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Supreme Court Judgment regarding payment of PF contribution on various allowances paid to the employees

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Supreme Court Judgment regarding payment of PF contribution on various allowances paid to the employees

Please find attached herewith copy of Hon. Supreme Court Judgment regarding payment of PF contribution on various allowances paid to the employees.

It is held by the court that special allowances paid to the employees will attract PF Contribution ( up to statutory Basic salary limit of Rs. 15,000/- P.M. in other words those employees whose basic salary + Dearness allowance is more than Rs. 15,000/- P.M., will not be impacted by this judgment)

Court had relied upon its own judgment in the matter of Bridge and Roof Co. (India) Ltd. vs. Union of India, (1963) 3 SCR 978, it was held that

whatever is payable by all concerns or earned by all permanent employees had to be included in basic wage for the purpose of deduction under Section 6 of the Act.
It is only such allowances not payable by all concerns or may not be earned by all employees of the concern, that would stand excluded from deduction.

It was held that certain allowances which are variable in nature, which may vary from individual to individual according to their efficiency and diligence and which are linked to any incentive for production resulting in greater output will stand excluded from the term “basic wages”

It also held that allowances which are not paid in all concerns and not earned by all the employees will not form part of basic wages, similarly the allowances which are earned by certain category of employees will not form part of basic wages.

Supreme court also observed that no records has been placed by the establishments to demonstrate that the allowances in question being paid to its employees were either variable or were linked to any incentive for production resulting in greater output by an employee and that the allowances in question were not paid across the board to all employees in a particular category or were being paid especially to those who avail the opportunity.

Implications of this judgment: In our opinion in view of this judgment EPFO may claim PF contribution in respect of the employees whose Basic salary+ Dearness allowance is less than Rs. 15,000/- P.M. clubbing other allowances which falls under the parameters laid down by the apex court in the above judgment.

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SEBI WANTS GOVT RETHINK ON RBI REPRESENTATION ON ITS BOARD – MONEYCONTROL

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SEBI WANTS GOVT RETHINK ON RBI REPRESENTATION ON ITS BOARD – MONEYCONTROL

SEBI WANTS GOVT RETHINK ON RBI REPRESENTATION ON ITS BOARD – MONEYCONTROL

Officials said the Securities and Exchange Board of India first proposed to the Ministry of Finance to amend the relevant provisions in the SEBI Act to discontinue RBI’s representation on its board.

Capital markets watchdog SEBI wants the government to do away with the practice of its board having a nominee from the Reserve Bank of India, or alternatively provide for a cross-representation of the two regulators on each other’s boards.

Officials said the Securities and Exchange Board of India (SEBI) first proposed to the Ministry of Finance to amend the relevant provisions in the SEBI Act to discontinue RBI’s representation on its board, as it already has adequate presence of the government nominees and in its over 25 years of existence the regulator has evolved as an “effective and one of the best in the world”.

Besides, the boards of other regulators such as IRDAI for insurance sector and PFRFA for pension sector do not have nominees from other regulators, while there is no corresponding representation of other regulators on the RBI’s board, SEBI has contended.

However, the Finance Ministry opined that the role of the RBI (Reserve Bank of India) in the financial sector cannot be discounted and that the RBI presence helps in bringing “overall economic view and valuable inputs to the SEBI board”.

The capital markets regulator, however, feels that the inputs of the RBI on policy issues can be taken through formal discussions and correspondence between the two regulatory bodies, the officials said.

Besides, SEBI feels there is also the FSDC (Financial Stability and Development Council), an apex level body comprising of members from the government and various regulators, that has been set up to deal with inter-regulatory issues and overlap of regulatory jurisdiction.

Following the reservations expressed by the Finance Ministry on its original proposal and after taking into account the fact that certain securities are under the purview of both SEBI and RBI that are traded on stock exchanges, the capital markets regulator has now made alternative suggestion to provide for cross-representation of the two regulators on each other’s boards.

The alternative proposal is likely to be discussed by SEBI’s board in its next meeting on Friday and will be subsequently sent to the Finance Ministry for further action.

