Team Bizsol

GST: No need to carry the physical copy of tax invoice in cases where e-invoice is generated.

GST: Post 01.01.2021 date of DN to be considered for availment of ITC respective of date of corresponding original supply for which DN is issued

GST: Scope of “Intermediary” is clarified. Intermediary means who arranges or facilitates main supply of goods / services and does not himself provides the main supply. Sub-contracting for a service is not an intermediary service. [Circular No. 159/15/2021-GST]

DGFT : Considering the decline in exports in last 2 years, the DGFT has asked the RA to re-fix the Average Export Obligation in case of EPCG authorisation in line with the decline that sector witnessed. Sector wise reduction percentages are issued by the DGFT. [Policy Circular 37/2015-20 dated 10.09.2021]

RBI: RBI may specify any bench mark rate other than LIBOR for payment of interest by the exporter on advance payment received by them from its customers. Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 has been amended to this extent. [Notification No. FEMA 23(R)/(5)/2021-RB. | Dtd. 08th September, 2021]    

DGFT : Procedure / modalities for import of 2,50,000 MT of Urad and 1,00,000 MT of tur from Myanmar under the MoU is laid down. [Notification 22/2015-2020, Dated: September 06, 2021]

DGFT: Procedure / modalities for import of 50,000 MT of tur (pigeon peas) from Malawi under the MoU are laid down. [Notification 21/2015-2020, Dated: September 06, 2021]

Clarifications has been issued regarding extension of time limit to apply for revocation of cancellation of registration in view of Notification No. 34/2021-Central Tax dated 29th August, 2021

Govt to announce PLI Scheme for auto sector

Income Tax : Central Government constitutes the Boards for Advance Rulings under Income Tax in Delhi and Mumbai.

Income Tax:  CBDT extends due dates under the Direct Tax Vivad Se Vishwas Act.  

Income Tax: CBDT inserts new provision for calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit.  

GST : GST revenue collection in the month of August 2021 is Rs 1,12,020 Crores

Customs – Anti Dumping Duty: Anti-dumping duty on imports of “Glass Fibre and Articles thereof” falling under heading 7019, originating in, or exported from People’s Republic of China has been extended up to 31st October 2021.

No import licence to be obtained by leasing companies located in Gandhinagar IFSC for import of aircraft or copters. Also, permission for Ministry of Civil aviation is done away with for import of aircrafts without licenses by Scheduled/Scheduled Commuter/ Non-Scheduled Air Transport Services or Aerial Work operations subject to obtaining NOC from DGCA.  

CBIC has further extended the exemption on Custom Duty for import of covid relief items including Covid 19 vaccine and oxygen related equipment’s up to 30th September 2021.  (Notification No. 41/2021-Customs dtd. 30th August 2021)

MahaRERA has established a Toll-Free and a fully equipped Citizen Helpline. (Circular No. 37 /2021 dtd. 24th August 2021)

Resolution Professional to disclose voting pattern & should file relationship disclosure. ( Order No. No. IBBI/DC/76/2021 dtd. 27th August 2021)