Newsletter – Sep 2020, Issue No. I

GST

31.10.2020 – Due date for filing Form GSTR-4 for financial year 2019-2020.

System computed GSTR-3B (Table 3 for liabilities) on the basis of GSTR-1 filed by taxpayers now available on the GST portal for monthly GSTR-1 filers.

INCOME TAX

CBDT provides ITR compliance check functionality for Scheduled Commercial Banks.

Charges wrongly collected by banks for transactions through prescribed electronic mode ((i) Debit Card powered by RuPay: (ii) UPI / BHIM-UPI; and (iii) UPI QR Code / BHIM-UPI QR Code), on or after 1.1.2020 to be refunded.

CUSTOMS

Levy of Anti-dumping duty on import of “Float Glass” from China PR extended upto 7.12.2020.

Provisional Anti-dumping duty on import of “Ciprofloxacin Hydrochloride” from China PR imposed for a period of six months.

Faceless Assessment to be implemented by 31.10.2020, at an all-India level in all ports of import and for all imported goods.

DGFT

MEIS incentive to be withdrawn with effect from 01.01.2021.

MEIS incentive against exports made between 01.09.2020 to 31.12.2020 is limited to Rs.2 Crores per IEC. This is subject to downward revision so that the total claims do not exceed Rs.5000 crores allotted by the Government.

No MEIS incentive for exporters registered for IEC on or after 1.09.2020.

No MEIS incentive for any IEC holder who has not made any export for a period of one year preceding 01.09.2020.

Revised Norms issued for Export of Finished Leather of all kinds appearing at Serial No: 176, Chapter 41, Schedule 2 – Export Policy, of the Foreign Trade Policy 2015-20.

Validity of SCOMET export authorizations involving technology transfer, expiring by 30.09.2020, extended by six months as a one-time measure; applications to be submitted in this regard.

INSOLVENCY LAWS

The Board has issued guidelines on the “Use of Caveats, Limitations and Disclaimers by Registered Valuers in Valuation Reports”.

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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.