commission, brokerage etc. by Individual and HUF

5% 3.75%

23

194-O TDS on e-commerce participants

1%

(w.e.f. 1.10.2020)

0.75%

Further, the rate of Tax Collection at Source (TCS) for the following specified receipts has also been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:

Section Nature of Receipts

Existing Rate of

TCS

Reduced rate from 14/05/20

20 to

31/03/2021

206C (1) Sale of

(a) Tendu Leaves

5% 3.75%

(b)Timber obtained under a forest lease

2.5% 1.875%


(c) timber obtained by any other mode

2.5% 1.875%

(d) Any other forest produces not being timber/Tendu leaves

2.5% 1.875%

(e) scrap 1% 0.75%

(f) Minerals, being coal or lignite or iron ore

1% 0.75%

206C(1C) Grant of license, lease, etc. of (a) Parking lot

2% 1.5%

(b) Toll Plaza 2% 1.5%

(c) Mining and quarrying

2% 1.5%

206C(1F) Sale of motor vehicle above 10 lakhs

1% 0.75%

206C(1H) Sale of any other goods

0.1% (w. e. f 01.10.20)

0.75%

Further clarified that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. e. g. if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate

of 20% and not at the rate of 15%. [CBDT Press Release dated 13th May 2020] COMPANY LAW

NOTIFICATIONS ➢ MCA has notified that contribution to ‘Prime

Minister’s Citizen Assistance and Relief in

Emergency Situations Fund (PM CARES Fund)’

will fall under CSR Activities w. e. f 28th March

2020. Article analyses CSR Provisions and

related amendments in view of Pandemic

Covid-19. [Notification No GSR 313(E), dated

26.05.2020]

➢ The Central Government has made the

changes in the rules of the Chartered

Accountants Procedure of Meetings of Quality

Review Board,

➢ The tenure of Chairperson and the members

of the Board will be 3 years and accordingly

such members have been substituted by

following new members:

Name of the Member FCA/

ACA

Member

CA Durgesh Kumar Kabra FCA Member

CA Dayaniwas Sharma FCA Member

CA Sushik Kumar Goyal FCA Member

A Pramod Kumar Boob FCA Member

CA Pramod Jain FCA Member


CIRCULARS

• The time limit for filing of Form NFRA-2 as per National financial Reporting Authority (NFRA) Rules, 2019 for reporting period FY 2019-20, will be 210 days from date of deployment of this form on the website of National Financial Reporting Authority (NFRA). [General Circular No. 19/2020 dated 30th April 2020]

• MCA vide circular dated 5th May, 2020 clarified that companies can hold Annual General Meeting (AGM) through video conferencing (VC) or the other audio-visual means (OVAM) during the calendar year 2020. Further, other than ordinary business, only those items of special business, which are considered to be unavoidable shall be transacted at such meeting. [Circular No. 20/2020 dated 5th May 2020]

• Considering overall situation of Covid-19, it is clarified that inability to dispatch notice to shareholder by registered post / speed post / courier by listed companies in case of rights issue opening up to 31st July 2020, would not consider as violation of Section 62(2). [Circular No. 21/2020 dated 11th May 2020]

RBI & FEMA

CIRCULARS

• Government has decided to continue the availability of 2% IS (Interest Subvention) and 3% PRI (Prompt Repayment Incentive) to farmers including Animal Husbandry, Dairy and Fisheries for the extended period of repayment up to August 31, 2020 or date of repayment, whichever is earlier. [Circular No FIDD. CO. FSD.BC.No.25/05.02.001/2019-20, Dated 4th June 2020]

Atma Nirbhar Bharat Abiyan Scheme:

RELIEF MEASURES ANNOUNCED BY

FINANCE MINISTER ON 13TH, 14th &

15th MAY, 2020

1.RS. 3 LAKH CRORES COLLATERAL -FREE AUTOMATIC LOANS FOR BUSINESS, MSMEs

a. Eligibility: Borrowers having outstanding up to Rs. 25 Crores and turnover of Rs. 100 crores are eligible to take benefit.

b. Tenure: The tenure of the loan would be 4 years with moratorium of 12 months on Principal repayment.

c. Interest: Interest to be capped

d. 100% credit guarantee: There will be 100% credit guarantee cover to Banks and NBFCs on principal and interest.

e. Validity: This scheme can be availed till Oct 31, 2020

f. No fresh collateral: It has been clearly specified that there would not be any guarantee fee or fresh collateral requirement for availing benefit under the scheme. An emergency credit line has been allowed to business/MSMEs from banks and NBFCs up to 20% of their entire outstanding credit as on 29.2.2020 2. RS. 20,000 CRORES SUBORDINATE DEBT FOR STRESSED MSMEs With a view to aid the functioning MSMEs that are NPA or are stressed, the Govt. has proposed provision of Rs. 20,000 crores as subordinate debt. Under the scheme promoters of the MSME will be given debt by banks which will then be infused by promoter as equity in the unit. The CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES (CGFTMSE) will provide partial Credit Guarantee support to banks.


3. RS.50,000 CRORES EQUITY INFUSION FOR MSMES THROUGH FUNDS OF FUNDS The Govt. has proposed to set up Funds of Funds (FoF) with corpus of Rs. 10,000 that would provide equity funds for MSMEs with growth potential and viability. The FoF will be operated though Mother Fund and few Daughter funds. The fund structure will help leverage Rs. 50,000 cr. of funds at daughter funds level. This step would help to expand MSME size as well as capacity and will also encourage listing of MSMEs on main board of stock exchanges. 4. AMENDMENT TO DEFINITION OF MSME a. a company can be classified as Micro if investment is up to Rs 1 crore, turnover up to Rs 5 crore.

b. A company can be classified as Small if investment is up to Rs 10 crore, turnover up to Rs 50 crore. The Govt. has announced revised definition of MSMEs whereby the investment limit is proposed to be revised upwards, additional criteria of turnover would also be introduced. The new definition also eliminates the distinction between the manufacturing sector and services sector as against the existing criteria

As per revised definition,

a. A company can be classified as Micro if investment is up to Rs 1 crore, turnover up to Rs 5 crore.

b. A company can be classified as Small if investment is up to Rs 10 crore, turnover up to Rs 50 crore. c. A company can be classified as Medium if investment is up to Rs 20 crore, turnover up to Rs 100 crore. The amendment in definition will accommodate more units under the MSMEs segment which would further enable them to avail special perks

available to MSMEs. On one hand more units will be included under ambit of MSME and on other side the existing units would not fear of losing the status of MSME due to increase in Investment limits. 5. GOVT. EXPANDS SCOPE FOR GLOBAL TENDERS FOR MSMES In order to protect the MSMEs from unfair competition from foreign companies, the Govt. has decided to take a major step towards Self-reliant India by disallowing Government procurement tenders up 200 crores for foreign Companies, this step would give major boost to medium enterprises in India which faces tough competition at hands of foreign players. 6. OTHER MEASURES FOR MSMES In order to curb the marketing and liquidity problems, Govt. aims to promote e- market linkage for MSMEs which would act as a replacement for trade fairs and exhibitions. The Finance Minister also made major announcement that MSMEs receivable from Govt. and CPSEs shall be released in 45 days.

