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AUGUST 2021 | VOLUME 157
WEEKLY
UPDATE
...thinking of GST, think !
by
BIZSOLINDIA SERVICES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
Whastapp Update Email Website
+91 77 090 41000 corporate@bizsolindia.com www.bizsolindia.com
AUGUST 2021 | VOLUME 157
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AUGUST 2021 | VOLUME 157
Table of Content
WEEKLY UPDATE
Goods and Services Tax 05
Customs 05
Foreign Trade Policy 08
Income Tax 08
Company Law 10
SEBI 11
RBI 12
Other Important Updates 13
Digital Updates 18
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Update
GST
• Provisions of Section 110 w.r.t. President and Members of Appellate
Tribunal, their qualification, appointment, conditions of service, etc.
and Section 111 about procedure before Appellate Tribunal has been
notified and effective from 1st Aug 2021. [Notification No.29/2021-
Central Tax dated 30th July 2021]
• Amendment to Rule 80 of the CGST Rules, 2017 and notify Form GSTR
9 and 9C for FY 2020-21. Rule 80 provides for exemption from GSTR-
9C to taxpayers having Annual Aggregate Turnover up to Rs. 5 crores
and Part B about certification is deleted. [Notification No.30/2021-
Central Tax dated 30th July 2021]
• Exemptions to the taxpayers having Annual Aggregate Turnover up to
Rs. 2 crores from the requirement of furnishing Annual Return for FY
2020-21. [Notification No.31/2021-Central Tax dated 30th July 2021]
• Blocking of E-Way Bill generation facility to extend and resume after
15.08.2021 [Press Release dated 4th August 2021]
Update
Customs
NOTIFICATION
NON-TARIFF
• CBEC Notified Exchange Rate for Conversion of Foreign Currency w.
e. f. 6th August 2021 [Notification No. 65/2021 - Customs (N.T.) dated
5th August 2021]
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Customs
SCHEDULE-I
Rate of exchange of one unit of foreign currency
Sl. equivalent to Indian rupees
Foreign Currency
No. [a] [b]
[For Imports] [For Exports]
1. Australian Dollar 56.15 53.75
2. Bahraini Dinar 203.30 190.85
3. Canadian Dollar 60.35 58.20
4. Chinese Yuan 11.65 11.30
5. Danish Kroner 12.05 11.60
6. EURO 89.45 86.30
7. Hong Kong Dollar 9.70 9.35
8. Kuwaiti Dinar 255.60 239.35
9. New Zealand Dollar 53.75 51.35
10. Norwegian Kroner 8.55 8.25
11. Pound Sterling 104.90 101.40
12. Qatari Riyal 21.05 19.75
13. Saudi Arabian Riyal 20.45 19.20
14. Singapore Dollar 55.90 54.00
15. South African Rand 5.35 5.00
16. Swedish Kroner 8.75 8.45
17. Swiss Franc 83.45 80.20
18. Turkish Lira 9.05 8.45
19. UAE Dirham 20.85 19.60
20. US Dollar 75.10 73.40
SCHEDULE-II
S. Rate of Exchange of one unit of foreign currency
Foreign Currency
No. equivalent to Indian rupees
(1) (2) (3)
(a) (b)
(For Imports) (For Exports)
1 Japanese Yen 68.95 66.45
2 Korean Won 6.70 6.30
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Update
Customs
ANTI DUMPING DUTY
• Anti-dumping duty further extended on Polytetrafluoroethylene
originating in or exported from Russia, up to and inclusive of 30th
November, 2021. [Notification No. 31/2021 -Customs (ADD) dated 31st
July 2021].
• Anti-Dumping investigation on imports of “Viscose Staple Fibre”
which was extended till 31st October 2021 [Notification dtd. 31st July
2021-Department of Commerce – Director General Trade & Remedies]
• Anti-dumping duty further extended on ‘Wire Rod of Alloy or Non-
Alloy Steel’ originating in or exported from China PR up to and inclusive
of 31st January, 2022. [Notification No. 32/2021 -Customs (ADD) dated
1st Aug 2021].