Under the SEBI Act, the regulator’s board should consist of a Chairman; two nominees from the Ministry of the Central Government dealing with Finance and administration of the Companies Act; one nominee member from the RBI; and five other members to be appointed by the government of whom at least three should be whole-time members.

In another proposal, SEBI has also suggested changes in the law to allow it to promote and regulate “first-level regulatory bodies for regulating a segment of intermediaries”.

Currently, the law allows SEBI to promote and regulate self-regulatory organisations (SROs), which typically regulate their respective members.

However, SEBI is of the view that it may not be prudent for certain categories of intermediaries and persons associated with the securities markets, such as distributors of mutual fund products, to self-regulate.


AMALGAMATION SCHEME DEVISED TO BENEFIT FEW SHAREHOLDER AND TO HUGE AVOID TAX CANNOT BE APPROVED: NCLT

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AMALGAMATION SCHEME DEVISED TO BENEFIT FEW SHAREHOLDER AND TO HUGE AVOID TAX CANNOT BE APPROVED: NCLT

AMALGAMATION SCHEME DEVISED TO BENEFIT FEW SHAREHOLDER AND TO HUGE AVOID TAX CANNOT BE APPROVED: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Conclusion: Scheme of Amalgamation and Arrangement between G Pvt. Ltd. (‘Transferor Company’) and A Limited (`Transferee Company’) and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common promoters) and by this scheme, huge tax liability was being avoided, therefore, the Bench denied to sanction the scheme.

Held: In the instant case, there was a scheme of Amalgamation and Arrangement between G Pvt. Ltd. (Transferor Company’) and A Limited (Transferee Company’) and their respective shareholders. Transferor was a private Ltd. company which was a separate legal entity and any transfer of shares to other entity including individuals from the legal entity would attract applicable tax liability. Therefore, the Bench could sanction/approve the scheme only if it complied with all applicable provisions of the Act, Rules and if the scheme was in the interest of public, shareholder etc. However, assessee-companies did not provide details with regard to compliance of tax liability raised by the Income Tax Department, their undertaking to pay the huge tax liability as pointed out by the income department etc. It was noted by the Bench that the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common promoters). By this scheme, huge tax liability was being avoided, the scheme did not provide for complying with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. No benefit was accruing to the thousands of shareholders of A especially the retail shares holders of the transferee company, (the shareholders of A as on 31.03.2017 was 38075) therefore, the scheme appeared to be unfair, unreasonable and was not in the public interest and as such the Bench was of the considered view not to sanction the scheme as proposed.

The 177th meeting of ESI Corporation held on 19/02/2019 under the Chairmanship of Sri.Santosh Gangwarji, Hon’ble Union Minister of Labour and Employment has taken some landmark decisions for the overall improvement of the ESI Scheme and for the benefit of the Insured Persons and worker population of our country.

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The 177th meeting of ESI Corporation held on 19/02/2019 under the Chairmanship of Sri.Santosh Gangwarji, Hon’ble Union Minister of Labour and Employment has taken some landmark decisions for the overall improvement of the ESI Scheme and for the benefit of the Insured Persons and worker population of our country.

The 177th meeting of ESI Corporation held on 19/02/2019 under the Chairmanship of Sri.Santosh Gangwarji, Hon’ble Union Minister of Labour and Employment has taken some landmark decisions for the overall improvement of the ESI Scheme and for the benefit of the Insured Persons and worker population of our country.

Some of the major decisions taken are…

1) Increased the monthly income ceiling limit for dependant parents to avail benefits under ESI Scheme raised from Rs.5000/- to Rs.9000/- ( almost doubled the limit)

2) Rationalized ESI Contribution Rates from 6.5% to 5%. Now the Employee share of contribution is reduced to 1% and Employer Share to 4% ( Total 5% of monthly Wages) This shall improve the compliance and reduce burden of ESI Contribution payment. The reduction on Contribution Rates shall be reviewed after two years.

3) A major decision was taken for removing the ESI expense ceiling on IPs to State Government. Now only Rs.3000/- per IP was provided by ESI Corporation to State Governments for running the medical Scheme. It has now been decided to reimburse the State Governments the full expenses required for running the medical Scheme, without any ceiling. This shall bring huge increase the spending on the ESI Scheme by state government and corresponding improvement in medical facilities.

