Newsletter – June, 2020 I Week

Income Tax

  • ITR forms-1,2,3,4,5,6,7 have been notified for the financial year 2019-20(A.Y2020-21).
  • Form 26AS changed to include additional information relating to specific financial transaction, payment of taxes, demand and refund, pending proceedings and completed proceedings.

Inflow

  • Foreign Portfolio Investors (FPIs) have bought shares worth nearly INR 21,000 crore in June, 2020.

Essential Commodities

  • Essential Commodities Act, 1955 was amended by removing cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities.
  • Import restrictions on moong, peas and toor dal shall not apply to Government import commitments under any bilateral or regional agreement or MOU. Republic of Mozambique and Government of the Republic of India, both parties have agreed to target export of 2,00,000 MT of pigeon peas and other pulses grown in Mozambique to India during 2020-21.

MSME

  • MSME – Definitions revised from 1.7.2020.
    • a micro enterprise – investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover (excluding exports) does not exceed five crore rupees;
    • a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover (excluding exports) does not exceed fifty crore rupees;
    • a medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover (excluding exports) does not exceed two hundred and fifty crore rupees.
  • PM MODI launched CHAMPIONS [Creation Harmonious Application of Modern Processes for Increasing the Output and National Strength. It is a technology platform and real one-stop-shop solution of MSME Ministry.
  • The Centre on Friday assured MSME entrepreneurs of “corrective action” if banks delayed or created unwarranted hurdles towards disbursal of the ₹3,00,000-crore loans.

Make in India
In a major boost to ‘Make in India’ Ministry of Defence placed an Indent on Ordnance Factory, Medak for 156 BMP 2/2k Infantry Combat Vehicles (ICV) worth Rs 1,094 crore.

Exports
Only “Alcohol based Hand Sanitizers” in containers with the Dispenser Pump are prohibited for export. Alcohol based Hand Sanitizers exported in any other form/packaging are “free” for exports, with immediate effect.

Imports – Anti-dumping duty

  • “Electronic Calculators of all types [excluding calculators with attached printers, commonly referred to as printing calculators, calculators with ability to plot charts and graphs, commonly referred to as graphing calculators and programmable calculators] originating in, or exported from Malaysia”. – 12/2020 – Anti Dumping Duty.
  • ‘Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants originating in or exported from People’s Republic of China, Malaysia and the Republic of Korea.
  • Acrylic fibres originating in or exported from Thailand.

Electricity
Pan-Indian real-time market in electricity was launched. Real time market is an organized market platform to enable the buyers and sellers pan-India to meet their energy requirement closer to real time of operation.

Insolvency and Bankruptcy Code – No Fresh insolvency application can be filed for the period of 6 months. Section 7, 9 and 10 suspended.