November, 2020 – Issue No. I

GST
Extended due date for AY 2018-19: 
31.12.2020 – Due date for Annual Return in GSTR 9 & 9A and Reconciliation statement in GSTR – 9C (Notification No.80/2020-CT dated 28.10.2020).

INCOME TAX

Vivad se Vishwas Scheme – (i) Declaration to be made by 31.12.2020; (ii) Payment date (without additional amount) extended upto 31.03.2021.

Equalisation levy (Amendment) Rules, 2020 notified.

Government of India has allowed payment of cash allowance equivalent to LTC (Leave Travel Concession) fare to Central Government & non-central government employees. The same shall be eligible for income-tax exemption.

For this purpose, employees to spend three times the value of the deemed LTC fare on purchases which carry a GST rate of not less than 12% from GST registered vendors / service providers through digital mode during the period from 12.10.2020 to 31.03.2021. Deemed LTC fare and the related income-tax exemption will be proportionately reduced if the employee does not spend 3 times the LTC fare.

Suggestions invited from the Industry and Trade Associations for Budget 2021-22 regarding changes in direct and indirect taxes (except GST).

Instructions Manual for filing Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21 issued.

CUSTOMS
Clarifications issued on Manufacturing and other operations undertaken in bonded warehouses under Section 65 of the Customs Act, 1962.Upto 31.01.2021 – Basic Customs Duty at 10% levied on import of potatoes against Tariff rate quota (TRQ) quantity of 10,00,000 MT.

Basic Customs Duty on Lentils (Mosur) reduced for the period from 18.09.2020 to 31.12.2020

Anti Dumping Duty on “Fluoroelastomers (FKM)” imported from China extended upto 27.11.2020.

SEZ
Special Economic Zones Rules, 2006 amended to extend drawback and other similar benefits to supplies made from Domestic Tariff Area to foreign suppliers in Free Trade and Warehousing Zone, subject to certain conditions.
DGFT
Remission of Duties and Taxes on Exported Products (RoDTEP) Committee invites data/suggestions from Trade, EPCs and Industry Associations which are involved in export of items falling under Chapter 86, 88 and 89. This is for the purpose of determination of ceiling rates under the Scheme.Import of Potatoes under HS 07019000 from Bhutan is permitted freely, without any license, up to 31.01.2021.

Export of Onion seeds – Prohibited.

Procedure for import of Potatoes, till 31.01.2021, under TRQ Scheme issued.

Procedure regarding applications for export of Nitrile/NBR Gloves issued.

Validity of license and time period for import of tur extended upto 31.12.2020.

The Standard Input Output Norms (SION) at SION A-468 is deleted for the export product – 4,4 Diamino Diphenyl Amine -2- Sulphonic Acid.

IPR
The Patents (Amendment) Rules, 2020, issued to streamline the procedures relating to filing of Form 27 and submission of verified English translation of priority documents.
RBI – FEMA
The Reserve Bank of India (RBI) on October 23, 2020 has issued the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020.The following provisions have been made:

  • No person shall post or collect margin for derivative contracts and pay or receive interest on such margin without the prior permission of the Reserve Bank.
  • Authorized dealers may post and collect margin, and receive and pay interest, as prescribed by RBI.
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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.