April, 2021 – Issue No. I

GST

B2C QR Code compliance in invoices issued to unregistered persons – waiver of penalty extended upto 30.06.2021.

From 01.04.2021 – Six digit HSN Code/ Service Accounting Code mandatory on invoices for taxpayer with turnover more than Rs. 5 crores.

From 01.04.2021 – Four digit HSN Code/ Service Accounting Code mandatory on B2B invoices  for taxpayer with turnover upto Rs. 5 crores.

From 01.04.2021 – E-invoice for B2B supplies is made mandatory for taxpayers whose aggregate turnover exceeds Rs.50 Crores in a year.

INCOME TAX

CBDT makes amendments in Rule 6G and Form 3CD.

New Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V introduced for AY 2021-2022.

Pandemic time extension – CBDT extends time limit upto 30.04.2021 for completion of action by tax officials, subject to other conditions.

Linking of PAN with Aadhaar – time limit extended upto 30.06.2021.

Processing of statement relating to equalisation levy – time limit extended upto 30.04.2021, subject to other conditions.

Jurisdiction of various IT officers for the purpose of faceless assessment scheme notified.

CUSTOMS

Clarifications issued on the legislative changes in Section 46 of Customs Act, 1962 relating to filing of BoEs.

Exemption from Integrated Tax and Compensation Cess on goods imported against AA/EPCG authorizations extended upto 31.03.2022.

Amendments made in effective rate of Customs Duty.

BCD increased on specified parts of x-ray machines as per PMP of x-ray machines. Health cess exemption to continue.

BCD increased on specified goods used for manufacturing electric vehicles as per PMP of electric vehicles.

Common Customs Electronic Portal – ICEGATE – notified for registration, filing of bills of entry, shipping bills, other documents and forms, payment of duty and any other compliance as may be specified.

Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Amendment Regulations, 2021 and Bill of Entry (Forms) Amendment Regulations, 2021 notified for the purpose of filing of Bills of Entry by the end of the day preceding the day of arrival of vessel. In case of shipments from Bangladesh/Maldives/Pakistan/Sri Lamka/ Myanmar, BoEs to be filed before the end of the day of arrival of vessel.

Exemption to specified goods imported or procured by EOU’s, STP Units, EHTP units etc for specified purposes – extended upto 01.04.2022.

New table inserted in exemption notification No. 69/2011-Customs – imports from Japan.

Anti-Dumping duty on Melamine imported from China PR, extended upto 30.09.2021.

DGFT

Import of specific items of Copper and Aluminium under Chapter-74 and Chapter-76 of ITC(HS) 2021 are subject to compulsory registration under Non Ferrous Metal Import Monitoring System (NFMIMS).

The existing Foreign Trade Policy 2015-2020 which is valid upto 31.03.2021 is extended upto 30.09.2021. HBP extended upto 30.09.2021.

No fee shall be charged on application for updation of IEC between April -June of each year.

The date for implementation of Track and Trace system for export of drug formulations with respect to maintaining the Parent-Child relationship in packaging levels and its uploading on Central Portal has been extended upto 01.4.2022 for both SSI and non SSI manufactured drugs.

Procedure for allocation of quota for import of (i) Calcined Pet Coke for use as Calcined Pet coke (CPC) in Aluminium Industry and (ii) Raw Pet Coke for CPC manufacturing industry for the year 2021-2022 is notified.

Procedure / modalities for import of 1.5 Lakh MT of Moong, 4 Lakh MT of Tur and 4 Lakh MT of Urad for the fiscal year 2021–2022 issued.

DGFT notifies facility for online filing of requests for closure of advance authorizations.

COMPANIES ACT
For the financial year commencing on or after 01.04.2022, every company which uses accounting software for maintaining its books of account should use software which shows audit trails and edits made.
BANKING LAWS

The National Bank For Financing Infrastructure And Development Act, 2021 receives President’s assent on March 28, 2021. The Act seeks to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India.

open

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.