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PRADEEP GOYAL
Chartered Accountant
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pradeepgoyal@kcsassociates.in | +91-9811777103 | Connect me at LinkedIn
Just in™
[Daily newsletter related to Profession]
No. 261 | 3rd
September 2020
Covering
▪ Indirect Taxes
▪ Direct Taxes
▪ ICAI Updates
▪ ICSI Updates
▪ Corporate Law
▪ Insolvency & Bankruptcy
▪ SEBI Updates
▪ MSME Related Updates
▪ RBI Updates
▪ Economy & Finance related Updates
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I
Daily Newsletter | 261 | 3rd
September 2020
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBIC” and Government.
❖ GSTN made new functionalities available for TCS and Composition taxpayers.
▪ Provision to make amendment, multiple times, in Table 4 of Form GSTR-8.
▪ TCS facility extended to composition taxpayers.
Read here for more
❖ GSTN issued advisory & FAQs on Filing Form GSTR-4 Annual Return by
Composition Taxpayers on GST Portal.
More details here
▪ Legal Updates- Advance Ruling Authorities / Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 [2020] 119
taxmann.com 24
Ascendas Services
(India) (P.) Ltd., In re
ORDER
NO.KAR/AAAR-14-
E/2019-20
FEBRUARY 14, 2020
AAAR
Karnataka
Agents /Brokers etc. are only qualify as
intermediaries; Buss passes are
actionable claim.
Where appellant had entered into
contract with public bus transport
provider for arranging transportation to
its employees and staff of corporate
clients of business park by making bus
passes available to commuters, value of
services provided by appellant to
commuters would be value of bus pass
distributed by applicant to commuters in
addition to facilitation fee for arranging
transportation service and claim of
appellant that bus pass is an actionable
claim not liable to GST is not acceptable .
Indirect Taxes

II
September 2020
▪ News / Latest Developments / Other updates.
❖ Flat GST revenues put improved manufacturing data in the shade.
Soon after the weak gross domestic product (GDP) data for the June quarter, came
the soothing manufacturing purchasing managers index (PMI) reading for August.
PMI bounced back to the expansion zone after contracting for five months since
March. Manufacturing output expanded in August to 52 compared to 46 in July. A
reading above 50 indicates expansion and below this threshold points to
contraction. It was led by new domestic orders as businesses reopened after the
easing of lockdown curbs, said the IHS Markit survey report.
Mint Report
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBDT” and Government.
❖ CBDT informs stakeholders that ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available
for e-Filing and ITR 6 will be available shortly.
❖Joint Webinar with CPC-ITR Bangalore and Central India Regional Council of ICAI on
e-filing and processing of ITRs. Date – Sep.4, 2020 at 3:00 pm.
Click here to join
❖ CBDT provides ITR Filing Compliance Check Functionality for Scheduled
Commercial Banks.
Central Board of Direct Taxes in exercise of powers conferred under section
138(1)(a) of Income Tax Act, 1961, has issued Order for furnishing information about
IT Return Filing Status to Scheduled Commercial Banks, notified vide notification
No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of
section 138 of the Act.
Copy of order here
Finance Ministry Press Release
Direct Taxes

III
September 2020
❖ Income Tax Department carries out searches in Srinagar and Kupwara
The Income Tax Department has carried out simultaneous search and seizure
operations on 2nd September 2020 in the case of three prominent businessmen in
Srinagar and Kupwara. These operations have, prima facie, led to the detection of
huge amount of undisclosed income, seizure of unaccounted assets and
incriminating evidence and involvement in benami transactions by these three
groups. The search action revealed that the key person of one of the groups,
although engaged in Cross-LOC trade until the suspension of trade by the
Government in April 2019, has not filed his Income Tax Returns. He was also found
to be having two active PANs. His proprietary concern has made exports of over Rs.
25 crores in the last few years. However, no income tax has been paid at all.
Incriminating documents related to the LoC trade have been seized from the
Custodian of cross-LOC trade, indicating large-scale tax evasion. There are also
evidences of unexplained expenditure on the education of his daughter in Pakistan.
Finance Ministry Release
❖ Income Tax refunds of Rs 98,625 crore issued to 26.2 lakh taxpayers in 5 months
CBDT issues refunds of over Rs. 98,625 crores to more than 26.2 lakh taxpayers
between 1st April 2020 to 01st September 2020. Income tax refunds of Rs. 29,997
crores have been issued in 24,50,041 cases & corporate tax refunds of Rs.68,628
crore have been issued in 1,68,421 cases.
Media Report
❖ ICSI presents Progress Report (January – July 2020).
Download here
ICSI Announcements