7. EMPLOYEES PROVIDENT FUND (EPF) SUPPORT FOR BUSINESS AND WORKERS In order to increase take away salary for the employee, and to support businesses, the Govt. had proposed under the Pradhan Mantri Garib Kalyan Package (PMGKP), a payment of 12% of employer and 12% of employee contribution was made into eligible EPF accounts for month of Mar, Apr, and May now this has been proposed to further extend for next three months of Jun, July and August for wage earner below Rs. 15000 p.m. and business having less than 100 workers. 8. REDUCTION IN EPF CONTRIBUTION FOR NEXT 3 MONTHS


The Statutory PF contribution for both employee and Employer has been reduced from 12% to 10% for all establishments covered by EPFO. For Govt. undertaking the contribution shall remain at 12%. 9. SPECIAL LIQUIDITY SCHEME FOR NBFCS, HOUSING FINANCE COS. AND MICRO FINANCE INSTITUTIONS The Finance Ministry has come up with a special scheme of worth Rs. 30,000 crores for non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs). The investments will be made in both primary and secondary market transactions in investment grade debt paper of these institutions. In addition to that, the Government has also announced Rs 45,000 crore partial credit guarantee scheme for NBFCs and 20% of loss will be borne by the Guarantor, i.e., GoI. 10. EXTENSION OF REGISTRATION AND COMPLETION DATE OF REAL ESTATE PROJECTS The Govt. has decided to extend the registration protocol and completion date of project which are covered under RERA by 6 months for all registered projects expiring on or after March 25, 2020 without individual applications. This measure will indeed de-stress real estate developers and ensure completion of projects so that home buyers are able to get delivery of their booked house with new timelines.

11.ONE TIME MONEY INFUSION FOR DISCOMS In order to deal contingences and unprecedented cash inflow problem facing by the DISCOMS, the Govt. has decided to infuse liquidity of Rs. 90,000 crores against receivables. However, the loans to be given against state guarantee for exclusive purpose of discharging liabilities of Discoms to Gencos. 12. Rs 3,500 Crores for free food supply to Migrants for 2 months

Migrants who are neither NFSA or State Card beneficiaries in the state they are stationed will be provided 5kg of grains per person and 1kg of Chana per Family per month for two months. 13. Rs 1,500 Crores Interest subvention for MUDRA – Shishu Loans Government of India will provide Interest Subvention of 2% for prompt payees for a period of 12 months. 14. Rs 5,000 Crores Special Credit facility for Street vendors Government of India will be launching a special scheme within a month to provide initial working capital up to Rs.10,000/- and further based on the digital payment and repayment parameters additional working capital can be given.

15. Rs 70,000 Crores boost to Hosing Sector by extending Credit Linked Subsidy Scheme (CLSS) Government of India has extended the CLSS scheme up to 31st March, 2021 which gives interest subvention to middle income Group (Annual Income: 6 – 18 Lakhs) on housing loans. This will also help job creation and increase in demand of items in real estate sector.

16. Rs 6,000 Crores employment push through CAMPA In order to create job opportunities for Tribals /Adivasis the Government of India has plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds. 17. Rs 2,00,000 Crores concessional credit to farmers through Kisan Credit Card Nearly Rs. 2 lakh crore low-cost institutional credit will be given to 2.5 crore farmers who don't have Kisan Credit Cards. Farmers will include fisherman and animal husbandry farmers


18. Rs 30,000 Crores additional emergency working capital funds to farmer through NABARD NABARD will extend additional refinance support of Rs. 30,000 crores for crop loan requirement of Rural Co-op Banks & RRBs to meet the harvest (Rabi) and current Kharif requirement in May and June. 19. Rs. 1 lakh crore Agri Infrastructure Fund for Farm-gate infrastructure for farmers In a move to strengthen infrastructure in agriculture, financing facility of Rs. 1 lakh crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points. The fund being created for Farmer Producer Organizations, aggregators, primary agriculture cooperative societies for strengthening farm-gate infrastructure such as cold chains, post-harvest management infrastructure.

20. Rs. 10,000 crore schemes for Formalization of Micro Food Enterprises (MFE) Aiming to implement PM's vision of ‘Vocal for Local with Global outreach’, a scheme will be launched to help 2 lakh Micro Food Enterprises; Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas. Marketing assistance to help local products create global impact, focus on organic, nutritional and health & wellness products, cluster-based approach.

21. Rs. 20,000 crores for Fishermen through Pradhan Mantri Matsya Sampada Yojana (PMMSY) The ₹ 20,000 crore allocation for fisheries sector will lead to additional fish production of ~70 lakh tonnes in 5 years, the principle is to empower people, not to give entitlements alone (which will be given where they are due).

22. Rs. 13,343 crores for National Animal Disease Control Programme National Animal Disease Control Programme has been launched with total outlay of Rs. 13,343 crores for 100% vaccination of cattle, buffalo, sheep, goat and pig population in India 23. Rs. 15,000 crores for Animal Husbandry Infrastructure Development fund Government announces an Animal Husbandry Infrastructure Development Fund worth Rs. 15,000 crores to support private investment in Dairy Processing, value addition and cattle feed infrastructure. 24. Rs. 4,000 crores for promotion of Herbal Cultivation To promote Herbal Cultivation in India Government commits Rs 4000 crore; move aims to cover 10 lakh hectares under herbal cultivation in 2 years; corridor of medicinal plants to come up across banks of Ganga 25. Rs. 500 crores by way of scheme for Beekeeping initiatives Government to implement a scheme for infrastructure development related to Beekeeping; aims to increase income for 2 lakh beekeepers with special thrust on capacity building of women. 26. Rs. 500 crores by way of ‘TOP’ to ‘TOTAL’ In a major announcement, Government extends Operation Greens from Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables. The scheme provides 50% subsidy on transportation from surplus to deficit market and 50% subsidy on storage, including cold storage. 27. Amendment in Essential Commodities Act to enable better price realization to farmers


Essential Commodities Act 1955, brought in days of scarcity, will be amended to completely deregulate stock limits for cereals, edible oils, oil seeds, pulses, onions and potatoes; stock limits will be applied only in exceptional situations.

28. Agriculture Marketing Reforms The Government to bring in law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce at attractive price. 29. Agriculture Marketing Reforms The Government to bring in law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce at attractive price. 30. Agricultural Product Prise and Quality assurance To provide assurance to farmer on Agriculture Produce Price and Quality, facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters etc. in fair and transparent manner.

LIST OF DIRECT - TAX MEASURES ANNOUNCED BY THE FINANCE MINISTER:

LIST OF ANNOUNCEMENTS

a. All pending refunds to charitable trust and non-corporate businesses and professions shall be released soon.

b. Due date of all Income-tax return for the Financial Year 2019-20 will be extended from July 31, 2020 and October 31, 2020 to November 30, 2020.

c. The due date for tax audit under section 44AB shall be extended from September 30, 2020 to October 31, 2020

d. The last date for opting Vivad se Vishwas Scheme without paying additional 10% of the disputed tax shall be extended till December 31, 2020

e. Due date of 30-09-2020 for completion of assessments shall be extended to 31-12-2020. Where assessments are getting barred on 31-03-2021, it shall be extended to 30-09- 2021.

f. The rates of TDS/TCS in respect of specified payments/receipts shall be reduced by 25%. This concession in the rate shall be available for the tax deducted or collected between 14-05- 2020 till 31-03-2021. By reducing the rate of TDS/TCS, the Govt. helps taxpayers to have more liquidity in their hands. However, any deficit in tax liability, due to reduced rate of TDS/TCS, should be payable through advance-tax instalments.


