Effective from 1.09.2020 – Proviso to Section 50(1) of CGST Act, 2017 providing for interest on net cash liability in the case of delayed tax payment.
CBIC Press release – Even for previous periods, no recovery action will be taken for interest on ITC utilized for delayed payment of tax as per proviso to section 50(1).
GST Compensation to states – Centre has presented two options to the States to borrow funds. First option for borrowing Rs.97,000 crores being the GST shortfall from RBI; principal and interest to be repaid from compensation cess fund. The second option is to borrow the Compensation shortfall of Rs.2.35 lakh crores from the market; principal to be repaid from compensation cess fund.
GSTR-2B, which is an auto-drafted ITC statement, has been made available on the GST web portal on trial basis for the month of July 2020.
GSTR-2A to contain details of imports from overseas/ inward supplies from SEZs. Currently, the functionality is available on trial basis for BOEs filed at EDI-enabled ports.
Standardized Unit Quantity Codes (UQCs) for filing Bills of Entry/Shipping Bills released.
|ITC HS Codes||Description||Export Policy||Policy Condition|
|Medical Coveralls of all Classes/Categories||Free||N/a|
|Medical Goggles||Restricted||Monthly export quota of 20 Lakh units|
|N95/FFP2 masks or its equivalent||Restricted||Monthly export quota of 50 Lakh units|
|All masks ( Except N95/FFP2 masks or its equivalent)||Free||N/a|
Effective from 28.08.2020 – New Section 92(3) for display of annual report on company website and disclosure of related web-link on Board’s report.
Form No. MGT.9 – extract of annual return, not mandatory in case the web-link is disclosed in Board’s report.
Pharma/medical research companies can claim CSR benefits up to the year 2022-23 for research and development of new vaccine, drugs and medical devices related to COVID-19. Such CSR benefits can be claimed for collaboration with institutes listed at item (ix) of Schedule VII.
Item (ix) of Schedule VII relating to CSR policies has been amended to include certain new organizations such as Department of Biotechnology (DBT) Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH).
MOTOR VEHICLES LAWS
Validity of any Fitness, Permit, License, Registration, or other document(s), which has expired or expires between 01.02.2020 and 31.12.2020, extended up to 31.12.2020.