Daily Updates

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 …

The Director General of System & Data Management GST has issued advisory for issuance of PMT-03 for re-credit of ITC on account.(21.04.2021) Read More »

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  – …

In step towards Atmanirbhar Bharat, Union Cabinet approved six of the ten New production linked incentive (PLI) Schemes.(08.04.2021) Read More »

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 …

GST AAR : Advance ruling authority has given important ruling in relation to whether the pre-developed / pre-designed software is goods or services?.(05.04.2021) Read More »

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. …

MCA extended the date of implementation by one year for audit trail accounting software for companies. (02.04.2021) Read More »

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 …

Important things to note on 1st April 2021 i.e. beginning of new financial year.(01.04.2021) Read More »

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 …

GST Advance Ruling (01.04.2021) Read More »

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]

Central Government has extended the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported by EOUs. Notification 19/2021-Cus,dt. 30-03-2021

Central Government has extended the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported against AA/EPCG authorizations. Notification 23/2021-Cus,dt. 31-03-2021.

Specified goods originated from Republic of Mauritius will be subjected to concessional rate of custom duties as specified in the notification. This measure is part of implementation of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA). Notification – 25/2021-Cus,dt. 31-03-2021. Accordingly, the Customs Tariff (Determination of Origin of Goods under Comprehensive Economic Cooperation and Partnership …

Specified goods originated from Republic of Mauritius will be subjected to concessional rate of custom duties as specified in the notification.(01.04.2021) Read More »

Penalty for non-generation of QR code for B2C supplies for taxpayers having turnover more than 500 Cr is waived till 30th June 2021. In other words, the taxpayer has got extension for implementation of QR code till 30th June 2021. Notification 06/2021-Central Tax dated 30.03.2021.

The last date of linking Aadhar and PAN has been pushed to 30th June 2021 owning to COVID difficulties, tweets Income Tax Department.

If a Registered Valuer contravenes the provisions of valuation such as impartial , true & fair valuation of Assets, the valuer shall be liable to a penalty of fifty thousand rupees from 24th March 2021 instead of minimum twenty-five thousand rupees and maximum up to one lakh rupees. (Section 247 (3) of Companies Act, 2013)

Unpaid Dividend Account – Penalties for non -compliance on unpaid dividend by company has been reduced to Rs.1 Lakh and in case of continuing failure, further penalty of five hundred rupees for each day of default subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable …

Unpaid Dividend Account – Penalties for non -compliance on unpaid dividend by company has been reduced to Rs.1 Lakh.(25.03.2021) Read More »

MCA has notified that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction and cannot be disabled. (MCA Notification …

MCA has notified that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction and cannot be disabled.(25.03.2021) Read More »