GST and FEMA Latest Updates for the May Month 2023: To stay current in finance and compliance, it's vital for businesses and individuals to keep track of schedules and regulatory changes. We have compiled a detailed work schedule for upcoming days and important updates in the Foreign Exchange Management Act (FEMA) to help you stay informed.
These cover tasks like filing returns, updating registrations, and understanding regulatory changes in foreign exchange transactions. By following these guidelines and being proactive, you can ensure compliance, minimize risks, and maintain smooth operations within the legal framework. Let's explore the work schedule and the latest updates that need your attention.
1. Particular: GSTR3B
Date: 20/05/2023
Remark: GSTR is needed to be filled every month.
2. Particular: TDS Return
Date: 30/05/2023
Remark: Needs to be filled for the period Jan-March 2023
3. Particular: IEC Updates
Date: 30/06/2023
Remark: A person having an Importer-Exporter Code needs to update it by June 30th every year.
4. Particular: DPT 03
Date: 30/05.2023
Remark: Private Limited Company that has loans from debtors exceeding 365 days is required to file DPT 03.
Latest New Update in FEMA (Foreign Exchange Management Act):
Rule 7 of the Foreign Exchange Management (Current Account Transaction) Rules, 2000 has been removed. Previously, the use of international credit cards was exempt from the limit set by the Liberalized Remittance Scheme (LRS). The LRS Scheme allows individuals to spend up to $250,000 outside India for specific purposes without requiring approval from the Reserve Bank of India (RBI).
Update Impact: International Credit Card Spending: Previously, international credit card spending fell outside the limits of the LRS Scheme, allowing for additional expenditures beyond the prescribed threshold. However, with the recent update, international credit card, debit card, and ATM card spending will now be encompassed within the $250,000 limit. It is essential to note that the overall limit of $250,000 remains unchanged.
1. Tax Collected at Source (TCS): TCS will be applicable at varying rates depending on the purpose of the remittance. Here are some examples:
2. Repayment of loan obtained from a Financial Institution: TCS rate is 0.5% for amounts above the threshold of 700,000/-.
3. Remittance not arising from a loan from a Financial Institution: TCS rate is 5% for amounts above the threshold of 700,000/-.
4. Medical Treatment Remittance: TCS rate is 5% for amounts above the threshold of 700,000/-.
5. Remittance for Tour Package: TCS rate is 20%.
6. Remittance for any other purpose: TCS rate is 20%.
Particulars ---------------- TCS Rates and threshold
> Repayment of loan obtained from A Financial Institution as defined u/s 80E - Above 700000/- 0.5%
> Remittance not out of loan from a Financial Institution - Above 700000/- 5%
> Medical Treatment Remittance - Above 700000/- 5%
> Tour Package Remittance - 20% Applicable
> Any other purpose Remittance 20% Applicable
Here are the suggestions when a GST Officer Visits to track Fake GST Registrations:
1. Stay calm and Cooperative: The visiting officer's purpose is to address concerns related to fake billing. Remain composed and collaborate with the officer in a lawful manner.
2. Registration Certificate: Affix your Registration Certificate at your office. If you are registered under the composition scheme and not charging GST separately, mention this on the certificate.
3. Display Sign Board: Place a signboard at your establishment featuring your GST number.
4. Updated GST Return Records: Keep your GST return records accessible and ensure monthly reconciliation. While not legally mandated, this practice can help you avoid interest and penalty charges.
5. Maintain Your Records: Keep a register at your registered location for accounting purposes. If accounting is performed at a different location, include it in the register.
NOTE:
Keep in mind that visiting officers are there to collaborate with you. In case of any undue harassment, you have the option to lodge a complaint with their Deputy Commissioner/Joint Commissioner or through the CPGRAM portal. However, it is advisable to use these channels only when faced with unwarranted harassment. Remember, it is your responsibility to cooperate with the officers in a lawful manner. Source - TaxGuru 
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