The Central Board of Indirect Taxes and Customs has issued a notification

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Taxes

The Central Board of Indirect Taxes and Customs has issued a notification

 To waive off the late fee payable for failure to furnish the return in Form GSTR-4 and Form GSTR-10.

Summary: The Board has waived the amount of late fee payable under Section 47 of the Act which is in excess of two hundred and fifty rupees, for the registered persons who fail to furnish the return in FORM GSTR-10 by the due date but furnishes the said return between the period from 22nd day of September, 2020 to 31st day of December, 2020. 

Under Section 47 of the CGST Act, any registered for popular women in the world are being as entrepreneurs  person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 for every day during which such failure continues. Such a fee is subject to a maximum amount of Rs 5,000. Further, the person who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to March, 2020 by the due date but furnishes the return between the period from 22nd day of September, 2020 to 31st day of October, 2020 the payment is waived off.

News Headline : 1

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the SEBI has issued a circular for the alternate risk management framework applicable in case of near zero and negative prices

 

Summary Recently, globally the economy has hit the zero and the negative mark, which is why the Board decided to enable risk management framework and constituted a task force of clearing corporations and market participants so that the review of the risk management can take place. The SEBI has decided that Alternate risk management shall be applicable to all those commodities that have nature of having zero or negative prices.

 Further, the commodities shall be considered as prone to zero or negative prices, if all the commodities that need to be stored in physical markets and if the proper storage space is not provided shall be susceptible to causing environmental hazards or external implications and all then commodities that cannot be destroyed or disposed off easily i.e. their disposal may cause environmental damage or other such hazards. These Alternate Risk Management Guidelines shall be implemented within 60 days of the issue of such circular.

News Headline : 2

 Parliament on Tuesday passed a bill to further amend the Companies Act and decriminalize various compoundable offences as well as promote ease of doing business in the country.

 

The Companies (Amendment) Bill, 2020 was passed by a voice vote in Rajya Sabha, amid several opposition MPs boycotting the proceedings of the House to protest suspension of eight members. The Lok Sabha had given its approval to the bill on September 19.

 

  1. Reduction in penalties for certain offences as well as in timeline for rights issues, relaxation in CSR compliance requirements and creation of separate benches at the National Company Law Appellate Tribunal (NCLAT) are also among the proposed changes.
  2. Around 48 sections of the Companies Act, 2013 are being amended to decriminalise various offences.
  3. Sitharaman said there are currently around 124 penal provisions compared to 134 in 2013 under the Companies Act.

News Heading: 3

MSME ministry asks corporates to clear dues of small units on priority 

The MSME ministry has asked corporates to clear the pending dues of small and medium enterprises on priority as these payments are important for operations and sustenance of jobs in the sector.  

The ministry has directly taken up the issue with the top 500 corporate groups of the country and has written e-letters to the owners, CMDs or top executives of these firms.

These payments will bring smile on millions of faces whose only source of livelihood is the enterprises in the MSME sector. Ministry of MSME has also indicated that going further, it will be taking up the matter with other corporates through social media outreach also.

During the announcement of Aatmanirbhar package, it was desired that the MSME receivables and dues should be paid in 45 days. 

msme registration for partnership firm  It added that around Rs 10,000 crore have been reported to be paid by the ministries and CPSEs. The MSME ministry has now impressed upon the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.

The ministry has also urged corporates to join Trade Receivables Discounting System (TReDS) and start transacting. 

In 2018, the ministry made it mandatory for all CPSEs and corporate entities with more than Rs 500 crore turnover to onboard the TReDS platform. 

Ministry has also reminded the corporates that it has been made mandatory for the corporate entities to file half-yearly returns with the ministry of corporate affairs on their dues to MSMEs. Corporates have been requested to file returns if not doing so already.

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