May, 2021 – Issue No. IV

GST

IGST on import of oxygen concentrators for personal use quashed by the Hon’ble Delhi High Court.

Facility to withdraw refund application has been introduced wherein refund application can be withdrawn at any time before issuance of provisional refund or final refund or payment order or refund withhold order or notice in RFD-08 for rejection of refund. Any amount debited from the ledgers will be credited back.

Time period from the date of filing of the refund claim in FORM GST RFD-01 till the date of communication of the deficiencies in FORM GST RFD-03 to be excluded for the purpose of limitation of two years.

The Joint/Additional Commissioner can extend time limit for filing revocation application where such application is filed beyond a period of 30 days from the date of service of the order of cancellation of registration but within 60/90 days of such date. The applicant may request, through letter or e-mail, for extension of time limit to apply for revocation of cancellation of registration to the proper officer by providing the grounds on which such extension is sought.

INCOME TAX
Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic – Click here.
CUSTOMS
CBIC issues circular on changes introduced through the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021.
DGFT
Online e-EPCG Committee module introduced for accepting applications seeking relaxation in policy/Procedure in terms of para 2.58 of FTP 2015-20.
COMPANIES ACT
Excess CSR amount over and above the prescribed limit spent by companies in FY 2019-20 by way of contribution to ‘PM CARES Fund’ can be off-set against the mandatory CSR obligation for FY 2020-21, subject to certain conditions.
INSOLVENCY LAWS
The Hon’ble Supreme Court upholds provisions relating to recovery of corporate debt from personal guarantors.
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In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.