Team Bizsol

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Notification issued on 1st May 2021, reducing custom duty on “Oxygen concentrator, imported for personal use” has been rescinded, since new notification is expected based on the recommendation of 44th GST Council Meeting.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]

Anti-dumping duty imposed on imports of “Ammonium Nitrate” originating in or exported from Russia, Georgia and Iran. [Directorate General Of Trade Remedies Notification dtd 11th June, 2021]

CBDT allows manual filing of Income Tax Forms 15CA 15CB till 30th June 2021 Under the provisions of the Income-tax Act, 1961 read with Rule 37BB. [CBDT press Release dtd. 14th June 2021]

CBDT has issued the Guidelines for compulsory complete Income Tax Scrutiny during FY 2021-22. [CBDT F. No. 225/61/2021/ITA-II  dtd 10th June 2021]

Online PSB Loans Limited allowed to perform Aadhaar authentication, on voluntary basis, for verification, including Yes or No authentication and e-KYC, of beneficiaries on the National Portal for Credit Linked Government Schemes. [Notification issued by Ministry of Finance dtd 11th June, 2021]

RBI issues FAQs on appointment Auditors of Banks, UCBs & NBFCs. [RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 dtd April 27, 2021]

Step-by-Step Guide for making online rectification request u/s 154 for TDS credit mismatch correction in new e-filing portal.

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 w.e.f. 10th June 2021.

GST Rates reduced on Covid-19 relief goods till 30th September, 2021 as per the Recommendations of 44th GST Council Meeting.

New functionalities to be deployed on GST Portal-Negative liability statement, GSTR-4A & HSN in Excel in order to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances.

MCA notifies Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. MCA inserts new Rule 6A. Manner of transfer of shares under sub-section (9) of section 90 of the Act to the Fund …

MCA notifies Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.(11.06.2021) Read More »

Guidelines for Power Generation, Transmission and Distribution in Special Economic Zones (SEZs) has been announced, thereby if such power is generated and used for captive purpose then there is no need to apply for setting up of separate unit for power generation, transmission & distribution in SEZ. [F. No: K-43014(16)/8/2020-SEZ dtd 7th June 2021]

Late fee waiver for filing the VAT Return for the period of March, 2021 April, 2021 and May, 2021 under Maharashtra Value Added Tax Rules, 2005 has been made and last date of filing such return is notified as 30th June 2021. [VAT Notification dtd. 3rd June 2021]

Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming is constituted headed by Sh. Nitin Patel, Deputy Chief Minister, Gujarat. [Office Memorandum of GST Council]

Group of Ministers (GoM) on Capacity based taxation and Special Composition Scheme in Certain Sectors on GST is constituted headed by Sh. Niranjan Pujari, Minister for Finance, Odisha. [Office Memorandum of GST Council]

Group of Ministers (GoM) on movement of Gold and Precious Stones is constituted headed by Shri K.N. Balagopal, Finance Minister of Kerala. [Office Memorandum of GST Council]  

GST Council will meet on 12th June 2021 to discuss the following agenda. Tax exemption or reduction in the rate of various COVID related items including vaccine as recommended by GoM headed by Meghalaya Chief Minister. Extension of GST compensation for further 5 years as demanded by certain states including Bengal Disbursement Plan for GST compensation …

GST Council will meet on 12th June 2021 to discuss the following agenda.(11.06.2021) Read More »

Landmark decision of holding Section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 is ultra vires the said Act besides being unconstitutional by Hon Mumbai High Court in the case of Dharmendra M Jani Vs UoI [2021-TIOL-1297-HC-MUM-GST]. Intermediary services provided out of country which is treated as taxable services even though recipient is …

Landmark decision of holding Section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 is ultra vires.(10.06.2021) Read More »