Sale on approval basis – where such goods are sent outside India for approval, time extended up to 31.10.2020 for compliances under Section 31(7).
Late fee restricted to Rs.500 per return for belated filing of FORM GSTR-4 for the period July 2017 to March 2019, provided the returns are filed between 22.09.2020 to 31.10.2020.
Late fee restricted to Rs.500 for belated filing of FORM GSTR-10, provided the return is filed between 22.09.2020 to 31.12.2020.
Comptroller and Auditor General of India: Audit examination with regard to collection of cess and its transfer to the GST Compensation Cess Fund, shows that there was short crediting to the Fund of the GST Compensation Cess collections totalling to Rs 47,272 crore during 2017-18 and 2018-19.
CBDT notifies Faceless Appeal Scheme. The filing of appeal in Form 35 is temporarily disabled to enable changes in accordance with the Scheme and will be made available shortly.
All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing.
Revised Form ANF-7A – Application for claim of
MEIS schedule – Table 2 of Appendix 3B amended to harmonize it with changes made in the Customs Tariff.
Track and Trace system for export of Pharmaceuticals and drug consignments – extended up t0 1.04.2021.
Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 amended.
Suspension of initiation of corporate insolvency resolution process – extended by three months up to 25.12.2020.
- On 01-04-2020, RBI extended the time period for realization and repatriation of export proceeds for exports made up to or on 31-07-2020 from 9 months to 15 months;
- On 22-05-2020, RBI extended the time period for completion of remittances against normal imports into India (except in cases where amounts are withheld towards guarantee of performance) from 6 months to 12 months from the date of shipment for imports made on or before 31-07-2020;
- On 23-05-2020, RBI increased the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to 31-07-2020;
- RBI vide its circular dated 20-09-2019, has enhanced the sanctioned limit for classification of export credit under PSL from Rs.25 crore to Rs. 40 crore per borrower.
The Foreign Contribution (Regulation) Amendment Bill, 2020 passed by both the Houses of the Parliament.
The FCRA regulates the acceptance and utilization of foreign funds by individuals, associations and companies among other provisions; the bill proposes to enable the Centre to allow an NGO or association to surrender its FCRA certificate. It also proposes that not more than 20 per cent of the total foreign funds received can be spent on administrative expenses. Presently, the limit is 50 per cent. The Bill also introduces Aadhaar requirement for applicants.
Three labour codes were cleared by both the Houses of the Parliament: (i) The Industrial Relations Code, 2020 (ii) The Code on Occupational Safety, Health & Working Conditions Code, 2020 & (iii) The Social Security Code, 2020.
The Code on Wages, 2019 was passed by the Parliament in August 2019. Together, there are now four labour codes which replace 29 labour laws.