In this podcast, our Bizsolindia Founder, CMA Ashok Nawal, shares how to prepare for GST Departmental Audit. As the GST department has started issuing notices to the assesses. It is now very important for business owners and runners to understand GST and GST Audits. Listen this episode and be prepared for GST Departmental Audit. Listen …
Spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families is an eligible CSR activity [MCA General Circular No. 13/2021 dtd 30th July 2021]
Anti-Dumping duty on Polytetrafluoroethylene extended till 30.11.2021 (Notification No. 41/2021-Customs (ADD) dtd 31st July, 2021)
CBIC has allowed facility of continuous AEO Certification/Auto Renewal for AEO-T1 based on continuous compliance monitoring based on annual self-declaration. (Circular No. 18/2021-Customs dtd 31st July 2021)
CBIC continue to exempt filing of annual GST return in Form GSTR 9 to the registered persons whose aggregate turnover in the financial year 2020-21 is upto two crore rupees and Reconciliation Statement in Form GSTR 9C to the registered persons whose aggregate turnover in the financial year 2020-21 is upto five crore rupees and …
Maximum and minimum monetary penalties have been defined for professional members where the Disciplinary Committee of the Insolvency Professional Agency( IPA) decides to impose such penalties for contravention. (IBBI CIRCULAR No. IBBI/IPA/43/2021 dtd. 28.07.2021)
CBDT has issued detailed guidelines for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 under section 144B of the IT Act, along with guidelines for penalty under Faceless Penalty Scheme 2021. (CBDT Press Release A.F.A.C-1/58/2021-22/333 dtd. 26.07.2021)
Information Technology (IT) is playing an important role in India today & has transformed India’s image as a land of innovative entrepreneurs. India is now one of the biggest IT capitals of the modern world and all the major players in the world IT sector are present in the country. Information technology sector has placed …
Fee structure for Depository Participants operating in GIFT-IFSC – Application fee of USD 500 at the time of application for registration , Registration fee of USD 2,500 and Fee of USD 2,500 every five years post registration. (IFSC Circular No.F. No. 286/IFSCA/CMD-DMIIT/DP/2021/1 dtd.27.07.2021)
DGFT now introduces a new online module for filing of electronic, paperless applications for Export Authorizations for SCOMET Items with effect from 05.08.2021.and DGFT (HQ) will continue to process such applications. (DGFT Trade Notice No.11/2021-22 dtd 28.07.2021)
Going forward, applications for deemed exports i.e. Refund of Terminal Excise Duty (TED), Grant of Duty Drawback as per AIR and Fixation of Brand Rate for Duty Drawback are required to be submitted online through the importer/exporter’s dashboard on the DGFT Website. ( DGFT Trade Notice No. 12/2021-22 dtd. 28.07.2021)
Basic Customs Duty on Mosur Dal reduced from 30% to 10%. (Notification No. 38/2021-Customs dtd. 26.07.2021)
DGFT notifies new proforma ANF 20(d) for filing applications for revalidation of SCOMET export authorisation. ( Pubic Notice NO.17/2015-20 dtd. 27.07.2021)
Revised procedure is prescribed for the purpose of transfer or assigning promoters rights under MahaRERA and hence in cases where changes in internal shareholding doesn’t affect obligations and liabilities of the Allottee(s) prior written consent from the authority will not be required. (Circular No.: 24A/2021)
Two ITC HS codes 30036000 and 30046000 have been included in the MEIS Schedule and are eligible for MEIS benefits for exports made in the period 01.01.2017 to 31.12.2020 at the rate of 3%. ( Public Notice No. 18/2015-2020 dated 27.07.2021)
New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers so as to see the Aggregate Turnover of previous financial year plus Current Financial Year till the date returns are filed plus there is facility to amend the turnover twice with in a period of one month from the date this functionality is operational.
Window for making an application under PLI Scheme for Pharmaceutical goods has been extended till 15th August 2021. [Notification Ministry of Chemicals & Fertilizers dtd 22nd July 2021]
CESTAT has issued guidelines directing Benches of Tribunal to strictly follow the period of limitation as prescribed by the Supreme Court in all judicial proceedings whether condonable or not shall stand extended till further orders. (F No. 01(05)/Circular/CESTAT/2021)
Para 4.57 of HBOP 2015-20 towards Maintenance of proper accounts of import and its utilization has been replaced as follows: Original DFIA holder shall maintain a true and proper account of consumption and utilisation of duty free imported / domestically procured goods against each authorisation as prescribed in Appendix 4H. These records are required to …
Para 4.51 of HBOP 2015-20 towards Maintenance of Proper Accounts has been replaced as follows: Every Advance Authorisation holder shall maintain a true and proper account of consumption and utilisation of duty free imported /domestically procured goods against each authorisation as prescribed in Appendix 4H or 41, as applicable. These records are required to be …