• Anti-Circumvention investigation concerning circumvention of
anti-dumping duty imposed on imports of “Ceramic Tableware and
Kitchenware, excluding knives and toilet items” [DGTR Notification
dtd 3rd August 2021]
• Anti-dumping investigation on imports of “Self-adhesive Polyvinyl
Chloride Film” [DGTR Termination Notification dtd 3rd August 2021]
CIRCULARS:
• Amendments in AEO Programme done so as to facilitate the Auto-
Renewal of AEO-T1 validity for continuous certification based on the
continuous compliance monitoring and annual self-declaration. Such
annual self-declarations to be filed between 1st Oct to 31st Dec every
year. All AEO-T1 entities certified on or after 1st April 2019 shall stand
migrated to the auto renewal process w.e.f. 1st Aug 2021. [Circular
No.18/2021 Cus dated 31st July 21]
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Update
Foreign Trade Policy
TRADE NOTICE:
• All IECs. / Firms, who have been issued scrips under RoSCTL for
shipping bills up to 31st Mar 2020 are requested to get the related e-BRCs
uploaded in the DGFT portal by their AD Banks latest by 15th Sept 2021
failing which action would be initiated by jurisdictional RAs. [Trade
Notice 13/2021-22 dated 4th Aug 2021].
• An online procedure is notified to provide for online filing and transfer
of Advance Authorization(s) and EPCG Authorisation(s) from the
earlier entity to the new entity(s) in case of amalgamation/de-merger/
acquisition etc. [Trade Notice 14/2021-22 dated 4th Aug 2021].
PUBLIC NOTICE:
• DGFT notifies revised process for online refund of user charges/penalty/
fees [Public Notice No.19/2015-2020 dtd. 30th July 2021]
Update
Income Tax
NOTIFICATIONS
• CBDT notifies tax exemption up to 31/03/2024, for ‘2726247 Ontario
Inc.’ (a pension fund), as eligible investment fund u/s 10(23FE), subject
to certain terms & conditions. [Notification No. 84/2021-Income Tax
Dated 3rd Aug 2021].
• CBDT notifies exemption from specified incomes u/s 10(46) subject to
certain conditions in the case of ‘National Council of Science Museums,
Kolkata’ for FY 2021-22 to 2025-26. [Notification No. 85/2021-Income
Tax Dated 4th Aug 2021].
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Income Tax
• CBDT notifies exemption from specified incomes u/s 10(46) subject
to certain conditions in the case of ‘Real Estate Regulatory Authority,
Himachal Pradesh’ for FY 2020-21 to 2024-25. [Notification No.
86/2021-Income Tax Dated 4th Aug 2021].
• Government designates Special Court(s) in various districts of the State
of Gujarat in consultation with the Hon’ble Chief Justice of the Gujarat
High Court, in terms of Section 280A(1) of the Income-tax Act, 1961 and
Section 84 of the Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Act, 2015. [Notification No. 87/2021-Income Tax
Dated 4th Aug 2021].
• Government designates Special Court for the State of Meghalaya, in
consultation with the Hon’ble Chief Justice of the Meghalaya High
Court, in terms of Section 280A (1) of the Income-tax Act, 1961 and
Section 84 of the Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Act, 2015. [Notification No. 88/2021-Income Tax
Dated 4th Aug 2021].
• Government designates Special Court for the State of Telangana, in
consultation with the Hon’ble Chief Justice of the Telangana High Court,
in terms of Section 280A (1) of the Income-tax Act, 1961 and Section
84 of the Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015. [Notification No. 89/2021-Income Tax
Dated 4th Aug 2021].
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Income Tax
CIRCULAR:
• CBDT extended timelines for electronic filing of various Forms under
the Income Tax Act, 1961 as under:
Extended Due
Particulars Period Form No.
date
The Quarterly statement to be furnished
by authorized dealer in respect of remit- Apr-June 2021
Form No. 15CC 31st Aug 2021
tances made for the quarter ending on Quarter
30th June, 2021
The Equalization Levy Statement FY 2020-21 Form No.1 31st Aug 2021
The Statement of Income paid or credited
FY 2020-21 Form No. 64D 15th Sept 2021
by an investment fund to its unit holder.
The Statement of Income paid or credited
FY 2020-21 Form No.64C 30th Sept 2021
by an investment fund to its unit holder
Intimation to be made by a Pension Fund
Arp-June 21 Form No.
in respect of each investment made by it in 30th Sept 2021
Quarter 10BBB
India.
