Aug, 2021 – Issue No. I

GST

Annual return in GSTR-9 filing exempted if annual aggreagte turnover is upto Rs. 2 crores for FY 20-21.

CBIC amends Rule 80  – Annual return, GSTR 9 Instructions and GSTR 9C.

With effect from 01.08.2021, mandatory CA /CWA Audit omitted and new Section 44 – Annual return provision inserted.

INCOME TAX

CBDT introduces Rules for E-furnishing of Forms, Returns, statements, reports etc. Certain rules and forms omitted.

CBDT amends Income Tax Rules on return of income pursuant to amendment under section 148.

CUSTOMS
Sea Cargo Manifest and Transhipment (Sixth Amendment) Regulations, 2021 – transitional provisions extended upto 31.08.2021.
DGFT

The revised process for online refund of user charges/penalty/other application fees is notified. The process for e-miscellaneous payments for any online/offline process where the direct online payment option is not available, is also notified.

Two ITC HS codes 30036000 and 30046000 relating to anti-malarial drugs 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%.

Facility for online applications for Deemed Exports and Export Authorizations for SCOMET Items introduced.

FEMA
Govt permits 100% FDI in oil PSUs approved for strategic disinvestment.