Team Bizsol

Exchange Rates for import and export transactions have been notified by CBIC. [Notification No. 54/2021 – Customs (NT) d.t 17.06.2021 dtd 17th June 2021]

Laterals/parts to be used solely or principally with sprinklers or drip irrigation system, which are classifiable under heading 8424, would attract a GST of 12%, even if supplied separately. However, any part of general use, which gets classified in a heading other than 8424, in terms of Section Note and Chapter Notes to HSN, shall …

Laterals/parts to be used solely or principally with sprinklers or drip irrigation system, which are classifiable under heading 8424.(18.06.2021) Read More »

Guaranteeing of loans by Central or State Government for their undertaking or PSU is specifically exempt under said entry No. 34A.  [Circular No. 154/09/2021-GST dtd 17th June 2021]

Services by way of milling of wheat into flour or paddy into rice will attract 5% tax even though the rice / wheat / paddy is for distribution by State Governments under PDS. [Circular No. 153/09/2021-GST dtd 17th June 2021]

Works contract service provided by way of construction such as of rope way shall fall under entry at sl. No. 3(xii) of notification 11/2017-(CTR) and attract GST at the rate of 18%. [Circular No. 152/08/2021-GST]

Clarification in respect of taxability of various services supplied by Centre and State Boards such as National Board of Examination (NBE): (i) GST is exempt on services provided by Central or State Boards ( including the boards such as NBE) by way of conduct of examination for the students, including conduct of entrance examination for …

Clarification in respect of taxability of various services supplied by Centre and State Boards such as National Board of Examination.(18.06.2021) Read More »

Services by way of construction of road fall under heading 9954. This heading inter alia covers general construction services of highways, streets, roads railways, airfield runways, bridges and tunnels. Consideration for construction of road service may be paid partially upfront and partially in deferred annual payments (and may be called annuities). Said entry 23A does …

Services by way of construction of road fall under heading 9954.(18.06.2021) Read More »

Services provided to an educational institution by way of serving of food ( catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [under said entry 66 (b)(ii)]. Educational institutions as defined in the notification include aganwadi. Hence, serving of food to anganwadi shall …

Services provided to an educational institution by way of serving of food ( catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [under said entry 66 (b)(ii)].(18.06.2021) Read More »

EPFO extends deadline for filing of PF return with Aadhaar seeded UANs till September, 2021 Employees’ Provident Fund Organization (EPFO)vide circular No. WSU/15(1)2019/ATR/529 dated 15th June, 2021 extended the last date to seed the Aadhaar number with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021.   

FDI policy on Insurance sector has been revised so as to enhance foreign equity in Insurance Sector to the extent of 74% and Intermediaries or Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors and such other entities, as may be notified by the Insurance Regulatory and …

FDI policy on Insurance sector has been revised.(17.06.2021) Read More »

Tariff value for of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver & others have been revised and notified. [Notification No. 52/2021 – Customs (NT) d.t 15.06.2021 & Notification No. 53/2021 – Customs (NT) d.t 16.06.2021]  

MCA allows Board Meeting via Video Conferencing permanently. [MCA Notification dtd 15th June 2021]

SEBI has issued guideline for settlement of running account of client’s funds / securities lying with Trading Member . [Circular : SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dtd 16th June 2021]

Justice Shashi K Gupta appointed chairman of Appellate Authority under CA / CMA / CS Act.

Notifications issued for GST rates reductions as per 44th GST Council meeting recommendations.  The summary of Notifications issued is as under:

APEDA designated as agency authorized to issue RCMCs for Cashew Kernel, Cashewnut Shell Liquid, Kardanol etc. [Public Notice No. 6/2015-2020 dtd 14th June, 2021]

CBDT notifies ‘317’ as Cost inflation index for Financial Year 2021-22 / Assessment Year 2022-23. [Notification No. 73/2021-Income Tax Dated: 15th June, 2021]

RBI, in the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated lenders in the microfinance space an invited the suggestions from public.

Securities Exchange Board of India (‘SEBI’) vide its Circular dated June 15, 2021, has provided relaxation in the provision related to a minimum vesting period of one year in case of Employee Stock Options (“ESOP”) and Stock Appreciation Rights (“SAR”).

Notification issued on 1st May 2021, reducing custom duty on “Oxygen concentrator, imported for personal use” has been rescinded, since new notification is expected based on the recommendation of 44th GST Council Meeting. [Notification No. 33/2021-Custom dtd 14th June 2021]