Statutory Updates - May 2021

1. In May 2021, the 43rd GST Council Meet was held. Apart from Covid relief measures, the GST council also announced GST Amnesty scheme 2021. Even though the GST Amnesty scheme 2021 didn't provide for relief of availing missing Inputs, it announced capping of late fee from per day to per return basis.

2. On the Corporate law, MCA announced mandatory requirement to use accounting software for maintaining books of accounts which has audit trail feature from the FY 2022-23. MCA also a Covid relief announced relation in additional fees for MCA forms falling due between Apr 2021 & May 2021, relaxed gap between two board meeting by another 60 days and several Covid related CSR clarifications.

3. On the Direct taxes, the Income Tax Department is going to launch its new e-filing Portal www.incometax.gov.in on 7th June, 2021. CBDT also extended most of the returns due date by a month due to hardship caused due to Covid.

4. For the detailed updates, refer the Monthly Newsletter for the month of June 2021 enclosed herewith.

May 2021 MVA Times

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