Online unblocking of E-Way Bill (EWB)

Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. the appliance so filed are going to be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for private hearing to the taxpayer and pass its order for unblocking as per the law. thus far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation facility and tax officials were issuing orders online on GST Portal, in Form GST EWB 06. Now this facility is being discontinued.

Quarterly Return and Monthly Payment (‘QRMP’) scheme and other recent changes in GST
The GST Council in its 42nd meeting persisted October 05, 2020 recommended that the registered persons having aggregate turnover up to Rs 5 crores shall be allowed to furnish return on quarterly basis along side monthly payment of tax, with effect from January 01, 2020. during this regard, the govt on November 10, 2020 issued various Notifications.
The registered one that is required to furnish Form GSTR-3B and whose aggregate turnover within the preceding fiscal year is up to Rs 5 crore, is eligible for the Quarterly Return Monthly Payment Scheme (QRMP) Scheme. This new Scheme are going to be effective from January 01, 2021. during this regard the GSTN system would itself compute the mixture annual turnover of the taxpayer.

Transaction limits on processing of e-mandates for recurring transactions increased to Rs. 5000: RBI
Based on requests received from stakeholders and given the sufficient protection available to customers, it had been announced within the Statement on Developmental and Regulatory Policies dated December 4, 2020 that the aforesaid transaction limit are going to be increased. Accordingly, it’s been decided to extend the above limit for AFA relaxation to ₹ 5,000/- per transaction, with effect from January 1, 2021.

CBDT to validate UDIN at time of uploading of Tax Audit Reports
The tax e-filing portal had already made it mandatory for quoting Unique Document number (UDIN) with effect from 27th April 2020. This was for documents certified or attested in compliance with the Income-tax Act,1961 by a accountant .
In line with the continued initiatives of the tax Department for integrating with other Government agencies and bodies, Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them. With this system-level integration, UDIN provided for the audit reports or certificates submitted by the Chartered Accountants within the e-filing portal are going to be validated online with the ICAI. this may help in removing fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.

MCA extends last date of filing of cost audit report for F.Y. 2019-20 to Dec 31, 2020
In view of the disruption caused by the Covid-19 pandemic and after due examination of the representation received from various stakeholders, MCA has decided to increase last date of filing of CRA-4 (form for filing of cost audit report) for F.Y. 2019-20 under the businesses Act, 2013.

Filing of form after maturity shall be accompanied a fee of Rs 500 under 40B of CIRP Regulations: IBBI clarifies
The IBBI has issued clarification wherein it’s clarified filing of a Form under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 after maturity of submission, whether by correction, updation or otherwise, shall be amid a fee of 5 hundred rupees per Form for every month of delay after 1st October, 2020.