Daily Updates

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)

Initiation of sunset Review investigation concerning imports of “Toluene Di-isocyanate” (TDI) from China PR, Japan and Korea RP. (Case No. AD (SSR)- 20/2021-Initiation Notification dtd. 27th August 2021)

Sunset review investigation concerning imports of tyre curing presses from China. (Case No. AD (SSR)- 19/2020-Notification-Final Findings dtd. 27th  August 2021)

CBIC has issued a Notification  to extend Anti-Dumping Duty on uncoated copier paper from Indonesia & Singapore up to 28th February, 2022. (Notification No. 48/2021-Customs (ADD) dtd. 27th August 2021)

Suggestions/comments are invited on the draft notification for framing the rules for the amendments made by the Taxation Laws (Amendment) Act, 2021. (Press Release dtd. 28th August 2021)

CBDT extends the date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) to 30th  September, 2021. Further the last date for payment of the amount (with additional amount) remains 31st October, 2021. (Press Release dtd. 29th August 2021)

CBDT has further extended the due dates for electronic filing of 14 Income-tax Forms under the  Income-tax Act,1961. (Circular No. 16 /2021 dtd. 29th  August 2021)

CBIC has also extended the timelines for filing of application for revocation of cancellation of registration to 30.09.2021, where the due date of filing of application for revocation of cancellation of registration falls between 01.03.2020 to 31.08.2021. (Notification No. 34/2021-Central Tax dtd. 29th August 2021)

GSTR 3B Last date to avail benefit of the late fee amnesty scheme, has now been extended from existing 31.08.2021 to 30.11.2021. (Notification No. 33/2021-Central Tax dtd. 29th August 2021)

CBIC has allowed filing of FORM GSTR-3B & GSTR-1/ IFF using Electronic Verification Code (EVC) is further extended to 31.10.2021. (Notification No. 32/2021-Central Tax  dtd. 29th August 2021)

The Pension Fund Regulatory and Development Authority (PFRDA) has issued a circular to increase the entry age up to 70 years under National Pension System (NPS). (Circular No. PFRDA/2021/36/SUP-CRA/14 dtd. August 26th 2021)

SEBI has issued a circular on Modalities for implementation of the framework for Accredited Investors. (Circular-SEBI/HO/IMD/IMD-1/DF9/P/CIR/2021/620 dtd August 26th 2021)

RBI issued Master Directions on Prepaid Payment Instruments (PPIs). (Circular RBI/DPSS/2021-22/82 dtd August 27th 2021)