Changes applicable w.e.f. 01.04.2020 – GST, Income Tax
The only thing which is true is “CHANGE”. Be it in life or in business, to live peacefully we need to adapt the changes. There are many changes in GST and Income Tax which were applicable from April 1, 2020 but due to COVID-19, applicability of many changes extended to 30th June,2020. However, following important changes are still effective from April 1,2020-
Goods and Service Tax (GST)
1. People applying for GST registration will now require to undergo authentication of Aadhaar Card Number for the grant of registration. If Aadhaar authentication has not been made, then registration will be granted on physical verification of principal place of business at the presence of that person.
2. If physical verification of place of business has been conducted before or after granting registration at the presence of such person, then the Verification report should be uploaded on the portal in the Form GST REG– 30, within 15 days from date of verification.
30 important relaxation in compliance matters by Nirmala Sitharaman
3. However, following person are exempted from Aadhar authentication for GST registration-
- Person who is not a citizen of India
- Person other than following:
- Authorized signatory of all the types
- Managing and authorized partner
- Karta of HUF.
4. Rule 43 – Changes in Manner of reversal of Input Tax Credit (ITC) of Capital Goods used-
- partly for Business and partly for personal purpose,
- partly for taxable or zero rated supply and Partly for Exempt or Non taxable supply.
1. There were rumors that FY in Income Tax will start from 1st July 2020 due to COVID-19. However, just like previous periods, the Financial Year (FY) 2019-2020 is going to end on 31st March 2020. Next FY 2020-21 will start from 1St April 2020 as usual. Although for the period FY 19-20, a person can invest in LIC, NSC, PPF, Mutual Funds, etc for tax-saving till 30th June 2020.
2. There will be no tax liability in respect of Dividend Income received by a shareholder after 1st April, 2020.
Not filing ITR (Income Tax Return) of AY 2019 – 20; Know the Outcome first
1. The Reserve Bank of India has approved the merger of following 10 public sector banks (PSB) into 4 PSBs from April 01-
|Merging Banks||Merged into|
|Oriental Bank of Commerce and United Bank of India||Punjab National Bank|
|Syndicate Bank||Canara Bank|
|Andhra Bank and Corporation Bank||Union Bank of India|
|Allahabad Bank||Indian Bank|
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