BIKANER BRANCH OF CIRC OF ICAI BIKANER BRANCH OF CICASA - Bikaner ICAI
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
BIKANER BRANCH OF CIRC OF ICAI
BIKANER BRANCH OF CICASA
Members & Students E-Newsletter
December (The monthly guide to CA News, Information and Events)
2020
Enter this new year with a gratitude for this new chance to create your dreams.
‘No matter how hard the past, you can always begin again.’
Chairman’s Message
Dear Professional Colleagues and Students,
The year 2020 reminds us that another year of our life is blending into
history. If January is the month of resolutions, December is the month for
introspection. It is the month to look back, make in-depth analysis and
understand what we have achieved and what we need to work upon to
achieve it. It is also the month to accelerate the pace to accomplish the
targets of this year. While looking back, we will realize that this year has
given us mixed kind of experiences. These sweet and sour experiences will
make us more resilient and wiser. It is said that there are no mistakes in life,
only lessons. There is nothing like negative experience, only opportunities
to grow, learn and advance along the road of self-mastery. Therefore, we
need to firmly believe in ourselves and stride forward with full zeal to
conquer the world.
"A VERY GREATFULL HAPPY NEW YEAR"
It is never too late to bring in the change that we always want to see around us.
The Govt. has extended due dates of various compliances:
1. Due date for filling ITR (Non tax audit) extended till 10 January 2021
2. Due date for filling Tax Audit and TP Audit Report extended till 15 January 2021
3. Due date for filling ITR (Tax audit and TP audit) extended till 15 February 2021
4. Vivad se Vishwas Scheme extended till 31 January 2021
5. Due date for filing GSTR-9, 9A, 9C for F.Y 2019-20 extended till 28 February 2021
Dear Students, From 21 January 2021 ICAI is conducting examinations for those students
who had "Opt- out" from Nov 2020 examinations.
In the end, I would like to quote a saying by William Shakespeare,
"It is not in the stars to hold our destiny but in ourselves."
Jai Hind - Jai ICAI
Professionally Yours
CA Nirmal Kumar Sarda
Chairman
Bikaner Branch of CIRC of ICAI | December 2020
Vice-Chairman’s & CICASA Chairman’s Message
Dear Professional Colleagues and Students,
At the outset, I extend my warmest wishes for a happy, healthy,
prosperous and peaceful New Year to each one of you and your family!
With the advent of the New Year, we welcome new hopes and aspirations
to make better tomorrow.
For most of us, the year 2020 has been quite a tough one, not only did the
coronavirus pandemic damage our health and sanity, but also left a very
lasting effect on most of our lives. One that even though this whole ordeal
is over, will continue to affect our lives. Yet, humanity, too, is not taken
lightly. We will continue to hope and persist for tomorrow to be brighter
and stronger.
Finally, this rollercoaster of a year has come to an end and we all have entered in 2021, it's best
to make 2020 a distant memory and enjoy the year ahead with a lot of happiness and joy.This
year will give us the opportunity to start anew and to work after the pandemic to rebuild the
world and even strengthen ourselves to prevent from such global suffering again.
Now, coming to the November 2020 examinations in the midst of strict precautions and social
distancing steps in view of the ongoing pandemic, the Institute successfully carried out the
examination. Different steps such as increased number of examination centres, phased entry
and exit for applicants, face masks and sanitizers at the gates were adopted to comply with the
guidelines provided by the government.
Dear students, in the midst of the fear of the pandemic, you all embraced the "new normal" and
queued up wearing masks by maintaining a healthy social distancing at examination centres.
Kudos to all of you for that! It is pleasing to note that the arrangements made at the
examination centres were greatly appreciated by students across the country.
Above all, the students affected by the pandemic were also given an opportunity by the Institute
to opt out to carry forward their candidature to another cycle of exams that are beginning in
January 2021. So, wishing you oceans of good luck for the upcoming exams!
Stay safe and stay connected.
