September, 2021 – Issue No. I

GST

Application for revocation of cancellation of registration can be filed up to  30.09.2021, where the due date for filing application falls between 01.03.2020 to 31.08.2021. This is applicable only where registration has been cancelled for non-filing of returns.

INCOME TAX

Time Extension granted for electronic filing of various Forms under the Income-tax Act.

Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) extended to 30.09.2021. The last date for payment of the amount (with additional amount) remains 31.10.2021.

Rule inserted for “Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit”.

Rule inserted for “Furnishing of declaration and evidence of claims by specified senior citizen under section 194P”.

Central Government constitutes the Boards for Advance Rulings in Delhi and Mumbai. Corresponding changes in the Act given effect from 01.09.2021.

CUSTOMS

ADD on imports of ‘Glass Fibre and Articles thereof’ from China PR extended upto 31.10.2021.

Sea Cargo Manifest and Transhipment Regulations, 2018 – transitional provision extended upto 30.09.2021.

Exemption from Customs Duty/health cess on import of Covid relief items, including Covid 19 vaccine and oxygen related equipment extended up to 30.09.2021.

DGFT

The expression “Gold in any form” includes gold in any form above 22 carats under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy). Such imports can be made only by nominated agencies as notified by RBI (in case of banks) and DGFT (in case of others).

Policy Condition no.1 of Chapter 88 of ITC (HS) 2017, Schedule- I (Import Policy) is revised to allow import of aircrafts by Aircraft Leasing Entities in IFSC, located in GIFT city, Gandhinagar, Gujrat in line with the revised Air Transport Circular 02/2017 issued by DGCA.

AGRICULTURAL PRODUCE LAWS
Tamil Nadu Agricultural Produce Marketing Regulation Act, 1987 to be amended to cancel market cess on cotton and cotton waste.