October, 2020 – Issue No. I

GST

31.10.2020 – Due date for furnishing of Form GSTR 9/9C for FY 2018-19.

Special procedure notified for issuance of e-Invoices during the period 01.10.2020 – 31.10.2020. Invoice Reference Number to be obtained within 30 days of date of invoice by uploading Form GST INV-01 on the invoice reference portal.

QR code to be provided in e-invoice. E-invoicing applicable if aggregate turnover in “any preceding financial year from 2017-18 onwards” exceeds Rs. 500 Crores; previously it was “in a financial year”. E-invoicing procedure to be applicable for exports also, subject to other conditions mentioned in the notification.

Date of implementation of the Dynamic QR Code for B2C invoices is postponed to 01.12.2020.

Exempted up to 30.09.2021 – Services of transportation of goods by air and by sea from the customs station in India to a place outside India.

INCOME TAX

30.11.2020 – Due date for filing belated and revised ITRs for AY 2019-2020.

CBDT has issued Guidelines for the purpose of section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961.

CBDT has issued clarification on the new TCS provisions.

Form 26AS to contain information on GST returns.

CBDT has notified changes in Form 3CD, Form No 3CEB and ITR-6 for AY 2020-2021. Further, CBDT has amended Rule 5 of Income Tax Rules, 1962 and inserted new Rules and Forms namely:

  • Rule 21AG- Exercise of option under sub-section (5) of section 115BAC
  • Rule 21AH– Exercise of option under sub-section (5) of section 115BAD
  • Form No. 10-IE– Application for exercise/ withdrawal of option under clause (i) of sub-section (5) of Section 115BAC of the Income-tax Act, 1961.
  • Form No. 10-IF– Application for exercise of option under sub-section (5) of Section 115BAD of the Income-tax Act, 1961.

Form 35 is re-enabled to file appeal in accordance with the Faceless Appeal Scheme.

CUSTOMS

31.12.2020 – Time limit extended under Central Excise Act, 1944, Customs Act, 1962, Customs Tariff Act, 1975 and Finance Act, 1994 for compliances.

Basic Customs Duty of 5% imposed on Open Cell for LED/LCD TV Panels.

Changes made in the Security to be furnished by importer for the purpose of provisional assessment.

Transitional provisions under the Sea Cargo Manifest and Transhipment Regulations extended till 31.03.2021. Bond/security amount reduced to Rs.5,00,000/- under the said regulations. Customs Brokers exempted from issuing such security.

Two facilitation schemes, namely Accredited Client Programme (ACP) and Authorized Economic Operator (AEO) programme, merged. Revised programme and transitional provisions issued.

DGFT

Import quota of 1.5 Lakh MT of Urad, till 31st March, 2021, has been notified. Procedure for allocation notified.

Steel manufacturers supplying steel against Advance Authorization through their Service Centers/ Distributors/ Dealers/ Stockyards, are eligible to claim duty drawback.

Imports under Chapters 72, 73 and 86 of ITC (HS), 2017 now require compulsory registration under the Steel Import Monitoring System (SIMS). Bill of Entry on or after 16.10.2020 shall require compulsory registration under SIMS.

Minor and apparent errors in Kimberley Process (KP)  Certificate – procedure notified.

Re-export of imported rough diamonds, if so ordered by Customs Authorities, will be allowed subject to a Technical Kimberley Process Certificate to be issued by the Gem & Jewellery Export Promotion Council (GJEPC).

Validity of all the Pre-Shipment Inspection Agencies (PSIAs) extended up to 31.12.2020 or till the new list is notified.

The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in designated sea ports is extended upto 31.12.2020.

ICLCs (Irrevocable Commercial Letter of Credits) issued prior to 14.09.2020 to be submitted by onion exporters to determine the applicability of transitional provisions in light of the ban on export of onions.

COMPANIES ACT

The Companies (Amendment) Act, 2020 received the President’s assent. Noteworthy changes are decriminalization of certain offences; incorporation of chapter relating to Producer Companies, which was earlier part of the Companies Act, 1956; relaxation with respect to penalties and additional fees; payment of remuneration to non-executive directors.

Relaxation concerning usage of video conferencing/other audio visual means for conducting Board meetings, extended up to 31.12.2020.

Relaxation concerning usage of video conferencing/ other audio visual means/postal ballots for conducting extraordinary general meetings, extended up to 31.12.2020.

Companies Fresh Start Scheme and LLP Settlement Scheme extended up to 31.12.2020.

Scheme for relaxation of time for filing forms related to creation or modification of charges – time limit extended up to 31.12.2020 for filing without additional fees.

Creation of deposit repayment reserve of 20% and to invest or deposit 15% of amount of debentures – time limit extended up to 31.12.2020.

RBI
Reply filed by the Government before the Supreme Court in the case of Gajendra Sharma Vs Union of India –

Levy of compound interest, or interest on interest, during the moratorium period, on MSME loans and personal loans up to Rs. 2 crores to be waived by the Government. Individual/entities with loan amounts of more than Rs. 2 crores are not eligible.

Read the additional affidavit filed by the Government here.