MSME classification criteria revised to combine investment and turnover; Aadhaar based Udyam registration and reclassification required.
Replaces earlier MSME thresholds with combined investment and turnover criteria, aggregating all units under the same PAN for classification. Investment excludes land, buildings, furniture and fittings and follows income tax definitions, with prior year ITR as primary evidence and self declaration or invoice value (excluding GST) as alternatives. Turnover excludes exports and must be linked with income tax and GST; PAN requirement is imposed for consistent reporting. Introduces Aadhaar based Udyam Registration requiring specified identity authentication, mandates URN allocation, and requires prior year ITR/GST uploads with potential suspension for non compliance. (AI Summary)

Penalty for false entries: statutory charge equals the aggregate false or omitted entry, focused on fake invoice schemes.
Section 271AAD authorises a penalty equal to the aggregate amount of any false or omitted entry in books of account found during proceedings under the Act, and allows the same penalty against persons who cause such entries. The Explanation treats forged or falsified documents, invoices without actual supply or receipt, and invoices involving non existent persons as false entry. Penalty is available only in the course of assessment proceedings, requires existence of books of account, and places onus on the Assessing Officer to establish falsity or omission; the provision is directed principally at schemes using fake GST invoices to claim input tax credit. (AI Summary)

Due date extensions for tax compliance with concessional interest and suspended procedural time limits during lockdown.
Ordinance grants a common extended deadline for specified income-tax compliance falling within the lockdown period, reduces the monthly interest rate for delayed tax-related payments and filings, and waives penalties for belated/revised returns filed by the extended date. It extends deadlines for TDS/TCS filings, PAN-Aadhaar linking, investment-triggered deduction windows, commencement for special-zone deductions, and applications under a dispute-resolution scheme. Procedural time limits for authorities and assessees-such as completion of proceedings, issuance of notices, and filing of appeals or returns-are similarly suspended and extended to the common date. (AI Summary)

GST compliance relaxations extend filing deadlines and conditionally waive interest and late fees for specified return periods.
Government issued temporary GST compliance relaxations during the lockdown that extend filing and payment deadlines for specified forms, allow cumulative application of Rule 36(4) for ITC across February-September 2020, and provide conditional interest relief and late fee waivers for GSTR 3B and GSTR 1 subject to revised filing schedules differentiated by taxpayer turnover and specified exclusions. (AI Summary)

Vehicle detention under GST: officers may verify e-way bills and detain goods pending compliance or confiscation proceedings.
Proper officers may intercept and inspect conveyances to verify e-way bills and prescribed documents; detention and seizure of goods, conveyances and documents are authorised for transport or storage in transit in contravention of the law. Officers must follow prescribed forms and portal reporting for statements, physical verification, detention orders and final reports. Owners may secure release by paying tax and prescribed penalties or by furnishing bond and security; failure to discharge liabilities within the prescribed period may lead to notice of confiscation, fines subject to statutory limits, transfer of ownership to the State on confiscation, and requirement of opportunity to be heard. (AI Summary)