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 1^st 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 1^st 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