Bihar GST (Seventh Amendment) Rules, 2020 amend the rate of tax of the composition levy
The Amendment introduces a new category of registered persons, namely registered persons not eligible for the composition levy under sub-sections (1) and (2), but eligible to opt to pay tax under sub-section (2A), of section 10. In the case of such persons, the rate of tax is fixed at 3% of the turnover of supplies of goods and services in the State. Furthermore, as far as the rate of tax is concerned, while the percentages remain unchanged, the Amendment eliminates the option of rates based on the percentage of turnover in the Union Territory. In other words, the rate of tax is determined solely on turnover in the State.
CBDT issues the Income Tax (19th Amendment) Rules, 2020
The new provision clarifies that provisions of section 206AA shall not apply in respect of payments made to a person being a non-resident, not being a company, or a foreign company if the provisions of section 139A do not apply to such person on account of rule 114AAB. In simple words, the requirement to furnish PAN shall be dispensed in relation to payments made to a non-resident person [other than a (foreign) company], if specified conditions are satisfied. The Amendment also introduces the Amendment introduces Form No. 49BA.
Trustees of Mutual Funds shall appoint a dedicated officer for administrative assistance
The trustees shall appoint a dedicated officer having professional qualification and minimum 5 years of experience in finance and financial services related field. Trustees shall have standing arrangements with independent firms for special purpose audit and/or to seek legal advice
Government of Maharashtra amends professional tax act regarding filing of first return by companies
The employer shall furnish his first return from the month in which he is liable to pay tax and shall continue to furnish monthly return till the end of that year and thereafter he shall furnish the return on or before the 31st March, of the year if the employer’s tax liability is less than 50,000 and if it is more than 50,000, the monthly return shall be filed before the last date of the month.
Jharkhand State Pollution Control Board directs hotels/lodges to obtain CTO on or before 30th September 2020
The Consent application shall be submitted through www.advantagejharkhand.gov.in along with the desired documents.
Government of Bihar extends the time limit for rejection of GST refund to 15days after receipt of reply to the notice
If the time limit for issuance of order falls during the period from the 20th March, 2020 to the 30th August 2020, in such cases the time limit for issuance of the said order shall be extended to fifteen days after the receipt of reply to the notice from the registered person or the 30th day of August, 2020.
