Aug, 2021 – Issue No. III

GST

After 15.08.2021, the System will check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08, and restrict the generation of EWB in case of:

  • Non filing of two or more returns in Form GSTR-3B for the months up to June, 2021 and
  • Non filing of 02 or more statements in Form GST CMP-08 for the quarters up to April to June, 2021.
INCOME TAX

Determination of income of specified funds associated with units held by NRI, notified vide Income tax Amendment (22nd Amendment), Rules, 2021.

CBDT notifies the Income tax (23rd Amendment), Rules, 2021, to prescribe the procedure/ methodology for re-computation of book profit u/s 115JB of the Income tax Act, 1961, to provide relief in MAT payable in certain cases.

The Taxation Laws (Amendment) Act, 2021 passed.  The Act amends the Income Tax Act, 1961 (IT Act) and the Finance Act, 2012.  The 2012 Act had amended the IT Act to impose tax liability on the income earned from the sale of shares of a foreign company on a retrospective basis (i.e., also applicable to the transactions done before May 28, 2012).  The Act nullifies this retrospective basis for taxation.

CUSTOMS

Due date for deferred payment of Customs duty for Bill of Entry returned for payment from August 01, 2021 to August 15, 2021 is August 16, 2021.

Anti-Dumping duty imposed on imports of ‘Phthalic Anhydride (PAN)’ from China PR, Indonesia, Korea RP and Thailand for a period of five years.

Anti-Dumping duty on imports of Polytetrafluoroethylene from Russia up to and inclusive of 30.11.2021.

ADD on Viscose Staple Fibre (VSF) imported from China PR and Indonesia rescinded.

DGFT

Para 2.07 of the FTP regarding principles of prohibition and  restrictions , is amended to be in line with international agreements.

Period of modification of IEC is extended for the year 2021-22 till 31.08.2021, and no fee shall be charged on modifications carried out in IEC during the period upto 31.08.2021.

The trial period of CHIMS (Chip Import Monitoring System) is extended by further two months i.e. upto 30.09.2021 and the registration at CHIMS portal will be effective from 01.10.2021.

Procedure and Criteria issued for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents.

COMPANIES ACT
Limited Liability Partnership (Amendment) Act, 2021 passed. Key feature is de-criminalization of procedural & technical defaults.
INSOLVENCY LAWS
Pre-packaged Insolvency Resolution Process for MSMEs, introduced vide IBC(Amendment) Act, 2021.