March, 2021 – Issue No. V

GST
The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal.
INCOME TAX

Finance Bill, 2021 passed by both the houses of the parliament.

CBDT issues new rules pertaining to procedure for registration of fund or trust or charitable institution or educational institution or hospitals.

Clarification issued regarding classification as “search case” under Vivad se Viswas Scheme.

Reporting under clause 30C and clause 44 of the Tax Audit Report to be kept in abeyance till 31st March, 2022.

CUSTOMS

Importers to take note that the amended Section 46 would require an importer to file the Bill of Entry before the end of the day (including holidays) preceding the day of arrival of the vessel/aircraft/vehicle carrying the imported goods at a Customs port/station at which such goods are to be cleared for home consumption or warehousing.

Anti-dumping duty imposed on imports of 2-Ethyl hexanol from European Union, Indonesia, Korea RP, Malaysia, Taiwan and United States of America for a period of 5 years.

Anti-dumping duty on imports of “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 PR extended upto 30.09.2021.

DGFT

The period for installation and operationalisation of Radiation  Portal Monitors and Container Scanners in the designated sea ports is extended upto 30.09.2021.

DGFT has introduced a new online module for filing of electronic, paperless applications for  import authorizations with  effect from 22.03.2021.

COMPANIES ACT

MCA notifies 24.03.2021 as the date when amendments relating to reduced penalties under Section 124 and 247 of the Companies Act, 2013 would come into force.

MCA  makes amendments in Schedule III of the Act – General Instructions for Preparation of Balance sheet and Statement of Profit and Loss of a company.

MCA amends Rule 11 – Other matters to be included in auditors report. – Companies (Audit and Auditors) Rules, 2014.

MCA amends Rule 3 – Manner of books of account to be kept in electronic mode – Companies (Accounts) Rules, 2014.

MCA amends Rule 8 – Matters to be included in Board’s report. – Companies (Accounts) Rules, 2014.

INSURANCE LAWS

The Insurance Amendment Bill 2021 has been passed by Lok Sabha today leading to increase in Foreign Direct Investment (FDI) limit in the sector to 74 percent. The said Bill was passed by Rajya Sabha on March 18, 2021.

The Bill removes restrictions on ownership and control.

MINING LAWS
Mines and Minerals (Development and Regulation) Amendment Bill, 2021 passed by both houses of the Parliament.