4) Four New ESI Dispensaries has been sanctioned for Kerala Maanamthavady, Sulthanbathery, Kannan Devan Hills and Mannamkandam (Idukki)

5) Level 1 ICU shall be setup at all ESI Hospitals

6) Decision was also taken to improve the Super Speciality Treatmen t and specialized medical services provided through ESI Scheme.

Besides several other important decisions were taken for improving the benefits and services provided to IPs under the ESI Scheme.

FINANCE MINISTRY ASKS DIRECT TAX CODE PANEL TO REVISE EXISTING I-T SLABS – BUSINESS STANDARD

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FINANCE MINISTRY ASKS DIRECT TAX CODE PANEL TO REVISE EXISTING I-T SLABS – BUSINESS STANDARD

FINANCE MINISTRY ASKS DIRECT TAX CODE PANEL TO REVISE EXISTING I-T SLABS – BUSINESS STANDARD

This suggestion was given when the task force for re-writing direct tax legislation met Finance Minister Arun Jaitley on Wednesday, a day ahead of the scheduled submission of the DTC draft report

The finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax (I-T) slabs, especially in the 20 per cent bracket, said a senior government official privy to the development. The panel has sought three months to incorporate the suggestions.

This suggestion was given when the task force for re-writing direct tax legislation met Finance Minister Arun Jaitley on Wednesday, a day ahead of the scheduled submission of the DTC draft report.

“The current tax rates are ambiguous in nature, especially the lower slabs. As suggested we will work towards harmonising the tax rates, currently prone to interpretation. We will seek more expert voices and weigh the circumstances to incorporate the changes in line with the suggestions we have received,” said the official cited above.

Under the current I-T slabs, income up to Rs 2.5 lakh is exempt from tax, those earning up to Rs 5 lakh pay 5 per cent, and those earning up to Rs 10 lakh have to pay 20 per cent tax. Those with income above Rs 10 lakh have to pay 30 per cent tax.

From April 1, those with income up to Rs 5 lakh will not have to pay tax, as they have been given tax credits in the interim Budget passed by Parliament. If various investment schemes are also factored in, those with income up to Rs 10 lakh might also escape the tax net in the next financial year.

Sources said with elections round the corner, the government does not want to bring in the long-pending report. The draft report requires a lot of brain-storming to incorporate various economic and political factors.

The finance ministry had appointed the second task force on the DTC after there were disagreements among members in an earlier panel. It was expected to submit its report to the finance ministry on Thursday.

Sources said the panel sought global trends and best practices adopted by developed nations to have a certain and effective legislation.

The DTC structure will focus on robust and calibrated plan for the long term so that people will have more clarity and it also helps to increase the tax base.

The previous United Progressive Alliance (UPA) had made an attempt to reform the age-old taxation system, by introducing DTC. The DTC was aimed at consolidating and integrating all direct tax laws by replacing the Income-Tax Act, 1961, and the Wealth Tax Act, 1957 and rationalising the exemptions.

The old DTC Bill had proposed an annual income tax exemption limit at Rs 2 lakh, and levying 10 per cent tax on income between Rs 2 lakh and Rs 5 lakh, 20 per cent on Rs 5-10 lakh, and 30 per cent for incomes above Rs 10 lakh. The Bill was introduced in 2010. It was then referred to Parliament’s standing committee on finance. After the parliamentary panel’s recommendation, the UPA government, at the fag-end of its tenure, had put the revised draft on the public domain in March, 2014.

The BJP government, too, believes that the I-T Act, which was drafted almost 60 years ago, needs an overhaul, but at the same time it should be in sync with the economic circumstances of the country.

In November 2017, the government had constituted a task force, which was to submit its report within six months.

Upcoming MCA compliance- Non compliance will result in Penalties

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Upcoming MCA compliance- Non compliance will result in Penalties

Upcoming MCA compliance

E-form – INC-22A (Active Company Tagging Identities and Verification)
• Applicability & Purpose: Every company incorporated on or before 31st of December, 2017 for filing particulars of the company and registered office with MCA
• Due Date: On or before 25th April, 2019
• Remarks: (Notification dt. 21st February, 2019 & applicable w.e.f. 25th of February, 2019), Form available on MCA portal for filing purpose
• Penalty/Late Fees: Fee of Rs. 10,000.00 if filed on or after 26th April, 2019.