Summary of the scheme declared on 13th & 14th May 2020

Sector Scheme Rs. in thousand Crores

MSME Collateral Free Loan

300.00

Subordinate Debt 20.00

Equity Infusion 50.00

Business in General

EPF Support 2.50

Reduction of EPF Contribution

6.75

Reduction in TDS & TCS Rate

50.00

NBFC/HC/MFI

Liquid Infusion 30.00

NBFC Partial Credit Guarantee

45.00

DICOMS Liquidity Injection 90.00

Part 1 - 13/05/2020 594.25

Labours Free Food for migrant Labour

3.50

Small Traders

Interest Subvention for Shishu Mudra Loan

1.50

Street Vendors

Special Credit Scheme

5.00

Home Buyers

Credit linked Subsidy Scheme

70.00

Labours Employment Push by CAMPA

6.00

Agriculture Concessional Credit to Farmers

200.00

Agriculture Working Capital loan for Farmers

30.00

Part 2 - 14/05/2020 316.00

Agriculture Agriculture Infrastructure Fund

100.00

MFE Formalization of Micro Food Enterprises (MFE)

10.00

Fishery Pradhan Mantri Matsya Sampada Yojana (PMMSY)

20.00

Animal Husbandry

National Animal Disease Control Programme

13.34

Animal Husbandry

Animal Husbandry Infrastructure Development fund

15.00

Agriculture Herbal Cultivation 4.00 Animal Husbandry

Scheme for Beekeeping initiatives

0.50

Agriculture ‘TOP’ to ‘TOTAL’ 0.50

Part 2 - 15/05/2020 163.34

To be announced 926.41

Total Atma Nirbhar Bharat Abiyan Scheme

2,000.00

***************


CBIC Notified Exchange Rate for Conversion of Foreign Currency w. e. f. 5th June, 2020 vide Notification No. 49/2020 - Customs (N.T.) dated 4th June 20.

SCHEDULE-I

Sl. No.

Foreign Currency

Rate of exchange of one unit of foreign

currency equivalent to Indian rupees

[a] [b]

[For Imported

Goods]

[For Exported

Goods]

1. Australian

Dollar 53.30 51.05

2. Bahraini

Dinar 206.80 193.85

3. Canadian

Dollar 56.90 55.00

4. Chinese Yuan 10.75 10.45

5. Danish

Kroner 10.55 11.15

6. EURO 86.30 83.20

7. Hong Kong

Dollar 9.95 9.60

8. Kuwaiti Dinar 253.30 237.60

9. New Zealand

Dollar 49.85 47.55

10. Norwegian

Kroner 8.10 7.80

11. Pound

Sterling 96.45 93.15

12. Qatari Riyal 21.40 20.10

13. Saudi

Arabian Riyal 20.80 19.50

14. Singapore

Dollar 54.80 53.00

15. South African

Rand 4.60 4.30

16. Swedish

Kroner 8.25 8.00

17. Swiss Franc 80.15 77.15

18. Turkish Lira 11.55 10.85

19. UAE Dirham 21.25 19.95

20. US Dollar 76.45 74.75

SCHEDULE-II

Sl. No. Foreign

Currency

Rate of exchange of

100 units of foreign

currency equivalent

to Indian rupees

(1) (2) (3)

(a) (b)

(For

Imported

Goods)

(For

Export

Goods)

1. Japanese

Yen 70.60 68.10

2. Korean

Won 6.40 6.00

**************


• What is MSME?

MICRO SMALL and MEDIUM ENTERPRISES (Under MSMED Act 2006) Engaging Manufacturing or Production of goods as well as enterprises engaging in providing or rendering of services other than: 02 Forestry and Logging

03 Fishing and Aquaculture

45 Wholesale and retail trade and repair

of Motor Vehicle and Motorcycles

46 Wholesale trade except of Motor

Vehicle and Motorcycles

47 Retail Trade Except of Motor Vehicles

and Motor Cycles

97 Activities of Households as employees

for domestic personnel

98 Undifferentiated goods and services

producing activities of private households

for own use

99 Activities of extraterritorial

organization and bodies.

MSME Benefits & Package

“A debt restructuring mechanism for units in MSME sector has been formulated and advised to all commercial banks. The detailed guidelines have been issued to ensure restructuring of debt of all eligible small and medium enterprises.”

• What should be the investment &

turnover?

Eligibility Micro Small Medium

Investment Up to

Rs 1 Cr

Up to Rs

10 Cr

Up to Rs 20

Cr (Rs 50

Cr) *

Turnover Up to Rs. 5 Cr

Up to Rs. 50 Cr

Up to Rs. 100 Cr (Rs. 250 Cr) *

(* Based on the cabinet decision announced on 1st June 2020.)

Prior to announcement of the package, Hon Finance Minister, there was no criteria of turnover and investment limit was very low. Now, such units can invest in plant & machinery

and continue to enjoy the benefits of MSME.

• What are the benefits of MSME?

1. Prime Minister Employment Generation Program

2. Performance and Credit Rating Scheme 3. Credit Guarantee “Trust Fund for Micro

Small Enterprises


4. Interest Subsidy Eligibility Certificate 5. Science and technology Scheme 6. Market Promotion & Development

Scheme 7. Revamped Scheme of Fund for

Regeneration of Traditional Industries 8. Coir Vikas Yojana 9. Coir Industry Technology Upgradation

Scheme 10. Science & Technology (S&T) for Coir 11. Skill Upgradation & Mahila Coir Yojana 12. Export Market Promotion 13. Domestic Market Promotion Scheme 14. Trade & Industry Related Functional

Support Services 15. Welfare Measures (Pradhan Mantri

Suraksha Bima Yojana) 16. Financial Support to MSME in ZED

Certification Scheme 17. Promoting Innovation , Rural Industry &

Entrepreneurship 18. National Manufacturing Competitiveness

Programme 19. Credit Linked Capital Subsidy for

Technology Upgradation 20. ISO 9000/ ISO 14001 Certification

Reimbursement 21. Marketing Support / Assistance to MSMEs 22. Lean Manufacturing Competitiveness for

MSMEs 23. Design Clinic for Design Expertise to

MSMEs 24. Technology and Quality Upgradation

Support to MSMEs 25. Entrepreneurial and Managerial

Development 26. Enabling Manufacturing Sector to be

Competitive 27. Building Awareness on Intellectual

Property Rights 28. International Cooperation 29. Marketing Assistance Scheme

30. Procurement and Marketing Support Scheme

31. Assistance to Training Institutions 32. Micro & Small Enterprises Cluster

Development

• What are other Benefits?

Benefits offered by MSME Ministry: Apart from above schemes, MSMEs are eligible to avail following schemes:

SAMADHAAN:

o The Micro, Small and Medium Enterprise

Development (MSMED) Act, 2006 contains provisions of Delayed Payment to Micro and Small Enterprise (MSEs). (Section 15- 24). State Governments to establish Micro and Small Enterprise Facilitation Council (MSEFC) for settlement of disputes on getting references/filing on Delayed payments. (Section 20 and 21)

o MSEFC of the State after examining the case filed by MSE unit will issue directions to the buyer unit for payment of due amount along with interest as per the provisions under the MSMED Act 2006.

o The buyer is liable to pay compound interest with the monthly rests to the supplier on the amount at the three times of the bank rate notified by RBI in case he does not make payment to the supplier for his supplies of goods or services within 45 days of the acceptance of the goods/service rendered. (Section 16)

o Every reference made to MSEFC shall be decided within a period of ninety days from the date of making such a reference as per provisions laid in the Act.


o If the Appellant (not being the supplier) wants to file an appeal, no application for setting aside any decree or award by the MSEFC shall be entertained by any court unless the appellant (not being supplier) has deposited with it, the 75% of the award amount. (Section 19)

o For filing online application by the supplier MSE unit against the buyer of goods/services before the concerned MSEFC of his/her State/UT.

o These will be viewed by MSEFC Council for their actions.

o These will be also visible to Concerned Central Ministries, Departments, CPSEs, State Government, etc. for pro-active actions

SAMBANDH:

• The Public Procurement Policy for Micro and Small Enterprises (MSME) order 2012 has mandated Every Central Ministry/Department/PSU shall set an annual goal for procurement from the MSE sector at the beginning of the year, with the objective of achieving an overall procurement goal of minimum 25 per cent of the total annual purchases from the products or services produced or rendered by MSMEs. Out of 25% target of annual procurement from MSMEs.

