Circular issued by Kerala Government prescribing detailed guidelines for correct declaration of ITC in monthly GSTR 3B. Errors in reporting ineligible ITC/reversal of ITC are to be corrected as follows:
for AY 2018-19, to be corrected in Annual return GSTR-9;
for AY 2019-20, to be corrected in the GSTR 3B for the period from April to September 2020;
for the period from April 2020, to be corrected in the subsequent GSTR 3B by giving net effect.
CBDT amends TCS Rules. Amount received or debited, on which TCS was not collected, to be reported for certain categories under Section 206C.
Procedure notified for Sovereign Wealth Funds to apply for recognition and tax exemption under section 10(23FE).
CBDT and CBIC sign MoU for exchange of information. Income tax portal now linked with GST portal
CBDT and MSME Ministry sign MoU for sharing of information on ITRs filed.
It may be noted that the last date for filing/revising ITR for Assessment Year 2019-20 (relevant to FY 2018-19) is 31.07.2020.
CUSTOMS Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China extended upto 27.10.2020.
Ideas invited for review of existing Customs duty exemption notifications, Customs laws and procedures. Click here to submit your suggestions – Last date on 21.08.2020.
Import of livestock products under No Testing category excluded from submission of custom sealed sample for AQCS clearance. They will be cleared based on Veterinary Health Certificate and other customs documents.
Ban imposed on import of health supplements containing PABA (Para Amino Benzoic Acid) in accordance with FSSAI order.
DGFT – EXPORT IMPORT POLICY
Surgical drapes, isolation aprons, surgical wraps and X ray gowns are now Free Exports. The following items remain prohibited for export:
|ITC HS Codes||Description|
|Following Personal Protection Equipments (PPEs) exported either as part of kits or as individual items
1. Medical Coveralls of all Classes/Categories (except Surgical drapes, isolation aprons, surgical wraps and X ray gowns)
2. Medical Goggles
3. All masks other than non-medical/non-surgical masks (cotton, silk, wool, polyester, Nylon, Rayon, Viscose – Knitted, Woven or Blended)
4. Medical Nitrile/NBR Gloves
5. Face Shield
Procedure for export of samples of PPE Medical Coveralls for COVID-19 issued by DGFT.
Revised Procedure and Criteria issued for export of PPE Medical Coveralls for COVID-19. Eligibility criteria relaxed. Non-manufacturers can also apply for export now.
10,000 MT of sugar allocated for export to European Union under CXL concessions for the period from October 1, 2020, to September 30, 2021.
Ministry of Corporate Affairs carries out amendments in Indian Accounting Standards.
The period for which small accounts can remain operational is extended till 30th September, 2020.
CONSUMER PROTECTION ACT , 2019
The Consumer Protection Act, 2019 comes into force from 20.07.2020.
The General Financial Rules, 2017 has been amended to impose restrictions on bidders from countries which share a land border with India on grounds of national security/defence.
Such bidders from neighbouring countries are required to obtain prior registration from DPIIT (Department for Promotion of Industry and Internal Trade); clearance from Ministries of External and Home Affairs are also mandatory.
Such restrictions have been made applicable for State Government/ State Undertakings procurements also.
Bidders from countries to which Government of India extends lines of credit or provides development assistance have been exempted.
Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Rules, 2020 came into effect from 20.7.2020. These rules were framed under Section 17 of the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020. The Rules provide for the procedure for payment to be followed by traders and other bodies when buying produce from farmers, and dispute settlement mechanism relating to such transactions between traders and farmers.