E-form – INC-20A
• Applicability & Purpose: For making declaration and obtaining certificate of commencement of business
• Due Date: Within 180 days from the date of incorporation of company
• Remarks: Applicable w.e.f. 02nd of November, 2018
• Penalty/Late Fees: Where no declaration has been filed, ROC may initiate action for the removal of name of the Company.

Initial MSME-1
• Applicability & Purpose: To be filed by specified companies* for furnishing information with the registrar in respect of outstanding payments to Micro or Small Enterprises.
• Due Date: Within 30 days from the date of availability of form on MCA portal
• Remarks: (Notification dt. 22nd January, 2019), Form is not available for filing purpose on MCA Portal

Half yearly MSME return
• Applicability & Purpose: To be filed by specified companies* for furnishing information with the registrar in respect of outstanding payments to Micro or Small Enterprises during the half year
• Due Date: For April to September – by 31st of October AND For October to March – by 30th of April
• Remarks: (Notification dt. 22nd January, 2019), Form is not available for filing purpose on MCA Portal

One time DPT-3
• Applicability & Purpose: Every Company other than Government company for disclosure of details of outstanding money or loan received by company but not considered as deposits
• Due Date: On or before 22nd April, 2019
• Remarks: Within 90 days from the date of notification issued. (Notification dt. 22nd January, 2019), Updated DPT-3 not available for filing on MCA Portal

DPT-3 Yearly
• Applicability & Purpose: Every Company other than Government company for one time disclosure of details of outstanding money or loan received by company
• Due Date: On or before 30th June from the end of F.Y.
• Remarks: Updated DPT-3 not available for filing on MCA Portal

DIR-3 KYC
• Applicability & Purpose: Every director to whom DIN has been allotted for updating directors database with MCA
• Due Date: On or before 30th April, 2019
• Remarks: Within 30 days from the end of 31st March, 2019
• Penalty/Late Fees: Rs. 5,000/-

BEN-1
• Applicability & Purpose: A person having Significant beneficial owner shall file a declaration to the reporting company
• Due Date: On or before 8th of May, 2019 i.e. within 90 days from the date of notification
• Remarks: (Notification dt. 08th February, 2019), Form is not available for filing purpose on MCA Portal

BEN-2
• Applicability & Purpose: Every reporting company shall file return of significant beneficial owners
• Due Date: Within 30 days from the date of receipt of declaration in BEN-1
• Remarks: (Notification dt. 08th February, 2019), Form is not available for filing purpose on MCA Portal.

Tax warning: Income Tax Department warns people not to do these transactions Following are the 5 transactions that the Income Tax Department doesn’t want you to do:

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Tax warning: Income Tax Department warns people not to do these transactions Following are the 5 transactions that the Income Tax Department doesn’t want you to do:

Tax warning: Income Tax Department warns people not to do these transactions
Following are the 5 transactions that the Income Tax Department doesn’t want you to do:

  1. Don’t accept cash of Rs 2, 00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion (269ST). Instead of cash, you are advised to use an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account for such transactions. However, the said restriction shall not apply to the government, any banking company, post office savings bank, co-operative bank or a person notified by the Central Government.
    Section 271DA of the Income Tax Act provides for levy of penalty on a person who receives a sum in contravention of the provisions of section 269ST. The penalty shall be equal to the amount of such receipt.
    However, the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention.
  2. Don’t receive or repay specified sum exceeding Rs 20,000 or more in cash for loan or deposit or transfer of immovable property (269SS). Use an account payee cheque or account payee demand draft or electricity clearing system through a bank account.
    “Specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.
    Contravention of the provisions of section 269SS will attract penalty under section 271D. Penalty under section 271D shall be levied of an amount equal to loan or deposit taken or accepted.
  3. Don’t pay more than Rs 10,000 in cash relating to expenditure of business/profession (40A).
    If such expenses exceeding Rs 10,000 are made in any mode, other than by an account payee cheque drawn on a bank, or account payee bank draft, or use of electronic clearing system through a bank account, no deduction shall be allowed in respect of such expenditure in the profit and loss account.
  4. Don’t donate in excess of Rs 2,000 in cash to a registered trust or political party. If you do this, then not only you won’t be able to claim deductions under section 80G of the Income Tax Act for such donations,
    But appropriate actions would be initiated against the trust or political party for encouraging money laundering.
  5. Don’t pay health insurance premiums in cash. If you make any payment in cash on account of premium on health insurance facilities, you won’t get deductions under Section 80D of the Income Tax Act.
    So, it is advisable for your own good not to violate the above rules, as the Income Tax Department is seeking information regarding such violations, black money or benami transaction