SAMPARK On SAMPARK Portal, recruiters can do candidate search and for contacting candidate, recruiter is required to register.

• Recruiters may approach contact centre for their job postings without self-registration and necessary assistance will be provided in registration and job posting

• Recruiters can do a candidate search without registration also, however to contact the candidate registration is must.

• One has to register in the portal with basic minimal information and need to update profile post registration which will help the candidate to have better reach to recruiters.

• Candidate need to provide name, institute name & date of birth for registration.

• Candidates with incorrect credentials / data feeding would not be allowed to further register themselves on the portal and access will be denied.

• Candidates may carry out job search without registration, however, cannot contact the employer without registration in portal.

Benefits offered to MSME by RBI: • Priority Sector Lending for MSME –

MSME are considered in priority sector and there is a reduction in rate to the extent of 1%. Priority sector lending include only those sectors as part of the priority sector, that impact large sections of the population, the weaker sections and the sectors which are employment-intensive such as agriculture, and Micro and Small enterprises. Detailed guidelines on Priority sector lending are available in our Master Direction on Priority sector lending no.

https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10497







FIDD.CO.Plan.1/04.09.01/2016-17 dated July 7, 2016

• Interest Subvention Scheme – Govt of India provides interest subvention @2% for manufacturing goods falling under specified custom tariff heading.

• Trade Receivables Discounting System (TReDS)

✓ It is an electronic platform that

allows auctioning of trade

receivable. The process is also

commonly known as ‘bills

discounting’, a financier (typically

a bank) buying a bill (trade

receivable) from a seller of goods

before it’s due or before the buyer

credits the value of the bill. In

other words, a seller gets credit

against a bill which is due to him at

a later date. The discount is the

interest paid to the financier.

✓ TReDSis a digital platform for

MSMEs to auction their trade

receivables at competitive rates

through online bidding by

Financiers

✓ The objective is to address the

critical needs of MSMEs

o Promptly finance trade

receivables

o Financing trade receivables

based on Buyers credit rating

✓ Settlement

o Settlement through NACH supports many-to-many situation

o Reversal of unsettled transactions handled automatically and resolves issues related to reconciliation of payments

• Liberalized Provisioning and Debt Restructuring The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals / third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral - free credit facilities, failing to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender up to 85 per cent of the outstanding amount in default. The CGTMSE would provide cover for credit facility up to Rs. 200 lakh which have been extended by lending institutions without any collateral security and /or third party guarantees. A guarantee and annual service fee is charged by the CGTMSE to avail of the guarantee cover. For more details you may visit www.cgtmse.in.





http://www.cgtmse.in/

http://www.cgtmse.in/


A viable/potentially viable unit may apply for a debt restructuring if it shows early stage of sickness. In such cases the banks may consider to reschedule the debt for repayment, consider additional funds etc. A debt restructuring mechanism for units in MSME sector has been formulated and advised to all commercial banks. The detailed guidelines have been issued to ensure restructuring of debt of all eligible small and medium enterprises. Prudential guidelines on restructuring of advances have also been issued which harmonises the prudential norms over all categories of debt restructuring mechanisms (other than those restructured on account of natural calamities). The relevant circulars in this regard are circular DBOD.BP.BC.No.34/21.04.132/2005-06 dated September 8, 2005 and circular DBOD.No.BP.BC.37/21.04.132/2008-09 dated August 27, 2008 which are available on our website www.rbi.org.in.

• Bank’s lending to the Micro ,Small and Medium enterprises as under is eligible to be reckoned for priority sector advances: MSMEs engaged in the manufacture or production of goods to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951 and as notified by the Government from time to time is reckoned for priority sector advances. MSMEs engaged in providing or rendering of services and defined in terms of investment in equipment under MSMED Act, 2006.

Detailed guidelines on lending to the Micro, Small and Medium enterprises sector are available in our Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017. The instructions issued by RBI, to banks, on various matters are available on our website www.rbi.org.in. As part of the financial sector liberalisation, all credit related matters of banks including charging of interest have been deregulated by RBI and are governed by the banks' own lending policies. With a view to improve transparency in the methodology followed by banks for determining interest rates on advances and the efficiency of monetary policy transmission, from April 1, 2016, banks are required to sanction all their advances with reference to the Marginal cost of fund based lending rates (MCLR). In no case the interest rates on advances shall fall below MCLR. However, loans sanctioned under the Base rate/BPLR regime shall continue till the maturity or renewal. Banks shall have to provide an option to the customers to switch to the MCLR from Base rate/BPLR and this should not be treated as a foreclosure of existing facility. In terms of our circular RPCD.SME&NFS.BC.No.79/06.02.31/2009-10 dated May 6, 2010, banks are mandated not to accept collateral security in the case of loans up to Rs 10 lakh extended to units in the MSE sector. Further, in terms of our circular RPCD/PLNFS/BC.No.39/06.02.80/2002-04 dated November 3, 2003, banks may, on

http://www.rbi.org.in/

http://www.rbi.org.in/













https://www.rbi.org.in/

https://www.rbi.org.in/


the basis of good track record and financial position of MSE units, increase the limit of dispensation of collateral requirement for loans up to Rs.25 lakh with the approval of the appropriate authority.

• Ministry of Corporate Affairs (MCA):

Ministry of Corporate Affairs have made

mandatory to report in MSME FORM-I of the payment not made within 45 days to MSME and also made mandatory to provide a declaration in the Audited Financial Statement and Annual Report.

Further, there is a separate Fast Track Procedure for exit scheme pertaining to closure of company.

• Ministry of Finance (MoF):

Declaration of Atmanirbhar Package:

1. CHANGE IN ELIGIBILITY CRITERIA OF MSME

2. RS. 3 LAKH CRORES COLLATERAL -FREE AUTOMATIC LOANS FOR BUSINESS, MSMEs

• An emergency credit line has been allowed to business/MSMEs from banks and NBFCs up to 20% of their entire outstanding credit as on 29.2.2020

• Eligibility: Borrowers having outstanding up to Rs. 25 Crores and turnover of Rs. 100 crores are eligible to take benefit.

• Tenure: The tenure of the loan would be 4 years with moratorium

of 12 months on Principal repayment.

• Interest: Interest to be capped

• 100% credit guarantee: There will be 100% credit guarantee cover to Banks and NBFCs on principal and interest.

• Validity: This scheme can be availed till Oct 31, 2020

• No fresh collateral: It has been clearly specified that there would not be any guarantee fee or fresh collateral requirement for availing benefit under the scheme.

3. RS. 20,000 CRORES SUBORDINATE DEBT FOR STRESSED MSMEs

With a view to aid the functioning MSMEs that are NPA or are stressed, the Govt. has proposed provision of Rs. 20,000 crores as subordinate debt. Under the scheme promoters of the MSME will be given debt by banks which will then be infused by promoter as equity in the unit. The CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES (CGFTMSE) will provide partial Credit Guarantee support to banks.

