1 January 2021: Check 9 Amendments Under Finance Act 2020 Incoming

9 Provisions of Finance Act, 2020 from Jan 2021

In a notification released last week, the Central Board of Indirect Taxes and Customs (CBIC) has said that 9 Provisions of Finance Act, 2020 will be officially effective from 1 January 2021. In other words, 1 January, 2021 has been finalized as the date from which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act, 2020 shall be enforced by the board.

9 Provisions of The Finance Act, 2020

The provision of Section 119 intends to add the words “or services” after the words “or goods” in section 10 of the CGST Act.

The provision pertaining to Section 120 will omit the words “invoicing relating to such” from section 16(4) of the Act.

The provision of Section 121 says that a taxable person is no longer mandatorily required to register under section 22 or section 24 and can opt out of voluntary registration made under sub-section (3) of section 25.

Section 122 provision has been introduced to make an amendment in section 30 of the CGST Act, “Provided that such period may, on sufficient cause being shown, and for reasons to be recorded in writing, be extended, by the Additional Commissioner or the Joint Commissioner, as the case may be, for a period not exceeding thirty days; by the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a).”

The new provision of section 123 will amend the provision of section 31 of the CGST Act, which concerns the time of supply of goods under GST.

Section 124 provision seeks an amendment in section 51 of the Central Goods & Services Tax Act, which is related to the TDS provisions.

Section 126 provision of Finance Act, 2020 suggests amendment in section 122 of the CGST Act that deals with offences and penalties.

The provision of Section 127 seeks to amend section 132 of the CGST Act, which concerns the rights of the GST authorities to arrest the taxpayers.

Section 131 provision says that In Schedule II to the Central Goods and Services Tax Act, the words to Schedule II “whether or not for a consideration” at both places where they occur in paragraph 4, shall be considered removed, effective from 1 July, 2017.

Comments

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

A List of Top Chartered Accountant Software in India

Here, we introduce Genius as a helpful tax compliance software for chartered accountants in India. As we know, the taxation system is vast, with several taxes levied by the Indian government in the form of income tax, TDS, wealth tax, etc. So, instead of e-filing that many taxes, the need for software arises, which can e-file several taxes at once. SAG Infotech's developer team always gives new updates to the taxation industry. Genius Tax Software It is a complete package with facilities like Gen BAL, Gen IT, Gen CMA, Gen Form Manager, Gen e-TDS and AIR. Also, It provides maintenance aids of the database containing information of clients such as their address and telephone directory, partner’s details and signatory details. With Genius, one can also grow with your business. Genius is an unlimited tax return filing software for clients in such a way that one can backup, restore data set passwords, etc. While the help option gives a solution for any of your problems. Another fa...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog