In view of resurgence of COVID 19, the gap between two board meetings may extend to 180 days during the quarter April to June 21 and July to Sept 21 instead of 120 days.
As we read this piece, India is going through its tough times wherein in people of the country as fighting for the survival due to COVID 2.0. People from most part of the country are struggling to get “Oxygen” for breathing which is necessity to live on this planet. Naturally, the business and statutory compliances …
Relaxation for GST – Liability payment and Late fee Payment for April 21 and May 21. Interest Waiver for Tax Payers having Aggregate Turnover greater than Rs. 5 crores First 15 days from the due date of tax payment Interest @ 9% instead of 18% After 15 days from Due date Interest @ 18% Interest …
Dates extended for following compliances to 31st May 2021,or last date of filling whichever is later under Income Tax in view of severe pandemics:
The Finance Bill 2021 has substituted the Section 44 of CGST Act, 2017, where annual return (GSTR-9) is required to be submitted along with self-certified reconciliation statement (GSTR-9C), earlier GSTR-9C was required to be certified by the Chartered Accountant or Cost Accountant. So there is no change in process of annual audit except for certification. …
EVC for filing GST returns – Companies can file GST returns using EVC instead of Digital Signature for period up to 31.05.2021. This is to obviate the difficulties in getting DSC used considering lockdown in many states.
Basic Custom duty exemption has been granted on import of Vaccines for COVID-19, Oxygen and Oxygen generating units for next three months (detailed notification awaited). Earlier, the government had exempted Basic Custom duty on import of Remdesivir injection, Remdesivir API and Beta Cyclodextrin (SBEBCD) used in the manufacture of Remdesivir, up to 31st October 2021.
The Director General of System & Data Management GST has issued advisory for issuance of PMT-03 for re-credit of ITC on account of following, i.Refund of excess payment of tax; ii.Refund of tax paid on intra-State supply which is subsequently held to be inter- State supply and vice versa; iii.Refund on account of assessment/provisional assessment/appeal/any …
DGFT has launched ‘Trade Facilitation’ Mobile App, for promoting ease of doing business and providing quick access to information to importers/exporters. Amongst other things, the app will provide below major details, Real-time trade policy updates, notifications, application status alert, tracking help requests Item-wise Export-Import policy & statistics, Track IEC Portfolio A I-based 24*7 assistance for …
DGFT has launched ‘Trade Facilitation’ Mobile App.(13.04.2021) Read More »
In step towards Atmanirbhar Bharat, Union Cabinet approved six of the ten New production linked incentive (PLI) Schemes. Those are, Electronic/Technology Products – MeitY (notified on 3 March 2021) Pharmaceuticals drugs – D/o Pharmaceuticals (notified on 3 March 2021) Telecom & Networking Products – D/o Telecommunications (notified on 24 Feb 2021) Food Products – …
Hon’ble Justice NV Ramana has been appointed as the next Chief Justice of India by President Ram Nath Kovind. He will take oath on April 24. Hon’ble Justice Ramana will be the country’s top judge for a year and four months, till August 26, 2022.
GST AAR – Advance ruling authority has given important ruling in relation to whether the pre-developed / pre-designed software is goods or services?. In case of SPSS South Asia Pvt Ltd, the advance ruling authority observed that, Software supplied by the applicant is a pre-developed or pre-designed software and made available through the use of …
Bizsol Update for the month April 2021 Articles: Labour Reforms w.e.f. 1st April 2021 & Impact thereon” by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. Expectations From New Foreign Trade Policy 2021-26″ by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company …
CBDT notified new income tax returns forms for the AY 2021-22. It clarifies no major changes made in the forms vide press release. Notification 21/2021 dated 31.03.2021.
MCA extended the date of implementation by one year for audit trail accounting software for companies. Now the new date mentioned is 1st April 2022. Earlier MCA had issued notification asking companies to ensure accounting in software having audit trail w.e.f. 1st April 2021. The time given by MCA was very short to adopt such massive change. …
Important things to note on 1st April 2021 i.e. beginning of new financial year. Letter of Undertaking (LUT) for zero rated (export) supplies : The exporter and suppliers to SEZ needs to execute the LUT for the year 2021-22 on GST portal. HSN code requirements: With effect from 01st April 2021 the requirement of mentioning HSN Code …
GST Advance Ruling : In a bizarre advance ruling by TNGST Advance ruling authority in case of Chennai Metropolitan Water Supply and Sewerage Board stated that, “the applicant can seek an Advance Ruling only in relation to supply of goods or services or both undertaken or proposed to be undertaken by them. In the case at …
No fees will be charged for annual updation of IEC as mandated by DGFT. In other words, no fees will be payable on any amendment done in IEC during period April – June every year. [Public Notice – 49/2015-20 dated 31st March 2021]
Foreign Trade Policy 2015-20 has been further extended to 30th Sep 2021. It was expected that the Government will come up with new Foreign Trade Policy on 1st April 2021, however seems that current policy will be operational till 30th Sep 2021 unless new policy is brought before that date. [Notification – 60/2015-20 dated 31st March 2021]
The government has extended the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 30th September, 2021. [Notification – 19/2021-Customs(ADD), dt. 31.03.2021]