4. RS.50,000 CRORES EQUITY INFUSION FOR MSMES THROUGH FUNDS OF FUNDS

The Govt. has proposed to set up Funds of Funds (FoF) with corpus of Rs. 10,000 that would provide equity funds for MSMEs with growth potential and viability. The FoF will be operated though Mother Fund and few Daughter funds. The fund structure will help leverage Rs. 50,000 cr. of funds at daughter funds level. This step


would help to expand MSME size as well as capacity and will also encourage listing of MSMEs on main board of stock exchanges.

5. GOVT. EXPANDS SCOPE FOR GLOBAL TENDERS FOR MSMEs In order to protect the MSMEs from unfair competition from foreign companies, the Govt. has decided to take a major step towards Self-reliant India by disallowing Government procurement tenders up 200 crores for foreign Companies, this step would give major boost to medium enterprises in India which faces tough competition at hands of foreign players.

6. OTHER MEASURES FOR MSMES In order to curb the marketing and liquidity problems, Govt. aims to promote e- market linkage for MSMEs which would act as a replacement for trade fairs and exhibitions. The Finance Minister also made major announcement that MSMEs receivable from Govt. and CPSEs shall be released in 45 days.

7. EMPLOYEES PROVIDENT FUND (EPF) SUPPORT FOR BUSINESS AND WORKERS In order to increase take away salary for the employee, and to support businesses, the Govt. had proposed under the Pradhan Mantri Garib Kalyan Package (PMGKP), a payment of 12% of employer and 12% of employee contribution was made into eligible EPF accounts for month of Mar, Apr, and May now this has been proposed to further extend for next three months of Jun, July and August for wage

earner below Rs. 15000 p.m. and business having less than 100 workers.

8. REDUCTION IN EPF CONTRIBUTION FOR NEXT 3 MONTHS

9. The Statutory PF contribution for both employee and Employer has been reduced from 12% to 10% for all establishments covered by EPFO. For Govt. undertaking the contribution shall remain at 12%.

10. SPECIAL LIQUIDITY SCHEME FOR NBFCS, HOUSING FINANCE COS. AND MICRO FINANCE INSTITUTIONS

11. RS 1,500 CRORES INTEREST SUBVENTION FOR MUDRA – SHISHU LOANS

Government of India will provide Interest Subvention of 2% for prompt payees for a period of 12 months.

Tax Related Benefits:

➢ Direct Tax–Income Tax: Filing Relaxations:

• Due date for filing belated and revised return of income for financial year (FY) 2018-19 relevant to AY 2019-20, extended from 31 March 2020 to 30 June 2020.

• Due date of issue of notice, intimation, notification, approval order, sanction order, filing of


appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer, where the time limit is expiring between 20th March 2020 to 29th June 2020, shall be extended to 30th June 2020.

• Linking of Aadhar and PAN - Extension has been granted for linking of Aadhaar with PAN from 31st March 2020 to 30th June 2020.

➢ Direct Tax – Income Tax: Deferral for Tax

Payment:

Reduced interest rate from 1% per month to 0.75% if paid till 30th June 2020 in following cases, Advance tax (section 234B / 234C of the Income-tax Act),

➢ Self-assessment tax (Section 234A of the ITA),

➢ Regular tax (Section 220(2) of the ITA), ➢ TCS (Section 206C of the ITA), ➢ Equalisation levy (Section 170 of the

Finance Act (FA) 2016), ➢ Securities Transaction Tax (STT)

(section 104 of the Finance (No.2) Act 2004),

➢ Commodities Transaction Tax (CTT) (section 123 of the FA 2013)

Reduced interest rate from 1.5% per month to 0.75% if paid till 30th June 2020 in following cases,

• Tax Deducted at Source (TDS)

• Vivad se Vishwas – 100% taxpayment due date has been extended from 31st March 2020 to 30th June 2020. (Tax payment equal to 110% was required to be paid under the scheme is paid after 31st March 2020)

• Guidelines issued for faster refund process

➢ Indirect Taxes: GST: Filing / Procedural

Relaxations

• Due date of filing annual return in Form GSTR-9 & GSTR-9C for the FY 2018-19 has been extended till 30 June 2020 from 31st March 2020. (Notification no. 15/2020 – Central Tax dated 23 March 2020)

• Due date of issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer, where the time limit is expiring between 20th March 2020 to 29th June 2020, shall be extended to 30th June 2020. (Notification No. 35/2020 Central Tax dated 03.04.2020)

• No late fees for delayed filing of GSTR-1. - for the months of Mar-20, Apr-20 and May-20, and for the quarter ending 31st March, 2020 if filed before 30th June 2020. (Notification No. 33/2020-Central Tax Dated 03.04.2020)Contributes 8% of GDP

• LUT for exports for the year 2020-21 can be filed by 30th June 2020. Old LUT reference can be mentioned till that


time. (Ntf No. 35/2020 Central Tax dated 03.04.2020 and Circular No 137 dated 13.04.2020)

• Special Refund Disposal Drive for faster refund disbursal.

• Temporary Relaxation for reconciliation of input invoices – Operation of Rule 36 (4) has been suspended for the period February, March, April, May, June, July and August 2020. It will be cumulatively applied in the month of September 2020. (Notification No. 30/2020 – Central Tax)

• Validity of E-way bills expiring have been extended during lockdown period.

Deferral for Tax Payment

➢ Indirect Tax – Customs :

Filing / Procedural Relaxations

• At present MSME are going through critical time:

• Due date of issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer, where the time limit is expiring between 20th March 2020 to 29th June 2020, shall be extended to 30th June 2020.

• No late fees for delay in filing of Bill of Entries pertain to IGMs filed on or after 20th March 2020, for the time being and till further orders. (Notification No. 33/2020-Central Tax Dated 03.04.2020)


• Relaxation of the requirement to submit bonds prescribed under section 18, section 59 and section 143, and under notifications issued in terms of section 25 of the Customs Act, 1962, subject to compliance of conditions. (Circular No. 17/2020 – Customs Dated 03.04.2020).

Exports

• Custom Department will be work 24X7. • Exports of specific medicines / Masks /

Ventilators prohibited. • Special Refund and Drawback Disposal

Drive.

➢ Ministry of Commerce:

Ministry of Commerce have already given the relaxation to all exporters including MSME. The brief summary is given below:

• Foreign Trade Policy (FTP):

Filing / Procedural Relaxations:

• Extension of Foreign Trade Policy (15-20) up to 31st March 2021.

• MEIS to be continued up to 31st December 2020.

• Remission of Duties and Taxes on Exported Products (RoDTEP) will be notified separately.

• The last date for filing of MEIS Application is 12 Months from the LEO Date. However, for S/Bills where LEO date falls during period 01.02.2019 to 31.05.2019 the MEIS application will be allowed to be filed in a period of 15 Months instead of 12 Months. (Public Notice No. 67/2015-20 Dt. 31.03.2020).

• SEIS has to be filed within 12 Months from the end of the Financial Year. For FY 2018-19 the last date was 31.03.2020. It has been extended to 31.12.2020. (Public Notice No. 67/2015-20 Dt. 31.03.2020)

• Validity for Status Holder Certificate which were to expire on 31.03.2020 will now be valid up to 31.03.2021. (Public Notice No. 67/2015-20 Dt. 31.03.2020)

Advance Authorisation

• IGST & Compensation cess exemption extended to 31st March 2021.

• The Validity of the Ad-hoc Norms has been extended up to 31st March 2021 from 31.03.2020.

• The validity for Import for all Authorizations expiring between 01.02.2020 and 31.07.2020 by SIX MONTHS from the date of expiry. No separate permission / amendment required.

EPCG

• IGST & Compensation cess exemption extended to 31st March 2021.

