December, 2020 – Issue No. I

GST

Online filing of application (Form GST EWB 05) by the taxpayer for un-blocking of E-Way Bill generation facility (blocked due to non-filing of returns) enabled.

Two more States – Kerala and West Bengal, choose Option-1 to meet the GST implementation shortfall.

INCOME TAX

CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports.

Standard Operating Procedure (SOP) for personal hearing through video conference under the Faceless Assessment Scheme, 2019 issued.

Cabinet approves the Memorandum of Understanding between the Institute of Chartered Accountants of India(ICAI) and the Vereniging van Register Controllers (VRC), the Netherlands.

CUSTOMS

Export of Gems and Jewellery through Courier mode is allowed. Only imports through Courier mode is restricted.

Basic Customs Duty rate of 27.5% prescribed for Crude Palm Oil.

Anti-Dumping duty imposed on imports of “Fluoroelastomers (FKM)” from China PR for a period of 5 years.

Anti-dumping duty on imports of “Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles” from China PR extended upto 31.1.2021.

Anti-dumping duty on imports of “Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester” from China PR and Thailand extended upto 31.12.2020.

INSOLVENCY LAWS

Interim resolution professional or the resolution professional, as the case may be, should file the list of creditors relating to the insolvency on the electronic platform of the Board for display on its website. This is applicable to every corporate insolvency resolution process (a) ongoing as on 13.11.2020; and, (b) commencing on or after the said date.

RBI

Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to a non-banking financial company which is a Housing Finance Institution.

MOTOR VEHICLES LAWS
Motor Vehicle Aggregator Guidelines issued to regulate shared mobility and reducing traffic congestion and pollution.