Newsletter – SEP 2020, Issue No. III

GST
For the period 01.07.2017 to 31.08.2020 – interest recovery to be made only on the net cash tax liability.
INCOME TAX

Guidelines issued for compulsory selection of returns for ‘Complete Scrutiny’ during Financial Year 2020-21 and conduct of assessment proceedings in such cases.

Lok Sabha reply – Various measures taken to reform the Direct Tax regime such as rationalisation of tax rates, simplification of income tax return forms, faster processing of refunds, speedy resolution of grievances and introduction of faceless processes to ease the compliance burden on taxpayers and minimise the physical interface between the taxpayer and the income tax authorities.

Lok Sabha reply – Various measures taken to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961.

CUSTOMS

New forms introduced for Bills of Entry with effect from 21.09.2020.

Basic Customs Duty on Lentils (Mosur) reduced by 20% for the period from 18.09.2020 to 31.10.2020.

Launch of e-Office in Air Cargo Complex (Import) Commissionerate, New Delhi

Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) comes into effect from 21.09.2020.

DGFT

A new policy condition is added in Chapter 85 and 94 of TC (HS), 2017, Schedule – I (Import Policy) to enable random sampling of LED products and their Control Gear notified under “Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012”

Onions – Prohibited exports.

COMPANY LAWS
Tenure of the Company Law Committee extended upto 17.09.2021.
RBI
Banking Regulation (Amendment) Bill, 2020 passed in the Lok Sabha.
FEMA
FDI up to 74% under automatic route permitted for companies seeking new industrial licenses in the Defence Sector.
MSME
Rajya Sabha Reply – Various measures taken to ensure participation of local firms under Atmanirbhar Bharat:
  • Global Tender Enquiry (GTE) restricted for the contract/ supply value of above Rs.200 crore.
  • Public Procurement (Preference to Make in India) Order, 2017 revised to promote participation of local suppliers.
AGRICULTURE AND FARMERS’ WELFARE
The following Bills were passed by both the Houses of the Parliament:
  • The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020;
  • The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020.
The Essential Commodities (Amendment) Bill,  2020 was passed in the Lok Sabha.
AYUSH
“The Institute of Teaching and Research in Ayurveda Bill 2020” passed by both the Houses of the Parliament. The ITRA is sought to be established by conglomerating the presently existing Ayurveda institutes at Gujarat Ayurved University campus Jamnagar.
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.