Newsletter – August, 2020 I Week

From 1.10.2020, threshold limit for mandatory e-invoicing increased to turnover above INR 500 Crore. SEZ units newly excluded. Exclusion for special categories under Rule 54 (Insurers, Banking Institutions, GTAs, Passenger transport services, Multiplex screens) continues.

New FORM GST INV-01 introduced.

INCOME TAX

Procedure for re-registration/re-approval of Charitable Trusts and Exempt Institutions is deferred till 01.10.2020. Such procedure to be completed on or before 31.12.2020.

Due date for filing belated ITR for the FY 2018-19 extended to 30.09.2020.

New procedure for issuance of statement of income of investment fund to unit holders prescribed by CBDT.

Form 3CEJ ceased to be effective from 01.04.2019. Newly notified Form-3CEJA will be available shortly for filing. The aforesaid form pertains to Audit Report of arm’s length price in respect of remuneration paid by an eligible investment funds to the fund manager.

INCOME TAX

Procedure for re-registration/re-approval of Charitable Trusts and Exempt Institutions is deferred till 01.10.2020. Such procedure to be completed on or before 31.12.2020.

Due date for filing belated ITR for the FY 2018-19 extended to 30.09.2020.

New procedure for issuance of statement of income of investment fund to unit holders prescribed by CBDT.

Form 3CEJ ceased to be effective from 01.04.2019. Newly notified Form-3CEJA will be available shortly for filing. The aforesaid form pertains to Audit Report of arm’s length price in respect of remuneration paid by an eligible investment funds to the fund manager.

CUSTOMS

Transitional provisions under Sea Cargo Manifest and Transhipment Regulations, 2018 extended till 30.09.2020.

Transhipment of Cargo to Nepal under Electronic Cargo Tracking System Regulations, 2020 amended to provide for registration of authorized carriers. Declaration of cargo destined to Nepal subject to SCMTR Regulations.

Anti-dumping duty on import of “Digital Offset Printing Plates” originating in, or exported from People’s Republic of China, Japan, Korea RP, Taiwan and Vietnam made definitive. To be effective for a period of five years from 30.01.2020.

Provisional anti-dumping duty imposed on import of “Aniline/Aniline Oil” originating in or exported from China PR for a period of six months from 29.07.2020.

Safeguard duty levied on import of “Solar Cells whether or not assembled in modules or panel” extended for a period of one year up to 29.07.2021.

2nd Phase of Faceless Assessment begins by including Delhi and Mumbai Customs Zones. Such Faceless assessment process is applicable for imports under specified chapters of the Customs Tariff.

CUSTOMS

Transitional provisions under Sea Cargo Manifest and Transhipment Regulations, 2018 extended till 30.09.2020.

Transhipment of Cargo to Nepal under Electronic Cargo Tracking System Regulations, 2020 amended to provide for registration of authorized carriers. Declaration of cargo destined to Nepal subject to SCMTR Regulations.

Anti-dumping duty on import of “Digital Offset Printing Plates” originating in, or exported from People’s Republic of China, Japan, Korea RP, Taiwan and Vietnam made definitive. To be effective for a period of five years from 30.01.2020.

Provisional anti-dumping duty imposed on import of “Aniline/Aniline Oil” originating in or exported from China PR for a period of six months from 29.07.2020.

Safeguard duty levied on import of “Solar Cells whether or not assembled in modules or panel” extended for a period of one year up to 29.07.2021.

2nd Phase of Faceless Assessment begins by including Delhi and Mumbai Customs Zones. Such Faceless assessment process is applicable for imports under specified chapters of the Customs Tariff.

DGFT  – EXPORT IMPORT POLICY

Import of Colour television sets under HS code 8528 7211 to 8528 7219 is amended from ‘Free imports’ to ‘Restricted imports‘.

From 01.08.2020, the Certificate of Origin applications for exports to Thailand under ASEAN-India FTA should be submitted through the e-COO Platform only. No physical/manual application for a CoO would need to be submitted.

Procedure and Criteria for submission and approval of applications for export of (i) 2/3 Ply Surgical masks; (ii) Medical Goggles and (iii) Diagnostic Kits, issued.

DGFT  – EXPORT IMPORT POLICY

Import of Colour television sets under HS code 8528 7211 to 8528 7219 is amended from ‘Free imports’ to ‘Restricted imports‘.

From 01.08.2020, the Certificate of Origin applications for exports to Thailand under ASEAN-India FTA should be submitted through the e-COO Platform only. No physical/manual application for a CoO would need to be submitted.

Procedure and Criteria for submission and approval of applications for export of (i) 2/3 Ply Surgical masks; (ii) Medical Goggles and (iii) Diagnostic Kits, issued.

FEMA

FEMA (Non-debt Instruments) Rules to be administered by the RBI without consultation with the Central Government.

NRIs are permitted to invest up to 100 per cent, under automatic route, in M/s Air India Limited.

COMPANIES ACT

Rules for investigation of misbehaviour/incapacity of Chairperson, President and other Members – NCLT and NCLAT, notified.

FSSAI

Food Products Standards and Food Additives Rules amended to introduce new standards for frozen vegetables viz., frozen peas, frozen cauliflower, frozen beans and frozen spinach.

open

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.