Daily Updates

Corporate Law: Food Safety and Standards (Fortification of Foods) Second Amendment Regulations, 2021 [Notification No. F. No. 1-116/Scientific Committee/Notif.28.6/2010-FSSAI. Dtd 22nd Sept 2021]

Corporate Law: Draft Food Safety and Standards (Foods for Infant Nutrition) Amendment Regulations, 2021 [Notification No. F. No. Std/SP-05/T(IFR-01). Dtd 22nd Sept 2021]

Company Law: Extension For Conducting AGM for the FY 2020-21 till 30 November 2021 [MCA Office Memorandum No. CL-II-03/252/2021-0/o DGCoA-MCA dtd 23rd Sept 2021]

DGFT : Eligible services and rates under SEIS for FY 2019-20 notified [Notification No: 29/2015-2020-DGFT dtd 22nd Sept 2021]

DGFT: Extension in Export Obligation period of specified Advance & EPCG Authorisations till 31.12.2021 [Notification No. 28/2015-2020-DGFT dtd 23rd Sept 2021]

GST: The supply from an Indian company to its related establishments outside India, which are incorporated under the laws outside India, would not be treated as supply to merely establishments of distinct person and will qualify as ‘export of services’. [Circular No. 161/17/2021-GST]  

GST: In case the export of goods which are subjected to export duty, but rate of duty is nil or exempted, said export can be considered for the purpose of refund of accumulated ITC. [Circular No. 160/16/2021-GST]

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