July, 2021 – Issue No. III

GST
Madras HC rules only contributions to Resident Welfare Associations in excess of Rs.7,500/- would be taxable under the GST Acts. Contributions upto Rs. 7500 is exempt.
CUSTOMS
Basic customs duty exempted on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing COVID test kits till specified period.
DGFT
The revised formats of ANF-2C, ANF-2H and ANF-2I of HBP, 2015-2020 are notified as a step towards reducing regulatory compliance burden.
INSOLVENCY LAWS
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 notified.

The Indian Tax Advisors