With best wishes and regards,
CA Rakesh Jakhar
Vice Chairman and CICASA Chairman
Bikaner Branch of CIRC of ICAI
Bikaner Branch of CIRC of ICAI | December 2020
Branch Secretary’s Message Dear Members and Students, "This is a new year. A new beginning. And things will change." Last year was full of Ups and Downs for all of us. May this new year bring new goals, new achievements, new Inspirations and light to guide your path to a positive destination. New Year is the time for life changing decisions that bring about a complete overhaul in our life. Fill up the thoughts on New Year’s with not about what we have attempted but failed in realizing but in things that are still possible to achieve. The Institute successfully conducted the examination for all three levels amidst stringent precautions and social distancing measures in view of the ongoing pandemic.To comply with the directions issued by the government and employ best practices, various measures such as increased number of examination centers, staggered entry and exit for candidates, face masks and sanitizers at the gates were adopted. The students across the country followed the “new normal” amid the scare of pandemic and queued up wearing masks with safe social distance among them. It is satisfying to note that students across the country much appreciated the arrangement made at the examination centers. In the interest of Students, the Institute decided to take up the challenge and turned it into a successful and safe event. With the successful conduct of physical examinations of this magnitude in 1084 examination centers spreading into 8 countries, the Institute set many benchmarks for others to follow. With the pandemic rankling the world, there was unhealthy opposition by some unscrupulous elements, but the ICAI remained committed to its students and their well-being. The Institute firmly believes that “the life must go on” and hence did not jeopardize the career of the students who have been eagerly awaiting the examinations to move ahead in life. In the best interest of the students, the pandemic affected students were also given an option to opt-out to take another round of examinations that are starting in the month of January 2021.The good news, upshot of these initiatives, is that situation is improving to reach normalcy. We hope the new year 2021 will usher a new beginning where we take the learning's from the year 2020 to make the change. The Reserve Bank of India has predicted a strong possibility of bounce back of Indian economy with positive growth rates in the third quarter of the current financial year. According to other judicious estimates, the Indian economy shall enter ‘Goldilocks’ phase in the year 2021. The phase is characterized by economic stability, good employment and growth rates higher than global average rates. The economy in this phase have equilibrium with neither excessive inflation nor too much deflation. In the end, I would like to quote a saying by Vince Lombardi ,"The greatest accomplishment is not in never falling, but in rising again after you fall.“ Regards CA Richa K Lunia Secretary Bikaner Branch Bikaner Branch of CIRC of ICAI | December 2020
CICASA Message
*Walk , Run, Climb, Jump. Doesn't matter how you do it, But
never give up on yourself.*
This 2020 is unique year which has taught us many things
specially to survive. Your life is your story, and the adventure
ahead of you is the journey to fulfill your purpose and potential.
*Live every moment, Love beyond words, Laugh every day.*
Samiksha Mittal On this New Year, I wish that you have a superb January, a
Vice-Chairperson dazzling February, a Peaceful March, an anxiety-free April,
a sensational May, and joy that keeps going from June to
November, and then round off with an upbeat December.
Raghav Sarda
A New Year is like a blank book and the pen is in
Secretary
your hands. It is your chance to write beautiful
story for yourself. Happy New Year.
On this New Year, may you change your direction and not
dates, change your commitments and not the calendar,
Prashant Bishnoi change your attitude and not the actions,bring about a change
Treasurer in your faith, force, and focus and not the fruit. May you live
up to the promises you have made, and may you create for
you and your loved ones the happiest New Year ever.
"Somehow I can't believe that there are any heights that can't be Chanchal Daga
scaled by a man who knows the secrets of making dreams come
Cultural Head
true. This special secret, it seems to me, can be summarized in
four C s. They are curiosity, confidence, courage, and constancy,
and the greatest of all is confidence. When you believe in a thing,
believe in it all the way, implicitly and unquestionable."
Manya Surana "The future belongs to those who believe in the
Webinar Coordinator beauty of their dreams."
Wishing you all the joy of the season.
HAPPY NEW YEAR
Mahak Rathi
Bikaner Branch of CIRC of ICAI | December 2020 Program Coordinator
NEW YEAR WITH NEW GST COMPLIANCE
Where everyone is engaged in welcoming the New Year 2021 with lots of celebration,
waving goodbye to 2020, the taxpayers under GST are busy in complying and
adjusting with the changes and provisions which the CBIC has made applicable w.e.f.
1st January 2021. CBIC has issued a couple of notifications amending the CGST Act,
2017 and the CGST Rules, 2017 which has been made effective w.e.f. 1st January
2021. The Changes made are as under:
E-invoicing made mandatory if aggregate turnover exceeds Rs. 100 Crores: E-
invoicing has been made applicable to Registered Person (other than SEZ unit,
Insurance Company, banking company, financial institution including non-banking
financial institution, GTA, supplier of passenger, transportation service, supplier of
services by way of admission to exhibition of cinematograph films in multiplex
screens) whose aggregate turnover in any preceding financial year from 2017-18
onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for
exports.
(Source: Notification No. 88/2020-Central Tax dated 10.11.2020)
Several Sections of Finance Act, 2020 has come into force: CBIC has notified
Sections 119, 120, 121, 122, 124, etc. of Finance Act, 2020 which has come into force
w.e.f 1st January 2021.