• The validity for Import for all Authorizations expiring between 01.02.2020 and 31.07.2020 by SIX MONTHS from the date of expiry. No separate permission / amendment required.

• Certificate of Installation of Capital Goods – where the six months period expires during 01.02.2020 to 31.07.2020, the period for submission of Installation Certificate is extended by further 6 Months from the Original Due Date.

• Extension of the Export Obligation period,


• Block-wise fulfilment of EO extended for six months if expiring between 01.02.2020 to 31.07.2020

• Extension of Export obligation period by six months if expiring between 01.02.2020 to 31.07.2020

Special Provision in Insolvency & Bankruptcy ➢ Existing limit of filing the case before NCLT

for financial creditors and operational creditors has been extended from 1 Rs. Lac to Rs. 1 Cr.The Export Obligation period of all the Authorisation expiring between 01.02.2020 and 31.07.2020 by SIX MONTHS from the date of expiry. No separate permission / amendment required. Further, lot of amendments are proposed in Insolvency & Bankruptcy Code 2016.

➢ State Government:

State Govt is also provides following benefits to the MSME. However, each state govt have different policies:

➢ Stamp Duty Benefits ➢ Concession in Electricity Bills ➢ Exemptions and Cluster Approach

➢ Revival / Survival Policy :

Though, there are above benefits given by the central government to the MSME, these will not be sufficient for the revival / survival of MSME. We strongly recommend the Central Government to consider additional benefits / financial package by way of subsidy for sustainability of MSME, which is the backbone of Indian Economy. Indian

Economy has to survive / grow then survival/ revival of MSME is must and hence it is recommend to give following relaxations :

• Reimbursement of fixed cost of MSME or double weighted deduction

• Pumping of money in Economy • Reduction of electricity bill and fixed

demand charge • Wage Subsidy • Interest Subsidy • No interest on delayed payment of

taxation • Bank financing and working capital

financing at less than 5% interest • Speedy payment of pending refunds • Soft attitude and helping attitudes of

bureaucrats - Compliance can be done later. Let us concentrate on growing business.

Direct Tax / Income Tax :

• Reduction in tax rates for Individuals – Salaried, Self employed, business.

• SMEs – Reduction in tax rates • Industry based tax cuts for the

industries which are hit hard due to Covid-19.

• Tax Exemption to healthcare professionals, police and other frontline warriers.

• Extension of sun-set clause for SEZ Units to boost cluster development.

• Tax incentives for industries manufacturing Covid-19 relief material to boost further investment.

• Weighted deduction of expenses incurred by companies on Covid-19 relief work.


• Weighted deduction for salaries / wages or fixed cost incurred during the Covid-19 pandemic (6 months period).

Indirect Tax :

• Lowering in tax rates for essential goods like Masks / Sanitizers and other relief material.

• Review of 28% GST Rate list with objective to lower tax to boost the demand and move economy northward.

• GSTR-2A reconciliation to be suspended / removed.

• Easy and Faster Refund – removing the recent mandates which adds to the burden of the exporter.

• Exemption for custom duty for relief material required for Covid-19.

• Extension of AEO certificate validity. • Creating supporting environment

instead of coercive environment for non-compliances.

• Funding to exporters at lower interest rate of 2-3% (pre-shipment packing credit etc)

Foreign Trade Policy :

• New scheme to attract new investment in India from possible shift of business from China.

• Creating / supporting cluster developments in line with China’s set-up.

• Extension of SEIS Scheme for service exporters for further period of 1 year.

• Increase the export obligation period for all authorization open by one year / 6 months.

• Funding to exporter at lower interest rates 2-3% to tide over this situation.

• Granting relaxation of realization of export proceeds for granting MEIS benefit. Later on the Government may take negative statement from exporter like taken in DBK.

It is the duty of professionals & other stake holders to help MSME for revival and survival of MSME.

Thank You. CMA Ashok Nawal


A land inhabited by a virtually bankrupt government weighed down by the pandemic, businesses trying to chase the ever-elusive profits and hapless people in search of a purpose. In this scenario visualise for a moment the plight of the hitherto profitable professions in the era just gone by, that of the priest and the prostitute, struggling to survive tells you the extent of the economic distress. Welcome to the afterlife post lockdown. It is rare, if at all, that one starts planning about one’s life after death (almost). Covid-19, the pandemic has changed everything so profoundly in a matter of days. The only thing that is certain now is the uncertainty of life consequent to the pandemic. Whatever skills that the human race has developed over generations now seem to be of limited value for our lives post lockdown. Our knowledge, no doubt, will come in handy but the competencies that are required to navigate our lives in a changed new world would be quite different. The first task before us is to reconcile ourselves to the fact that our lives are about to change even when the physical surroundings remain the same as before. A new order in the old world! We know instinctively that our lives are about to change. And you also know that you are

COMPETENCIES FOR THE AFTERLIFE

What You Need to Lead in the Post Lockdown World

not ready or prepared to face the new unfamiliar world, for you have only a vague idea about how the new world would be like. We are intelligent enough to know that the new world would be a different place; but we do not know exactly in what respect. This article is on what competencies that we need while dealing with a new normal. We are good at analysing data, interpreting the consequences of our analyses and react to the requirements based on our past experiences. We do this all the time every day to take important decisions. But then, how would we take decisions without the comfort the data provides to take decisions in the as yet unknown world? You may yet survive in the new world. But to thrive in this new world you need different skillsets. That comes from a different space and not from your conventional intelligence known as IQ. IQ helps you build your knowledge base by analyising and interpreting data and arriving at logical conclusions without which you cannot pass examinations and succeed in careers. There is enough evidence to suggest that higher IQ alone is not a predictor of success. Examples of the most intelligent people not being the most successful ones in their professions and lives are legion. The X-factor that makes people succeed more often than not comes from another space called EQ


(Emotional Quotient). In economics there is this famous saying “money is what money does” meaning thereby that money is a means to an end and is not an end in itself. So is the case with intelligence. Intelligence helps you develop certain abilities. For example, IQ helps you in logical thinking. Emotional Intelligence gives entirely different sets of abilities to manage relations in the real world. This Intelligence helps you develop certain competencies that are critical for your success in life. If IQ is all about capabilities, EQ is all about ‘capabilities’. Mind you, there is no such word as capability in the Dictionary; but I am sure you get the meaning of what it is all about. These competencies developed out of EQ are the ones that will be much more in demand in the post Covid world. Charles Darwin said famously: “It is not the strongest of the species that survives, but rather, that which is most adaptable to change”. But then, which university teaches you “adaptability” though it is the most important skill that you will need to survive? These are competencies that are developed out of Emotional Intelligence by individuals. In the afterlife post lockdown these competencies would determine your success and not your intelligence the way we have been led to believe. There are a number of competencies that are particularly relevant for the new world each as important as the other. I have tried to capture those that in my opinion are critical in the afterlife. That is not to say that other competencies are not important. I have gone by the principle of relevance here. Given below are those competencies, listed not in any particular order of importance. 1. Self-Assessment: Correctly stated it should be

called realistic self-assessment. No improvement takes place without a critical and honest self-assessment. This is like the starting block for an athlete doing a sprint. This competency should give you a means to assess your current situation realistically and objectively to tell you where you stand at the moment in time in order to prepare yourself

to face the challenges that awaits you. A realistic assessment of one’s business prospects is called for, keeping in mind that all businesses that existed before the lockdown may not be able to survive. Leadership alert - Be objective to a fault when it comes to appraising your business decisions.

