Section 50 of the CGST Act is being amended to provide for a retrospective charge of interest on net cash liability, with effect from 1st July 2017.

GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Section 35 and 44 have been amended in this regard. As per the amendment, only GSTR-9 annual returns on a self-certification basis need to be filed on the GST portal by taxpayers, completely removing the requirement for GSTR-9C

New Updates On GST Regarding To Taxpayers

1. GST authorities ask field units to ramp up collections, identify defaulting taxpayers.
2. Govt releases Rs 2,104 crore as 19th installment of GST compensation shortfall to states.
3. Govt extends last date for annual GST filling till march end  for FY 20.
4. GST officers to immediately suspend taxpayer’s registration for ‘significant anomalies’ in sales return.
5. Budget 2021: FM does away with the need for GST Audit for a section of taxpayers.
6. No GST on electricity charges recovered from tenants.

Under the provisions of section 96(1) of Companies Act 2013, All Companies ( other than one person companies ) are required to hold AGM within 6 months from the end of the financial year.

In the case of the First Financial year for newly incorporated companies, the time period is 9 months from the end of the first financial year. Hence the Due date for FY 2019-20 for companies other than newly incorporated companies was 30.09.2020.

Many Problems Faced During Pandemic Time

Due to the Pandemic many companies were not able to complete the audit and get the audit reports completed before September first week to issue 21 days’ notice to the AGM.  The stakeholders had made multiple requests to the government for grant extension without having to apply for an extension by companies.

• This order granting extension has come as a huge relief to companies and the Auditors in complying with the legal requirements under the Companies Act.