GST Latest Updates

Latest Notifications

  • MSME’s, small dealer not to be affected by a mandatory 1 percent cash GST payment rule
    • In Central Board of Indirect Taxes and Customs (CBIC) notification, now small businesses and dealers will not be impacted by the new Government rule of paying at least 1 percent of GST liability in cash with an annual turnover of Rs 6 crore and above are required to follow the new rule.(Source: Economic times)
    • The CBIC has amended rules to make it mandatory for businesses with a monthly turnover of over Rs 50 Lakh to pay at least 1% of their GST liability in cash effective from 1st January 2021.  Notification No. 94 /2020 – Central Tax
    •  According to the sources, the rule applies only to about 45,000 taxpayers out of the GST taxpayer base of 1.2 crore and genuine dealers and businesses will not be impacted.(Source: Economic times)
  • Positive Pay System for Cheque Truncation System
    • In the latest notification and guidelines of Reserve Bank of India, a Positive Pay System has been introduced for the large values of cheques i.e. Rs 50,000 and above to the bank for reconfirming the following details such as:
    • Name and beneficiary/Payee
    • Date of Cheque
    • Amount of Cheque
    • This will be applicable from 1st January 2021 through channels like SMS, Inspector banking, mobile app, or ATM.
    • Only those cheques which are compliant with these instructions will be accepted under Dispute Resolution Mechanism at the CTS grids.
  • Notice to Registrar of any alteration of Share Capital under Form No. SH-7
    • Ministry of Corporate Affairs amends Form SH-7 and Second Amendment Rules, 2020.
    • The form is notified pursuant to Section 64(1) of the Companies Act, 2013 and Rule 15 of the Companies Rules, 2014

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