December, 2020 – Issue No. IV

GST

Auto-populated Form GSTR-3B has been enabled for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 onwards.

Conditional waiver granted from recording of UIN on invoices issued by the retailers/suppliers, pertaining to the refund claims from April 2020 to March 2021; copies of such invoices are to be attested by the authorized representative of UIN entity and the same is to be submitted to the jurisdictional officer.

CUSTOMS

Bilateral Safeguard measure on imports of Phthalic Anhydride originating in Korea RP confirmed.

Clarification regarding verification of the Preferential Certificates of Origin in terms of CAROTAR Rules 2020 issued.

AEO (Authorised Economic Operator) accreditation for MSMEs – substantial relaxations in accreditation process and compliance burden introduced.

Duty drawback to be deposited within a period of three days.

DGFT 

The quantity of raw sugar – 8424 MTRV (Metric Ton Raw Value) to be exported to USA under TRQ upto 30.09.2021 is notified.

Imports under the Tariff Rate Quota Scheme to be governed as per the Customs Notification No.28/2020-Customs dated 23.06.2020.

COMPANIES ACT

Applicability of Companies (Auditor’s Report) Order, 2020 deferred to April 1, 2021.

Changes made in the compliance requirement for appointment as an independent director in terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Definition of “corporate action” introduced in the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. New Rule introduced laying down procedure for purchase of minority shareholding held in demat form.

open

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.