November, 2021 – Issue No. I


Rate change – Permanent transfer of Intellectual Property (IP) right – 18% GST.

Rectification of Form GSTR-3B cannot be permitted – Hon’ble Supreme Court in Union of India vs. Bharti Airtel.

CBDT issues guidelines on eligibility of exemption under clause (23FE) of section 10 of the IT Act (exemption to pension funds and sovereign wealth funds).Clarification issued regarding Section 36(1)(xvii) of the IT Act – ‘price fixed or approved by the Government’ includes price fixation by State Government.

Levy of ADD on imports of ‘Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14″ OD’  from China PR extended for a further period of 5 years.Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 amended to introduce anti-absorption review rules.

Courier Imports and Exports (Electronic Declaration and Processing) Rules, 2010 amended to introduce rules regarding surrender and validity of registration.

Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 amended to introduce anti-absorption review rules.

Existing entry at Para 2.76 of HBP of the FTP 2015-20 has been modified to bring out clarity on export policy of SCOMET items for supplies/exports from DTA to SEZ/EOU and outside the country.

30.11.2021 – Last date of filing of Cost Audit Report to the Board of Directors.

No additional fees shall be levied upto 31.12.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non -XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021.

LLPs can file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees upto 30.12.2021.

The Indian Tax Advisors