Tax & Regulatory Updates: September- 2019
Direct Tax Updates
Enhancement of Monetary limits for filing of appeals before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court - Amendment to Circular 3 of 2018
In Circular No. 17/2019 dated 8th August 2019, CBDT has clarified regarding monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court.
Generation /Allotment/Quoting of Document Identification Number in Notice/Order/Summons/ letter/correspondence issued by the Income-tax Department
In Circular No. 19/2019 dated 14th August 2019, CBDT has clarified regarding no communication shall be issued by any income tax authority relating to assessment, appeals, orders, statutory, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person, on or after the 1st day of October, 2019 unless a computer-generated Document Identification Number (DIN) has been allotted and is duly quoted in the body of such communication.
Indirect Tax Updates
Extension in the due date for filing of Annual return / Reconciliation Statement for the Financial year 2017-18
In this Order No. 7/2019-GST dated 26th August 2019,CBIC has clarified that for the purpose of furnishing of the annual return electronically for every financial year certain technical problems are being faced by the taxpayers. Therefore, in exercise of the powers the Central Government, on recommendations of the Council, extended the due date for filing of Annual return / Reconciliation Statement for the Financial year 2017-18 in FORMs GSTR-9, GSTR-9A and GSTR-9C to 30th November, 2019.
Requirement to furnish declaration in FORM ITC-04
In this Notification No.38/2019-GST dated 31st August 2019, CBIC has notified the registered persons required to furnish the details of challans in FORM ITC-04, as the class of registered persons who shall follow the special procedure such that the said persons shall not be required to furnish FORM ITC-04 for the period July, 2017 to March, 2019.
FEMA Updates
FEMA UPDATE: Cabinet approves proposal for Review of Foreign Direct Investment ('FDI') policy on various sectors
On August 28th 2019, the Union Cabinet chaired by the Prime Minister Shri. Narendra Modi approved proposal for review of the current Foreign Direct Investment (“FDI”) policy on various sectors. The changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment and growth. These amendments to the FDI Policy are meant to liberalize and simplify the FDI policy to provide ease of doing business in the country, leading to larger FDI inflows and thereby contributing to growth of investment, income and employment.