Aug, 2021 – Issue No. IV

GST
Reconciliation of GSTR-9, GSTR-9A for FY 2020-21 is available in GST Portal and the same is due on 31-12-2021.
INCOME TAX
IT Rules amended to align with Insolvency and Bankruptcy Code.
CUSTOMS
Reduced Basic Customs Duty notified for soya bean oil and sunflower seed oil.Notification 57/2000- Cus exempting gold, silver and platinum imported under specified schemes – extension of last date of export granted by six months, for those cases where the last date of export falls between 01.02.2021 and 30.06.2021.Directorates/Commissionerates/Audit are restricted from issuing any Circulars/Reports/Alerts etc. which are in the nature of interpretation/clarification/prescription for the sake of uniformity, on matters covered under section 151 A of the Customs Act, 1962; clarifications on all such matters would only be issued by the Board under section 151A of the Customs Act, 1962.

Verification of the Preferential Certificates of Origin and difficulties being faced by the trade in implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules (CAROTAR), 2020 – Instructions issued.

De-notification of Inland Container Depots/Container Freight Stations/Air Freight Stations – Circular for procedure to be followed issued.

Amendment in Circular No. 38/2016-Customs to enable Pr. Commissioners/Commissioners of Customs to decide the amount of security required in certain cases of provisional assessments

DGFT

Scheme Guidelines issued for Remission of Duties and Taxes on Exported Products (RoDTEP).

The export of COVID-19 Rapid Antigen testing kits has been put under Restricted category with immediate effect.

COMPANIES ACT
MCA amends Companies(Appointment and Qualification of Directors) Rules, 2014.
FEMA
Government amends FEMA to enable FDI hike in insurance sector to 74%.