Section 119 of FA 2020: Section 10(2) of CGST Act 2017 has been amended to make
composition levy applicable for “Service Provider” also. Now a registered person shall
be eligible to opt for Composition Scheme if:
he is not engaged in making any supply of goods or services which are not leviable to
tax under this Act,
he is not engaged in inter-state supply of goods or service,
he is not making any supply of goods or services through electronic commerce
operator who is required to collect tax at source
Bikaner Branch of CIRC of ICAI | December 2020
Section 120 of FA 2020: Section 16(4) of CGST Act 2017 has been amended to
revise the time limits to avail ITC in relation to Debit Notes. Now a registered
person shall be allowed to take input tax credit in respect of any Debit Note till the
due date of furnishing of Return under Section 39 (GSTR 3B) for the month of
September from the end of the financial year to which such Debit Note pertains.
Section 121 of FA 2020: Section 29(1) of CGST Act 2017 has been amended to
allow voluntary cancellation of GST Registration who has earlier applied for it
voluntarily.
Section 122 of FA 2020: Section 30(1) of CGST Act 2017 has been amended to
empower Additional Commissioner/Joint Commissioner to extend the time limit of
30days to file an application for revocation of Cancellation of GST registration by a
further period of 30days. Moreover, Commissioner may, if found necessary further
extend the time limit for a period not exceeding 30 days.
Section 124 of FA 2020: Section 51 of CGST Act 2017 has been amended to
remove the requirement to issue TDS certificate by the deductor and accordingly,
the provision for fees (penalty) for the delay in issuance of such certificate has been
omitted. New Rules will be prescribed by CBIC in future in relation to issuance of
such certificates.
(Source: Notification No. 92/2020-Central Tax dated 22.12.2020 & Finance Act 2020)
Changes made vide CGST (fourteenth Amendment) Rules 2020: Gist of important
changes made are:
Restriction in availment of ITC: Section 36(4) has been further amended w.e.f 1st
January 2021 making restriction on claiming ITC in respect of Invoices/Debit Notes
not furnished by the supplier in his GSTR-1 Return to the tune of 5% of eligible
credit available in Form GSTR 2B.
Bikaner Branch of CIRC of ICAI | December 2020
Restriction on use of ITC for discharging output tax Liability: New Rule 86B has
been inserted w.e.f 1st January 2021 making restriction on the use of ITC in excess
of 99% of the output tax liability. Certain exception has been provided in relation
to the above exceptions such as :
Taxpayers who has paid more than Rs.1 Lakh as income tax under the Income Tax
Act 1961 in each of the last two financial years
Taxpayers who has received a refund amount of more than Rs. 1 lakh in the
preceding financial year on account of export under LUT/Bond or inverted duty
structure.
Taxpayer who has discharged his liability towards output tax through the electronic
cash ledger for an amount which is in excess of 1% of the total output tax liability,
applied cumulatively, up to the month for which return is to be filled in the current
financial year.
Taxpayer who is a Government Department, Public Sector Undertaking, Local
Authority or Statutory Body.
Validity of E-way Bill decreased: Rule 138 has been now amended to provide
that for every 200 kms. or part thereof, the validity of e-way bill shall be of only 1
day.
(Source: Notification No. 94/2020-Central Tax dated 22.12.2020)
CA Narendra Sand
MRNo. 450978
Bikaner Branch of CIRC of ICAI | December 2020
SNAPSHOTS OF EVENTS
GMCS organized by Bikaner Branch of CIRC of IT organized by Bikaqner Branch of CIRC of ICAI
ICAI
Webinar on ‘International Taxation –Transfer Pricing’ on December 26,2020
Bikaner Branch of CIRC of ICAI | December 2020
Student’S ParticiPation
Chanchal Daga
CRO0639273
Priya Mmungia
CRO-0433214
Monika Mali
Bikaner Branch of CIRC of ICAI | December 2020Sometimes a year has been so disastrous and so terrible that entering a new year will
automatically mean entering a wonderful year!!!
Members
Editorial Board: Chanchal Daga Co-Editor
CA Nirmal Kumar Sarda
CA Rakesh Jakhar Member
Editor in Chief
CA Richa K Lunia Member
:- 9413311798
CA Ashok Mundhra Member
:- nirmal@nsarda.in
CA Dinesh Kumar Jain Ex-Officio
Disclaimer : The views and opinions expressed or implied in this E-Newsletter are those
of the authors and do not necessarily reflect those of Branch or CIRC of ICAI.
Bikaner Branch of CIRC of ICAI | December 2020You can also read
