July, 2021 – Issue No. I

GST
Applicability of Dynamic Quick Response (QR) Code on B2C invoices – penalty for non-compliance waived upto 30.09.2021.
INCOME TAX

CBDT amends Rule 8AA – Method of determination of period of holding of capital assets in certain cases and inserts new Rule 8AB – Attribution of taxable income to capital asset remaining with the specified entity.

CBDT issues Guidelines under section 9B and section 45(4) of the Income-tax Act, 1961.

CBDT issues guidelines under section 194Q of the Income-tax Act, 1961.

India joins OECD/G20 Inclusive Framework tax deal on Base Erosion and Profit Shifting.

CUSTOMS

Basic customs duty on Crude Palm Oil [1511 10] and Palm Oil other than Crude Palm Oil [1511 90] reduced to 10% and 37.5% respectively till 30th September 2021.

Following messages by the Custodian i.e., Stuffing Message (SF), ASR Filing, DP Filing and AR filing by the Custodians and VCN message by the Terminal Operators will be made mandatory w.e.f. 20.07.2021.

Online filing of AEO T2 and AEO T3 applications: Version 2.0 of web-application for filing, real-time monitoring, and digital certification launched.

Customs Brokers Licensing Regulations, 2018 – amendments made. Provision inserted for Revocation of licence or imposition of penalty.

Anti-Dumping Notifications:
Glazed/Unglazed Porcelain/Vitrified tiles – from China – upto 31.12.2021.
Tyre Curing Presses also known as Tyre Vulcanisers or Rubber Processing Machineries for tyres, excluding Six Day Light Curing Press for curing bi-cycle tyres – from China – upto 31.11.2021.
Hot-Rolled flat products of alloy or non-alloy steel – from China, Japan, Korea RP, Russia, Brazil or Indonesia – upto 15.12.2021.
Cold-Rolled flat products of alloy or non-alloy steel – from China, Japan, Korea RP or Ukraine – upto 15.12.2021.
PVC Flex Film – from China – upto 31.01.2022.
Viscose Staple Fibre (VSF) excluding Bamboo Fibre, Dyed Fibre, Modal Fibre & Fire-retardant Fibre – from China and Indonesia – upto 31.10.2021.
Plain Medium Density Fibre Board (MDF) having thickness of 6mm and above – from Vietnam – upto 13.03.2022.

DGFT

Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries will require Certificate of Inspection from 1st January, 2022.

Period of modification of IEC is extended for the year 2021-22 till 31.07.2021, and no fee shall be charged on modifications during this period.

Import policy of Palm Oil and Palmolein is amended from ‘Restricted’ to ‘Free’ with immediate effect and for a period up to 31.12.2021. Imports are not permitted through any port in Kerala.

Import of potatoes is allowed from Bhutan without license upto 30.06.2022.

SIONs for export product Phenol and Acetone under Chemical & Allied Product Group have been notified.

COMPANIES ACT

Filing of Forms CHG-1 and CHG-9 relating to creation/modification of charges – relaxation of time and fess granted for compliance’s between 01.04.2021 and 31.07.2021.

Additional time upto 31.08.2021 granted to companies/LLPs to file forms (other than a CHG-1 Form, CHG-4 Form and CHG-9 Form) which were/are due for filing during 01.04.2021 to 31.07.2021. No additional fees would be levied.

MSME
Retail and Wholesale trades included under MSMEs.

The Indian Tax Advisors