HomeNewsletterOctober, 2021 – Issue No. III

October, 2021 – Issue No. III

GST

Whether a SEZ unit, being a recipient of service, is eligible to claim refund of unutilized Input Tax Credit (ITC) – Yes – Madras High Court.

The competent authority ought to have condoned the delay for filing the returns, in view of with the onset of Pandemic Covid-19 and restored registration – Patna High Court.

INCOME TAX

The Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 introduced for the purpose of settlement of retrospective tax cases.

Exemption granted to specified persons from requirement of furnishing ITR under section 139(1) for assessment year 2021-2022.

CUSTOMS
Basic Customs Duty and Agriculture Infrastructure and Development Cess reduced on edible and Crude soya, sunflower and palm oils till 31.03.2022.
Levy of ADD introduced on import of “Aceto Acetyl Derivatives of aromatic or hetrocyclic compounds also known as Arylides from China for a period of five years.
DGFT

The Melt Blown Fabric of any GSM has been made freely exportable with immediate effect.

The export policy of all diagnostic kits and reagents (including instruments/apparatus) is being made “Free”.

The export of Syringes with or without Needles of denominations (i) 0.5 ml/ 1ml AD syringes (ii) 0.5 ml/1 ml/2 ml/3 ml disposable syringes and (iii) 1ml/2 ml/3 ml RUP Syringes has been put under Restricted category with immediate effect.

SEZ LAWS
Alternate method for transfer of space by an exiting unit under Rule 74 of the SEZ Rules, 2006 prescribed.

The Indian Tax Advisors