The Government vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance dated 31.03.2020 has provided relief to tax payers due to spread of Novel Corona Virus.
This update intends to brief readers on treatment of GST paid by service provider or supplier of goods if the service contract has been cancelled or the goods have been returned by consignee. Under present lockdown situation, these situations are likely to rise and accordingly authorities have uniformed the legal provisions of GST laws.
The Central Board of Indirect Taxes and Customs (CBIC) vide various Notification Nos. 30/2020 to 35/2020 dated 3rd April 2020has provided relief to tax payers due to spread of Novel Corona Virus.
As part of updating its registry, MInistry of Corporate Affairs would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly.
Reserve Bank of India (RBI) vide its Circular No. 30 dated 7th June 2018 has announced that it will introduce a Single Master Form (SMF) for integrating the existing reporting structures of various types of Foreign Investment in India.