2. Resilience: In my opinion this is one of the most important competences in our lives, particularly in our professional lives. Whenever I have got up after falling down, all along I have thanked God for his kindness in helping me get back on my feet. Believe me, there have been a number of occasions when I had fallen. Looking back, today I realise that I should have thanked God for giving me the competence of resilience and not just for helping me get up whenever I had fallen. No one can give you a guarantee that you will not fail and fall occasionally in your journey of life. But you can guarantee that even a champion athlete would fall and fail. The key to success is how soon you get up when you fall and pick up the pieces and resume your journey. In the new world post Covid about which you know so little you are bound to make mistakes, even grave ones, but what would matter is how quickly you bounce back. Leadership alert - Encourage your employees to take risks and partake in the process of their resurrection.

3. Optimism: Success is crafted either by optimists or it just happens. Only an optimist can hope to succeed in an uncertain world with little to hold on to except his or her belief. Only an optimist has the ability to negotiate and the willingness to roll with the punches. An optimist sees an opportunity in any problem; a pessimist sees a problem in every solution. Unless you are an optimist you will not be able to wade into a world fraught with uncertainties as the post Covid world is going to be. The good news is that Optimism is something that can be learnt. Martin Seligman, the renowned author on the subject


shows you how, in his bestselling book “Learned Optimism”. Leadership alert - Be a messenger of hope among the doom and gloom.

4. Adaptability: We are used to certain level of uncertainties especially in our professional lives. That will be nothing compared to what we would witness tomorrow. The nature of work is all set to change in the new world. This will call for an enormous amount of flexibility, nimbleness and above all a capacity to live with ambiguities that the new paradigm would offer. Gone are the days of stability associated with predictability. A manager will now be required to adapt himself to changes in a constantly evolving environment. Be prepared to accept changes and be prepared to juggle multiple demands. Stay focused on your goal but also be prepared to shift the goal post if the situation so demands. Leadership alert – Go ahead and change what you can, if the situation demands.

5. Empathy: All those who are fortunate enough to transit to the post Covid era would be battered not only economically but also emotionally. At work associates, employees, suppliers, customers, et al would need so much emotional support that only a genuinely empathetic leader can provide. It is easy to show compassion, extend sympathies but it is another matter to step into another person’s shoes and feel his pain. This is one competency that very few people understand, and fewer still genuinely bring to bear. In a totally devastated world after the pandemic with people looking for emotional support and understanding, leaders will have to go out of their way to extend a helping hand. Listen to others, attune your position and try to understand the other person’s perspectives. A leader without empathy is like a human being with a defective soul. Leadership alert –

Genuinely help the employees to deal with their anxieties and pains.

6. Inspirational Leadership: Embody what you expect from others. Ability to motivate others is a priceless talent. Leaders who want to inspire others around them have to focus on things larger than their own personal success. Be a leader that others want to follow out of their own free will and choice. Over time others follow the leader for fulfilment of their own personal satisfaction. An inspirational leader can change the behavioural signature of an organisation. Inspiring leadership acts as the catalyst that help release employees’ discretionary energy. Individual talents can win games; but you need an inspiring leader to motivate the team to win championships. Leadership alert - Lead by example.

By no means the above list of competencies are neither exhaustive nor are they mutually exclusive. This is a rough and ready toolkit of skillsets that a corporate leader needs going forward. These competencies should stand any leader in good stead when he (or she) transits to a new world. Old ways of doing business that have got us here not only may not work in the future, but they could also become stumbling blocks to our progress. While shortlisting the competencies that a leader would need in the afterlife I was also guided by two factors. People in general including the employees are likely to be more irreverent to authority at an organisational level having been subjected to a life and death threat caused by the pandemic. That will mean that our familiar feudal approach to dealing with people in an organisation is unlikely to work going forward. The successful corporate leaders would be genuine folk heroes for all those who deal with them. Who knows this pandemic may end up weeding out the pretenders and throwing up really competent leaders in their place. Thank you Venkat R Venkitachalam


Special economic zones (SEZ) in India are a

popular investment destination for many

multinationals, particularly exporters. SEZs in

India are areas that offer incentives to resident

businesses. SEZs typically offer competitive

infrastructure, duty free exports, tax incentives,

and other measures designed to make it easier to

conduct business. Some incentives for setting up

a SEZ in India include:

➢ Duty free import and domestic procurement

of goods for the development, operation, and

maintenance;

➢ 100 percent income tax exemption on export

income for first five years, 50 percent for five

years thereafter, and 50 percent of the

export profit reinvested in the business for

the next five years;

➢ Exemption from the goods and services tax

(GST) and levies imposed by state

government (supplies to SEZs are zero rated

under the IGST Act, 2017, meaning they are

not taxed);

➢ Single window clearances for all state and

federal government approvals;

Sunset date for claiming

Income Tax exemption for SEZs

“Time to further extend the sunset date mentioned under Section 10AA of the Income Tax Act, 1961 considering difficulties faced by SEZ Units to commence the production due to restriction placed for controlling pandemic Covid-19”

➢ Exemption in electricity duty and tax on sale

of electricity by certain states in India;

➢ Presence of customs officer in the SEZs to

facilitate and expedite the trade processes;

and

➢ Some states also offer land to SEZ developers

at concessional rates to promote industries in

accordance with the state’s prevailing

Industrial Policy.

Sun set clause for Income Tax Exemption

As mentioned above, the SEZ Units enjoys the

income tax exemption under Section 10AA of the

Income Tax Act, 1961. According to Section 10AA

of the Income Tax Act, units in SEZs get a phased

tax-holiday for a period of 15 years. The benefit is

available to only those units that start operations

before Jun 30,2020. The clause promises 100 per

cent Income Tax exemption on export income for

SEZ units under Section 10AA of the Income Tax

Act for first 5 years, 50 per cent for next 5 years

thereafter and 50 per cent of the ploughed back

export profit for next 5 years.


This section has sun set clause, which states that

Units which commences the commercial

production on or before 31st March 2020 will be

entitled for the income tax exemptions. In other

words, any unit which commence commercial

productions / manufacturing will not be entitled

for the income tax exemption under Section 10AA

of the Income Tax Act, 1961.

Considering the current unprecedented situation

arisen due to Covid-19 and pan India lockdown

announced by the Central Government, the sun

set date was extended from 31st March 2020 to

30th June 2020 vide ordinance passed by the

Central Government (Taxation and other laws

(Relaxation of certain provisions) Ordinance,

2020). The extension of the sunset date from 31st

March 2020 to 30th June 2020 considering in mind

hardship expected to be faced by the industry.

The date was extended to 30th June 2020

considering the initial period of lockdown,

however currently the country wise lockdown has

been extended with limited opening up till 30th

June 2020. Further, every state has power to

restrict the movement of the people and

operations as per the situation in the state.

Considering the sun set clause many companies

accelerating either the setting up or expansion of

their plans to meet the cutoff date of Jun,30 2020

to be eligible for tax holiday as it is the direct tax

benefit. We would like to mention that still the

SEZ Units are still facing below issues which is

hampering start of commercial by revised sunset

date 30th June 2020.

a) Shortage of Manpower:

Post Covid-19 Lockdown, the manpower

started moving to their home cities from their

work cities. This was not just limited to intra

state movement but also lot of interstate

movement happened. Further, the full

manpower still cannot resume the work due

to limitation in movement of people from one

city to another. This has resulted in acute

shortage of manpower for full function of the

unit. Though the SEZ Units could function but

due to shortage of manpower, none of these

units could function with full capacity. The

shortage of manpower severely impacted the

project implementation timelines. Specially,

the new / upcoming units are facing

incalculable delays in starting production.

b) Restriction on movement of Foreign

Technicians in India

As part of measure to control Covid-19

pandemic, the Central Government banned

inward movement of foreign nationals. All the

visa issued were cancelled and the landing of

international flights was suspended. The

suspension of international flights continues

and expected to continue till 30th June 2020.

