Daily Updates

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 4.57 of HBOP 2015-20 towards Maintenance of proper accounts of import and its utilization has been replaced.(23.07.2021) Read More »

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 …

Para 4.51 of HBOP 2015-20 towards Maintenance of Proper Accounts has been replaced.(23.07.2021) Read More »

A new para, 4.41(e) of HBOP 2015-20 has been introduced, wherein, Advance Authorizations issued on or after 15.08.2020 and not covered under Para 4.41 (b), only one revalidation for twelve months from expiry date shall be allowed. No further revalidation would be allowed for such authorisations. The provision for revalidation as under Para 4.41 (c) shall …

A new para, 4.41(e) of HBOP 2015-20 has been introduced.(23.07.2021) Read More »

When the debt to be recovered is Rupees one hundred crore and above, e- filing of pleading shall be mandatory before the Debts Recovery Tribunals and Debts Recovery Appellate Tribunals. [MCA Notification No. G.S.R. 501 (E) dtd 22nd July 2021]

To further enhance the Investor Protection and to increase the transparency in Grievance Redressal of complaints received by Infrastructure Investment Trusts (“InvITs”) or Real Estate Investment Trusts (“REITs”), shall be disclosed in the format as prescribed on the website of InvITs/ REITs and also to be filed with the recognized Stock Exchange where the units …

To further enhance the Investor Protection and to increase the transparency in Grievance Redressal of complaints received by (“InvITs”) or (“REITs”), shall be disclosed in the format as prescribed on the website.(23.07.2021) Read More »

To overcome the difficulties of Post Office Depositors for issuance of duplicate certificates, the solvency criteria’s have been newly introduced, for Central or State Government Employees salary for twelve months certified by the Employer, for others on the basis of Annual income as per the last Income Tax Return filed or on the basis of …

To overcome the difficulties of Post Office Depositors for issuance of duplicate certificates, the solvency criteria’s have been newly introduced.(23.07.2021) Read More »

Rule 33A has been introduced in Companies (Incorporation) Rules 2014. Wherein, a Company fails to change the name in accordance with the direction under Section 16(1) of “Order of Regional Director” within three months, the serial number and the existing Corporate Identity Number ( CIN) of the Company shall become the new name of the …

Rule 33A has been introduced in Companies (Incorporation) Rules 2014.(23.07.2021) Read More »

Disallowance u/s 36(1)(va) for delayed deposit of Employee’s Contribution of EPF not retrospective, to be effective from 1st April 2021. Explanation-5 to section 43B. [Case Law CIT vs. Vijayshree Ltd.CIT vs. Alom Extrusion Ltd.]

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as follows: Ø  It requires an insolvency professional (IP) conducting CIRP to disclose all former names and registered office address(es) so changed in the two years preceding the commencement of insolvency along with the …

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.(22.07.2021) Read More »

Anti – dumping duty on Imports of ‘Barium Carbonate’ originating in or exported from China has been in existence since 23rd March, 2010 which was further extended till 20th October, 2021. Usually, the anti-dumping duty imposed shall unless revoked earlier , cease to have effect on expiry of 5 years from the date of introduction. Recently …

Anti – dumping duty on Imports of ‘Barium Carbonate’ originating in or exported from China has been in existence since 23rd March, 2010.(22.07.2021) Read More »

Kamarajar Port is enlisted as a designated port for import of unshredded metallic scrap and waste in para 2.54 (d(iv)) of HBP 2015-20.  (Public Notice No. 15/2015-2020 Dated the 20th July, 2021)

Further relaxation in timelines for compliance with regulatory requirements of the SEBI by Debenture Trustees due to Covid-19 has been extended from 15th July 2021 to 31st August 2021 in some cases and 31st October 2021 in remaining cases.  (Circular SEBI/HO/MIRSD/CRADT/CIR/P/2021/597 dtd 20.07.2021)

To further strengthen the mechanism of protection of client collateral from misappropriation / misuse by Trading Member, Clearing Member and Depository Participant , SEBI has issued new guidelines for segregation and monitoring of collateral at client level. (Circular No. SEBI/HO/MRD2_DCAP/CIR/2021/0598 dtd 20.07.2021)