Accounting, Taxation, GST, and Return Filing of GST, TDS, INCOME TAX.

GST: REVENUE DEPARTMENT TO SET UP COMMITTEE TO DEAL WITH BOGUS E-WAY BILLS – THE ECONOMIC TIMES

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GST: REVENUE DEPARTMENT TO SET UP COMMITTEE TO DEAL WITH BOGUS E-WAY BILLS – THE ECONOMIC TIMES

GST: REVENUE DEPARTMENT TO SET UP COMMITTEE TO DEAL WITH BOGUS E-WAY BILLS – THE ECONOMIC TIMES

Many instances of bogus e-way bills and fake invoices have come to notice since April last year.

The revenue department is planning to set up a committee of tax officers to suggest steps to deal with bogus e-way bills.

Many instances of bogus e-way bills and fake invoices have come to the notice of the Central Board of Indirect Taxes and Customs (CBIC) since April last year.

“Instances on bogus e-way bills based on fake invoices have been detected since April and the tax evasion involved worked out to about Rs 5,000 crore,” an official told PTI.

Touted as an anti-evasion measure, the e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15.

Transporters of goods worth over Rs 50,000 are required to present the e-way bill during transit to a GST inspector, if asked.

“A committee of Centre and state officers would be set up which would analyse the modus-operandi of fake e-way bills generation and would suggest steps to stop it,” the official added.

The officials feel that to shore up revenue and increase compliance, stringent anti-evasion measures have to be put in place.
To this effect the revenue department is also working towards integrating the e-way bill system with NHAI’s FASTag mechanism beginning April to help track movement of goods.

It has come to the investigative officers’ notice that some transporters are doing multiple trips by generating a single e-way bill.

Integration of e-way bill with FASTag would help find the location of the vehicle, and when and how many times it has crossed the NHAI’s toll plazas.

Between April-December 2018, central tax officers have detected 3,626 cases of GST evasion or violations cases, involving Rs 15,278.18 crore.


SEBI TO TIGHTEN TAKEOVER REGULATIONS FOR COMPANIES UNDER IBC PROCESS – BUSINESS STADARD

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SEBI TO TIGHTEN TAKEOVER REGULATIONS FOR COMPANIES UNDER IBC PROCESS – BUSINESS STADARD

SEBI TO TIGHTEN TAKEOVER REGULATIONS FOR COMPANIES UNDER IBC PROCESS – BUSINESS STADARD

The move was aimed at reducing ambiguity and curb the misuse of the regulations

The Securities and Exchange Board of India (Sebi) plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).

Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority’ to exempt an acquirer from the requirement of an open offer. Only a court or a tribunal would be allowed to provide such exemptions, they added.

Experts said the move was aimed at reducing ambiguity and curbing the misuse of the regulations.

While at present the rules allow a “competent authority” to provide an open offer exemption, the regulations have not defined who can act as a “competent authority”, leaving it open for interpretation. Typically, a competent authority can be a sector regulator or ministry.

“To ensure the exemption provided for the IBC is not misused, Sebi is planning to sharpen the language of its regulations,” said a source. Also, the market regulator will change the wordings to ensure the exemptions are given only to lenders, and not any other entity.

Last year, Sebi allowed open offer exemptions for acquisitions made through IBC resolutions. The move was to help banks better tackle the bad loan problem.

Under normal circumstances, a 26 per cent open offer is mandatory whenever, among other things, there is a change in control at a listed company.

However, during corporate debt restructuring, the open offer requirements put extra burden on the acquirer, often lenders, who are already staring at a haircut.