Though the suspension of international

travelers is need of hour, but it also had

unintended impact of movement of skilled

foreign technicians which is critical for

implementation of new projects wherein

there are imported machines. Again, this

impacted project timelines and delayed

starting of the project.

c) Restriction on domestic suppliers to supply

capital goods, raw material and other goods.

Any unit is dependent on the local sourcing of

the material. The “Unlock-1” has started from


1st June 2020 but still different states have

preferred to delay opening up of all the

establishments. This has resulted in impact on

local sourcing immensely. The local suppliers

are not working to its full extent owning to

multiple reasons some of them are mentioned

in this also. This impacted project timelines

and delayed starting of the project.

d) Shortage of funds during this period

It is well known fact that the lockdown has

resulted into shortage of funds as the

economy came to standstill. The RBI has taken

up various steps to ease out the liquidity issue

in the economy, but it would take some more

time to get hold of funds for capital

investments as the priority of the companies

will be first to manage working capital.

Restriction on fund flow certainly slowed

down the project implementation.

The current lockdown position is unprecedented,

it has impacted on basics on which economy /

industry runs. Due to the restrictions, the units are

still not able to function with full strength owning

to situations which are beyond their control.

Therefore, it is practically impossible for the SEZ

units to commence the production by 30th June

2020, the date set to claim Income Tax exemption

under Section 10AA of the Income Tax Act, 1961.

SEZs are the major source of foreign exchange for

India and the share of SEZ exports in India’s total

exports value has grown to around 30 per cent in

2018-19.

SEZ established in India have provide huge

investments, export potentials and employment

generation over the last periods. Considering the

pandemic situation, it is appreciable that the

Government authorities are continuously issuing

notifications/circulars to give some relief in SEZ

regulations, various measures to help exporters

deal with the slowdown and policy steps for

different sectors.

As far as direct tax benefit for SEZ units, any new

SEZ Unit commencing production after 30th June

2020 will be deprived of income tax benefits

owing to reasons beyond their control. The

extension given for period of 3 months is not

sufficient, due to extension lockdown period in

India.

Hence, entire SEZs eagerly waiting and appealing

to the Central government to extend the sunset

date from 30th June 2020 to 31st December 2020

for the SEZ Units which has obtained LOA before

31st March 2020. This will help the deserving SEZ

Units to claim income tax-holiday under Section

10 AA of the Income Tax Act, 1961. The extension

of the tax-free window to remain operational for

some time will help companies, battle the

downturn emerging from the latest global

pandemic and boost their operations in full swing

to earn foreign exchange and export orders which

is in line with “Atmanirbhar Bharat”.

Thank You.

CMA Amit Devdhe.


GST:

➢ GST - No Interest Recovery Without Show Cause Notice & Adjudication- Jharkhand HC

➢ The High Court of Delhi held that, Period of three years from the appointed date would be the maximum period for availing of transitional credit. [Brand Equity Treaties Limited vs. Union of India]

➢ High Court of Andhra Pradesh held that, Orders passed during lockdown without an opportunity for personal hearing violate Principles of Natural justice. [Walchandnagar Industries Limited vs. Commercial Tax Officer]

SERVICE TAX:

➢ Business Support Service - it is not necessary that only those support services which are identical or similar to the services under the inclusion clause will fall under such heading: CESTAT

➢ Incentive received by authorised dealer of vehicles, are in the form of trade discounts & hence do not attract levy of service tax: CESTAT

➢ Adjudicating authority or the appellate authority cannot go beyond the allegations contained in the show cause notice: CESTAT

➢ Proceeds from sale of books cannot be clubbed with provision of commercial training or coaching service, where separate invoices were issued for the books & solely because assessee earned 800% profit from sales thereof: CESTAT

➢ CENVAT - Input service credit cannot be denied solely on rationale that assessee exported all of it's output services & so did not pay service tax: CESTAT

➢ Assessee could not establish any nexus between availment of Club Membership fee and its output service of Renting of Immovable Property - hence CENVAT credit on such service is rightly disallowed: CESTAT

➢ CENVAT credit on convention service is allowed if availed to impart training to employees in designing & installing automatic sprinkler systems: CESTAT

➢ Duty demand confirmed beyond normal period of limitation is not tenable if no mala fide suppression or mis-statement of facts with intent to evade payment of duty is made out: CESTAT


CENTRAL EXCISE:

➢ Valuation - Physician samples manufactured by appellant on job work basis is to be valued in terms of rule 8 of Valuation Rules, 2000 and not rule 4: CESTAT

➢ CENVAT credit is allowed on angles, channels & plates as long as these have not been used as support structures for capital goods or for laying of foundation.

➢ Interest on pre-deposit amount can be allowed only from date beyond period of three months from date of receipt of such order by Department & not from date of pre-deposit.

➢ Without investigation at end of actual recipients, allegation of availing credit by assessee only on basis of invoice without actual receipt of goods, is not sustainable.

GENERAL LAWS:

➢ Contract Act - Frustration of Contract under section 56 of Contract Act not applicable to lease agreement and other similarly situated contracts which are ̀ executed contracts' and not `executory contracts'. (Delhi)

➢ Family Law-Wherever Family Court is established in such cities jurisdiction shall vest in Family Court - Under Section 7 such jurisdiction over the matters would be irrespective of the law by which the marriage of the couple was governed. (Bombay)

➢ The Supreme Court observed that, “Patent illegality” A ground available to set aside domestic arbitral awards made after 2015 Amendment. [Patel Engineering Ltd vs. North Easter Electric Power Corporation Ltd]

➢ The Supreme Court observed that, unfair disposition or unjust exclusion of legal heirs in A WILL can be regarded as a suspicious circumstance. [Kavita Kanwar vs Pamela Mehta & Ors]

➢ The Supreme Court held that, in Accident Compensation-Income to be assessed based on employees’ s entitlement without deduction of allowance. [Triveni Kodkany and others vs Air India Ltd]

*******


DID YOU MISS THIS...!!

➢ Fiscal deficit widens to 4.6% of GDP in 2019-20

➢ 'Indian foreign policy well-placed to handle prevailing and future challenges

➢ Bankruptcy resolution: In IBC, liquidation an overwhelming outcome rather than revival

➢ 32.6% fall in first year premium income of life insurers

➢ SEBI eases compliance norms on consolidated results for banks, insurers

➢ E-commerce transactions grow up to 25% in second week of May

➢ India facing its worst recession in current fiscal, says Crisil

➢ India’s fish export likely to fall 5-10 pc in FY20 due to COVID-19 crisis: Govt

➢ As edible oils pact with Malaysia, Indonesia ends, India should now hike import duties: SEA

➢ SEBI imposes Rs 28 lakh fine on 14 individuals for fraudulent share trading

➢ The Reserve Bank of India (RBI) extended the moratorium on loan EMIs by three months i.e., till August 31,

2020

➢ CBDT: Rs 26,242 crore of I-T refunds released till May 21 this fiscal

➢ GST hike on non-essential items unlikely despite falling revenues

➢ FM Nirmala Sitharaman: Measures being taken to clear dues of MSMEs

➢ Nirmala Sitharaman announces collateral-free loans for MSMEs worth Rs 3 lakh crore

➢ CBIC clears Rs 11,052 cr GST refund claims since April 8

➢ Alert! Digital payments fraud shoots up as consumers prefer UPI, cards; cases rise this much in a month.

Important News for you


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