December, 2020 – Issue No. III

GST

Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available on the portal.

CUSTOMS

Notification in relation to new Land Customs Stations and routes with respect to Bholaganj, Nalikata, Ryngku, Jogighopa, Badarpur, Kolaghat, Dhulian, Jayanagar and Nagarkata issued.

Anti-dumping duty on imports of “Float Glass” from China PR extended upto 06.02.2021.

Third Party Invoicing in case of Preferential Certificates of Origin – invoice issued in country other than exporting country:
Where the value of goods does not have impact on the originating status, i.e the originating criteria is ‘wholly obtained’, the Certificate of Origin issued as per the DFTP scheme with third party commercial invoice would be accepted subject to other conditions.

RBI-FEMA
Changes notified permitting foreign direct investment (FDI) in defence production upto 74% on the automatic route and beyond that on the government route. Multilateral banks/funds in which India is a member will not be treated as beneficial owners or an entity from another country.

Banks will not make any dividend payment on equity shares from the profits pertaining to the financial year ended March 31, 2020.

Draft Circular issued on declaration of dividends by NBFCs.

MSME LAWS

Goods manufactured and sold by artisans registered with Development Commissioner (Handicrafts) exempted from use of Standard Mark licence from Bureau of Indian Standards.

Products registered as Geographical Indications exempted from following Indian Toy Standards and compulsory use of Standard Mark licence from Bureau of Indian Standards.