February, 2021 – Issue No. III

GST

Functionality to opt in for composition scheme is available for FY 2021-22 in the Dashboard at Common Portal. The eligible taxpayers who wish to avail the composition scheme may opt in for composition by 31st March 2021.

Click here to view FAQs on QRMP & IFF.

Staggered filing of GSTR-3B:

  1. Monthly filing – 2oth of the following month.
  2. Quarterly filing – Depending on the State, 22nd/24th of the month following the quarter.

Standard Operating Procedure (SOP) issued for implementation of the provision of suspension of registrations.

Guidelines regarding procedures to be followed during Search Operation issued.

CUSTOMS

One time waiver of Custom Duty and physical inspection requirement for debonding of IT/ ITeS units in SEZs introduced. Clarification issued on filing of BOE by IT/ITeS units in SEZ for DTA clearance of goods initially procured on payment of duty.

DGFT

Central Government hereby amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.

150 Port of Entries (PoEs) notified as food import entry points.

Details of products for which M/s Electronics and Computer Software Export Promotion Council is authorised to issue Registration-cum-Membership Certificate (RCMC) under Appendix 2T of FTP, 2015-2020 and its address details under Appendix 2T and Appendix 2D of FTP, 2015-2020 have been revised.

COMPANIES ACT
“Producer Companies” introduced vide Companies (Amendment) Act, 2020 given effect from 11.02.2021. Producer Companies Rules, 2021 introduced.