February, 2021 – Issue No. I

GST

To view the new functionalities made available for Taxpayers on GST Portal in January, 2021 – please click here.

CUSTOMS

Provisional Bilateral Safeguard measure imposed on imports of Phthalic Anhydride from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement is now confirmed.

Anti-dumping duty imposed for a period of thirty months on ‘Steering Knuckles used in medium and heavy commercial vehicles’ imported from China.

DGFT

CIMS (Coal Import Monitoring System) will be effective from 01.4.2021 and online registration will be available from 15.02.2021.

COMPANIES ACT

MCA has amended Rule 41 of Companies (Incorporation) Rules, 2014 which relates to application under section 14 of the Companies Act, 2013 for conversion of public company into private company.

No additional fees to be levied upto 15.02.2021 for the filing of e-forms AOC-4, AOC-4 (CFS). AOC-4 XBRL and AOC-4 Non-XBRL in respect of the financial year ended on 31.03.2020. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

RBI

The Ministry of Finance has published the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 to further amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970.

The Amendment brings in a special provision in Paragraph 14A setting out the circumstances under which the Board of a nationalized bank may act without the recommendations or approval of the Committee of the Board.