Few changes in various Acts from 1.4.2021 for easy reference

 *MUST READ:* Few changes in various Acts from 1.4.2021 for easy reference . 

1. Maharashtra government decides not to extend the reduction in stamp duty rates in the state, which expired on 31.03.2021. 


2. Maharashtra Revenue Minster says: As the concession has expired, regular rates will be applicable from now. 


3. For woman buyers, Governement had announced 1% reduction in stamp duty which will be applicable from April 1 2021


4. Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.


5. Next Year wef 01.07.2021 TDS @ 0.1% will have to be paid on Purchases of more than 50 Lacs if Turnover in FY 2020-21 exceeded 10 Crore. u/s 194Q.


6. Charitable Institutions/Trusts already registered with Income Tax Deptt  will have to re-register themselves in 2021-22.


7.  ITR of FY 2020-21 can not  be filed after 31.Dec’21. ( means 3 months lesser period made available next year )

 

8. Existing LUT for export without payment of IGST expires on 31.03.2021. Seek renewal for 2021-22.


9. E-Invoicing made mandatory wef 01.04.2021 for dealers with Annual Turnover of 50 Cr or more in any preceding Year. Those buying from such dealers without  E-Invoice will loose Input Tax Credit on such purchases.


10. Till now HSN code was not mandatory for dealers up to 1.5 Cr.  2/4 Digits HSN was required from others.      Wef 01.04.2021  4 digits HSN has been made mandatory for dealers having Turnover up to 5 Cr in 2020-21 for B2B transactions. 6 Digits HSN is mandatory for others both for B2B & B2C transactions.  Export Invoices will have 8 digits HSN as per the requirement of FTP (Foreign Trade Policy). HSN details will have to be given in GSTR1 also. Those who do not follow new HSN rules, will face penalty of 50,000.00 u/s 125 alongwith other liabilities.


11. QR code for B2C transactions for dealers having turnover more than 500  Cr in any preceding  year is mandatory wef 01.07.2021.  

 

12. Every Company which uses software to maintain its accounts,  shall use such accounting software which has edit log of each and every transaction, every change made in books of accounts along with the date when such changes were made and ensuring that audit trail cannot be disabled. (Applicable from 01.04.2022)

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