Webinar on MSME Organised by Tax Concept

Tax Concept organised a Webinar on “Overview of MSME and Various Aspects of MSME in India” on 22nd May, 2020.

The Webinar was held through Google Meet & You Tube Live and the speaker for the webinar was CS Lalit Rajput (Practicing Company Secretary)

In this webinar, various aspects were discussed by CS Lalit Rajput; such as COVID-19 relief to MSMEs, Revised definition of MSME, important knowledge of MSME Portal etc.

Various professionals across the country showed their interest in the Webinar and asked many queries to the speaker.

PPT and Recorded Video for the Webinar

To Visit CS Lalit Rajput’s Profile, Please Click Here

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You May Also Like : Big Relief to B2B Suppliers in Income Tax

The Central Board of Direct Taxes (CBDT) vide Circular No. 12/2020, Dated 20.05.2020 clarified that the provisions of Section 269SU of the Income Tax Act, 1961 will not applicable to B2B suppliers (with some conditions).

The words of the circular are as under :

In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act, 1961 (“the Act”), vide the Finance (No. 2) Act 2019. This sectionvrequires every person carrying on business and having sales/turnover/gross receipts from business of more than Rs 50 Crores (“specified person”) in the immediately preceding previous year to mandatorily provide facilities for accepting payments through prescribed electronic modes. Subsequently vide notification no. 105/2019 dated 30.12.2019 (i) Debit Card powered by RuPay; (ii) Unified Payments Interface (UPI) (BHIM-UPI); and (iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code) were notified as prescribed electronic modes.

2. Representations have been received stating that the above requirement of mandatory facility for payments through the prescribed electronic modes is generally applicable in B2C (Business to Consumer) businesses, which directly deal with retail customers. Moreover, since the prescribed electronic modes have a maximum payment limit per transaction or per day they are not so relevant to B2B (Business to Business) businesses, which generally receive large payments through other electronic modes of payment such as NEFT or RTGS. Mandating such businesses to provide the facility for accepting payments through prescribed electronic modes would cause administrative inconvenience and impose additional costs.

3. In view of the above, it is hereby clarified that the provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by other than cash.