December, 2020 – Issue No. II

GST

CBIC issues Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration.

CBIC waives penalty on failure to affix QR code on B2C e-invoices for the period from 01.12.2020 to 31.03.2021.

Tax Invoices should have 8 digit HSN code for specified products classified under Chapters 28, 29, 38 & 39.

INCOME TAX

CBDT issues clarifications regarding TDS on Salaries during FY 2020-21.

CBDT issues clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020.

CUSTOMS

Anti-dumping duty imposed on “Nylon Tyre Cord Fabric (NTCF)” revoked.

Anti-Dumping duty imposed on imports of “Cold-Rolled Flat Products of Stainless Steel of width 600 mm to 1250 mm and above 1250 mm of non-bonafide usage falling under tariff heading 7219” extended upto 31.01.2021.

Anti-dumping duty on imports of “Methylene chloride” from China PR extended upto 31.1.2021.

Provisional Anti-dumping duty introduced on imports of “Toluene Di-isocyanate (TDI) having isomer content in the ratio of 80:20” from European Union, Saudi Arabia, Chinese Taipei and UAE for a period of six months.

RBI-FEMA
Provision empowering RBI to restrict export or import of currency introduced in the Foreign Exchange Management (Export and Import of Currency) Regulations.

With a view to further enhance the ease of doing business and quicken the approval process, RBI has delegated more powers to the Authorised Dealer Category – I banks (AD banks) in the areas of Direct Dispatch of Shipping Documents, Write-off of unrealized Export bills, Set-off of Export receivables against Import payables and Refund of Export Proceeds.

COMPANIES ACT
Relaxation granted earlier with respect to additional fees and due date for filing CRA-4 (form for filing of cost audit report) for FY 2019-20 is now extended upto 31.12.2021.
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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.