Sources said the changes would be announced at Sebi’s board meeting on Friday. The Sebi board is also likely to approve a new valuation methodology for valuation of money market and debt securities of mutual funds. The move comes at a time when the Rs 24-trillion MF industry is under pressure due to their exposure to companies with high debt.

Sebi will also announce changes to the newly introduced innovators growth platform (IGP), aimed at start-up listings. Further, Sebi will ease the real estate investment trusts (REIT) and infrastructure investment trusts (InVIT) regulations. It will also take steps to boost institutional investor participation in the commodity derivatives market.


GST Portal With New Eight Features

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GST Portal With New Eight Features

GST Portal With New Eight Features*

? TDS/TCS Credit available for utilisation.

☘ A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the credits get transferred to the cash ledger and can be used for making GST payments.

☘ This facility helps taxpayers easily identify such credits and take action accordingly.

? E-way bill data can be imported for GSTR-1.

☘ The E-way bill (EWB) and the GST portal has now been integrated. The same gets automatically imported for the B2B and B2C (large) invoices sections as well as the HSN-wise-summary of outward supplies section. Users only need to verify the data and proceed.

☘ This has definitely saved both time and effort for a business person, as it avoids unnecessary data-entry. However, many businesses were performing this sort of reconciliation themselves using smart tools to ensure accuracy of data.

? List of preferred banks available for making payments.

☘ A taxpayer can choose from a list of 6 preferred banks that will be auto-saved at the time of making payments. If he makes payment through a 7th bank account, the same will get added, and the least used bank account will get removed. He has the option to delete the bank accounts at any point in time.

☘ With this feature in place, the taxpayer need not enter bank details every time, as he can simply select a bank with the click of a button and proceed to make payment.

? Refund applications can be filed monthly for quarterly filers.

☘ There is good news for taxpayers opting to make payments on a quarterly basis. They now do not have to wait for the quarterly filing of refund applications, as the same can be done monthly. However, a prerequisite for the same would be to ensure that GSTR-1 for the quarter has been filed.

☘ This will definitely help mobilise the working capital flows of a business as there is no longer a need to wait till the end of a quarter to apply for a refund.

? Appeals can be filed online and system-generated acknowledgements will be issued.

☘ A taxpayer can file an appeal against an order passed by an appellate authority, or against an advanced ruling by an appellate authority on the GST portal. He even has the option to file an application with the appellate authority in the case of rectification of a mistake in order passed.

☘ In the event of an appellate authority failing to issue a final acknowledgement within the stipulated time, then a system generated final acknowledgement will be issued with the remark “subject to validation of certified copies”. This has simplified the process of filing appeals and also helps tracking the status of the same.

? Composition taxpayers can reply to SCN online for compulsory withdrawal.

☘ For composition taxpayers, there is a simpler way to reply to show cause notices(SCN) now. This is in the case of a show cause notice being issued for compulsory withdrawal from the composition scheme, and if proceedings are initiated against the composition taxpayer, he now has the option to reply to show cause notices on the portal.

? Bank account details not mandatory at the time of registration.

☘ Declaring bank account details are now optional at the time of registration for Normal, OIDAR and NRTP taxpayers. Previously, this was a mandatory requirement. The bank account details can be updated at a later date, which will be at the time of the first login.

☘ Hence, a GST registration number can be obtained without the same. New businesses who are in the process of obtaining bank accounts can simultaneously proceed with GST registration, thus saving time.

? Claiming of ITC and amendment of B2B invoices of 17-18 are re-opened up till March 2019.

☘ Users can now amend B2B invoices of FY 2017-18. The facility to amend the GSTR-1 details of FY 17-18 was closed on filing the September 2018 return. The same has been made available while filing returns for the months of January to March 2019. Input tax credit of FY 2017-18 that was omitted and hence unclaimed up till September 2018 can be claimed now up to March 2019 as well. This was a much-needed remedy for taxpayers who made errors reporting any invoice in the past, or previously missed out claiming genuine credit.

☘ While there are updates being rolled out from time-to-time, users are still hoping to see a smooth system that is completely online and indefectible. In the future, users can look forward to more new updates that would familiarise taxpayers with the new return system that is likely to be introduced by July 2019.

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