July, 2021 – Issue No. IV

GST

Re-import of goods sent abroad for repair attracts IGST and cess (as applicable) on a value equal to the repair value, insurance and freight.

Clarification issued stating that Hon’ble Supreme Court’s order extending limitation is not applicable for disposal of application for refund, application for revocation of cancellation of registration, adjudication proceedings of demand notices.

INCOME TAX
CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB; time extended upto 15.08.2021.
CUSTOMS

Customs Brokers Licensing (Amendment) Regulations, 2021 issued introducing rules for surrender of license and validity of license.
Sea Cargo Manifest and Transhipment (Fifth Amendment) Regulations, 2021 issued amending provisions relating to registration, validity, surrender and suspension of registration.

DGFT
Kamarajar Port is enlisted as a designated port for import of unshredded metallic scrap and waste.

Para 4.41 of Handbook of Procedures 2015-20 is amended to allow only one revalidation for a period of 12 months to Advance Authorisations issued on or after 15.08.2020 (instead of 2 revalidation of 6 months each, provided earlier).

Paras 4.51 and 4.57 of Handbook of Procedures 2015-20 are amended to allow submission of record in online mode.

COMPANY LAWS
Amendments made with respect to rectification of name of company has been given effect from 01.09.2021. New rule introduced with respect to non-compliance in name change of company.
INSOLVENCY LAWS

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021 issued. New amendments made with respect to qualification and experience of professionals.

Form CIRP 8 is required to be filed for all corporate insolvency resolution processes ongoing or commencing on or after 14.07.2021.