IV
September 2020
▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 2020] 118
taxmann.com 423
Indian Oil Corporation
Ltd. v.
Ashish Arjun Kumar
Rathi
COMPANY APPEAL
(AT)(INS) NO.1116 OF
2019
MAY 22, 2020
NCL-AT
Delhi
Where Adjudicating Authority by
impugned order confirmed action of
liquidator in rejecting claim of appellant
relating to investment made in storage
facility and interest, however, liquidator
had not assigned any detailed reasoning in
respect of non-admissibility of claim,
tenor and spirit of section 40, not having
been adhered to at time of passing order,
said impugned order was to be set aside.
2 [2020] 118
taxmann.com 400
Garden Silk Mills Ltd.
v. GSL Nova
Petrochemicals Ltd.
APPLICATION NO. 67
OF 2018
FEBRUARY 26, 2020
Gujrat
High
Court
Company petition pending before HC was
to be transferred to NCLT as per amended
provisions of Section 434 of Cos Act
In view of amended provisions of section
434 of Companies Act, 2013, company
petition pending before High Court was to
be transferred to NCLT to be dealt with as
an application for initiation of corporate
insolvency resolution process under IBC
❖ Number of corporate insolvency resolution processes admitted by NCLT down 83%
during Apr-June.
ET Report
Insolvency & Bankruptcy

V
September 2020
❖ No corporate insolvency proceedings once debt converted into capital: NCLAT.
The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that
insolvency proceedings cannot be triggered on the basis of debt which has been
converted into capital such as equity of a company. The appellate tribunal also said
that any investment cannot be "financial debt" and the provisions of Section 7 of
the Insolvency & Bankruptcy Code provide for initiation of CIRP by a financial
creditor only and that too, if there is "debt" and "default". The observations from a
two-member NCLAT bench came as it upheld an order of the National Company
Law Tribunal (NCLT), which on November 26, 2019, had dismissed the plea by an
individual Rita Kapur seeking initiation of insolvency proceedings against Invest
Care Real Estate LLP.
Business Standard Report
❖ Review of provision regarding segregation of portfolio due to the COVID – 19
Pandemic.
Circular No.: SEBI/HO/IMD/DF4/CIR/P/2020/165
❖ Historic Interventions made by the Central Government to Ensure Timely
Payments to MSMEs
MSME Ministry takes lead in helping the MSMEs get their dues
On-boarding of MSMEs on TReDS Mechanism made free
MSME Ministry alerts MSMEs to beware of fake websites charging money in the
name of registration; and re-iterates that registration be done on Govt website
only.
MSME Ministry Release
MSME
SEBI

VI
September 2020
❖ Resolving payments: MSMEs paid Rs 6,800 crore dues by CPSEs and Govt in last 3
months.
Central ministries and PSUs have cleared payments to the tune of over Rs 6,800
crore owed to micro, small and medium enterprises (MSMEs) in the last three
months, the government said on Wednesday.
It said almost three-fourths of the monthly dues have been paid during the same
month by most of the ministries and CPSEs. The pending amounts are expected to
be released in the normal course of business and within 45 days. The MSME
ministry, in a statement, said that "more than Rs 6,800 crore has been paid by the
Ministries and CPSEs in the last three months alone".
CNBC Report
❖ SIDBI extends state-wise MSME support programme to 11 states; to design
schemes, modify existing ones.
Ease of Doing Business for MSMEs: The PMU will analyse the existing schemes and
initiatives etc., targeted towards MSMEs and would suggest modifications, if
required, in order to improve efficacy and removal of bottlenecks.
Finance Express Report
❖ Union Cabinet approves "Mission Karmayogi"- National Programme for Civil
Services Capacity Building (NPCSCB).
New National Architecture for Civil Services Capacity Building
Comprehensive reform of the capacity building apparatus at individual, institutional
and process levels for efficient public service delivery
PM led HR Council to approve and monitor Civil Service Capacity Building Plans
Capacity Building Commission to harmonize training standards, create shared
faculty and resources, and have supervisory role over all Central Training
Institutions
Wholly owned SPV to own and operate the online learning platform and facilitate
world-class learning content marketplace.
Cabinet Secretariat Release
Economy & Finance

VII
September 2020
❖ Ceiling/Cap on MEIS benefits available to exporters on exports made from 1.9.2020
to 31.12.2020
A limit has been imposed on total rewards under the Merchandise Exports from
India Scheme (MEIS). A notification issued by Directorate Generate of Foreign
Trade (DGFT) last evening says that the total reward which may be granted to an
IEC holder under the scheme shall not exceed Rs.2 Crore per IEC of exports made
in the period 1.9.2020 to 31.12.2020. Further, it has also been informed that any IEC
holder who has not made any exports for a period of one year preceding 1.9.2020
or any new IECs obtained on or after 1st September would not be eligible for
submitting any claim under MEIS. In addition, MEIS Scheme is withdrawn w.e.f.
1.1.2021. The above ceiling will be subject to further downward revision to ensure
that the total claim under MEIS for the period 1.9.2020 to 31.12.2020 does not
exceed prescribed allocation by the Government which is Rs.5,000 Crore
MOCI Release
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“The author, Pradeep Goyal, has used his best efforts in preparing this
publication and is not responsible for any errors or omissions. he makes
no representations or warranties with respect to the accuracy or
completeness of the contents of this document and specifically disclaim
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purpose, and shall in no event be liable for any loss of profit or any other
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Daily Newsletter 03.09.2020

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