Daily Updates

Anti-dumping duty on imports of ‘Phenol’ extended till 31.10.2021 [Notification No. 33/2021 -Customs (ADD) Dated 03.06.2021 ]

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021 The above Guidelines shall come into effect for appointments as IRP, Liquidator, RP and BT with effect from July 1, 2021. These Guidelines have been issued in supersession of the earlier Guidelines issued on November 23, 2020. The …

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021 (04.06.2021) Read More »

RoC cannot deactivate Director Identification Number (DIN) : (Baalu Renukadevi Vs Union of India (Madras High Court)  

GSTR-1 cannot be amended after expiry of time- Condonation not possible:  (Abdul Mannan Khan Vs Goods & Services Tax Council & Ors. (Calcutta High Court)

Punjab Govt have raised serious observation on the authority granted to Bureaucrats in terms of Section 164 of CGST Act 2017, which is causing the action to the trade & Industry especially w.r.t. restricting input tax credit, if the suppliers collected the tax, but could not deposit with the government. He had requested to take …

Punjab Govt have raised serious observation on the authority granted to Bureaucrats in terms of Section 164 of CGST Act 2017 (03.06.2021) Read More »

RBI cancels licence of Shivajirao Bhosale Sahakari Bank

Tariff Values of certain items has been revised. [Notification No. 49/2021-Customs (N.T.) dtd 31st May 2021)

Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2021 extending timelimit from 31st May to 30th June 2021 (Notification No. 50/2021-Customs (N.T.) Dated 31st May, 2021)

Extension of due dates for regulatory filings by AIFs and VCFs, during the period ending March 2021 to July 2021 as prescribed under SEBI (Alternative Investment Funds) Regulations, 2012 and circulars issued thereunder. AIFs and VCFs may submit regulatory filings for the aforesaid periods, as applicable, on or before September 30, 2021. (SEBI CIRCULAR NO. SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/568 dtd …

Extension of due dates for regulatory filings by AIFs and VCFs, during the period ending March 2021 to July 2021 as prescribed under SEBI ( 02.06.2021) Read More »

Amphotericin-B injections is restricted for export till further order (DGFT Notification No. 07/2015-2020  Dated: 1st June, 2021)

CBDT to share information with State Police Agencies of 6 States i.e. Assam , Chhattisgarh , Punjab, Uttar Pradesh, West Bengal & Delhi (Notification No. 69/2021-Income Tax Dated: 31st May, 2021)

Govt depts & local authorities excluded from e-invoice requirement (Notification No. 23/2021 – Central Tax-  Dated 1st June, 2021) 

Central Goods and Services Tax (Fifth Amendment) Rules, 2021 have been notified. Following are the key changes: A registered person registered under the provisions of the Companies Act, 2013 shall, during the period from the 27th day of April, 2021 to the 31st day of May, 2021, 31st day of August, 2021 also be allowed to furnish the return …

Central Goods and Services Tax (Fifth Amendment) Rules, 2021 have been notified (02.06.2021) Read More »

No extension has been granted for the time limits as specified under : Chapter IV of CGST Act related to time and place of supply; Sub-section (3) of Section 10 related to composition levy; Sections 25 – Procedure for registration; Section 27 – Special provisions relating to CTP & NRTP; Section 31 – Tax Invoice; …

No extension has been granted for the time limits as specified (02.06.2021) Read More »

Extension of time limit / limitation period which falls during 15th April 2021 to 29th June 2021, is automatically extended to 30th June 2021 for completion of (a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called; …

Extension of time limit / limitation period which falls during 15th April 2021 to 29th June 2021, is automatically extended to 30th June 2021 (02.06.2021) Read More »

Notifications implementing 43rd GST Council Meeting decisions . Synopsis of the same is already circulated in our flyer dtd 29th May 2021 Notification No. 17/2021 – Central Tax: Dated 01/06/2021, Notification No. 18/2021 – Central Tax Dated 01/06/2021, Notification No. 02/2021-Integrated Tax Dated 01/06/2021, Notification No. 02/2021-Union Territory Tax Dated 01/06/2021, Notification No. 19/2021 – …

Notifications implementing 43rd GST Council Meeting decisions (02.06.2021) Read More »

RBI clarifies that its circular dated April 06, 2018 restricting dealing in Virtual Currencies (VC)  is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from. Banks may, however, continue to carry out customer due diligence.  

Shri Jagannath Bidyadhar Mohapatra appointed as Chairman CBDT  

CBIC amend notification No. 28/2021-Customs to exempt customs duty on import of Amphotericin B (Black Fungus Medicine), and also to extend the exemptions under the said notification up to 31st August, 2021.

Govt amends Ad hoc Exemption Order No. 4/2021-Customs dated the 3rd May, 2021, to extend the exemption from IGST on imports of specified COVID-19 relief material donated from abroad, up to 31st August, 2021.