Intimation to be made by Sovereign
Arp-June 21
Wealth Fund in respect of investments Form II SWF 30th Sept 2021
Quarter
made by it in India.
[Circular 15/2021 dated 3rd Aug 2021]
Update
Company Law
CIRCULAR:
• Spending of CSR funds for COVID-19 vaccination for persons other
than the employees and their families is an eligible CSR activity under
item No. (i) of Schedule VII of the Companies Act, 2013 relating to
promotion of health care including preventive health care and item No.
(xii) relating to disaster management. [Circular 13/2021 dated 30th July
2021]
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Update
SEBI
CIRCULAR
• SEBI has now permitted Non-Scheduled payments Banks to register as
Bankers to an Issue. [Circular SEBI/HO/MIRSD/MIRSD_
DOR/P/CIR/605/2021 dated 3 Aug 2021].
rd
• Modification in Operational Guidelines for FPIs (Foreign Portfolio
Investors) and DDPs (Designated Depository Participants) pursuant
to amendment in SEBI (Foreign Portfolio Investors) Regulations, 2019
[Circular SEBI/ HO/FPI&C/P/CIR/2021/609 dated 4th Aug 2021]
• It is clarified that mutual funds should maintain current accounts in an
appropriate number of banks for the purpose of receiving subscription
amount and for payment of redemption / dividend / brokerage
/ commission etc. to facilitate financial inclusion, convenience of
investors and ease of doing business. [CIRCULAR SEBI/HO/IMD/
IMD-I/DOF5/P/CIR/2021/610 dated 4th Aug 2021]
• Registered unlisted InvITs (Infrastructure Investment Trusts) which
have already issued units as on the date of this circular, shall comply
with the requirement of minimum number and holding of unit holder
as per the provisions of sub - regulation (3) of Regulation 26B of the
InvIT Regulations within a period of six months from the date of this
circular. [CIRCULAR SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/611
dated 4th Aug 2021]
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Update
RBI (Reserve Bank Of India)
• Maintenance of State Government Accounts – Recovery of
Interest on Excess put through/ Double claim (State Government
Transactions): (a) To ensure prompt/immediate refund/credit to the
government account in the cases of excess put through/ double claim
in the payment scrolls by the agency banks, it has been decided in
consultation with the office of The Comptroller and Auditor General of
India (C&AG) that penal interest for excess put through/ double claim
amount may be levied by State Government as in the case of delayed
credit of receipts.(b) The penal interest period for such double claim/
excess put through may start from the date on which the agency bank
has received the excess put through / double claim amount and up
to previous date to actual date of return of such excess put through /
double claim amount by agency banks to concerned state government
account (excluding the date of return of such excess payment/
double claim amount by the agency banks to government account(s)
(c) The rate of penal interest is Bank rate plus 2%. (The Bank Rate will be
the rate notified by the RBI from time to time as applicable at the time of
transaction). [NOTIFICATION NO. RBI/2021-22/75/DGBA.GBD.No.
S391/42.01.011/2021-22 dated 2nd Aug 2021]
• Framework for Outsourcing of Payment and Settlement-
related Activities by Payment System Operators:
In order to enable effective management of attendant risks in outsourcing
of such activities, it was announced in the Statement on Developmental
and Regulatory Policies released with the bi-monthly Monetary
Policy Statement 2020-21 on February 05, 2021, that a framework for
outsourcing of payment and settlement-related activities by PSOs,
will be issued by the Reserve Bank of India. Accordingly, a framework
for the same is provided in the Annex. The PSOs shall ensure that all
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RBI (Reserve Bank Of India)
their outsourcing arrangements, including the existing ones, are in
compliance with this framework by March 31, 2022. [NOTIFICATION
NO. RBI/2021-22/76 CO.DPSS.POLC.No.S-384/02.32.001/2021-2022
dated 3rd Aug 2021]
• Guidelines are issued on Opening of Current Accounts by Bank in
order to enforce credit discipline amongst the borrowers as well as to
facilitate better monitoring by the lenders. [RBI/2021-22/77 DOR.
CRE.REC.35/21.04.048/2021-22 dtd 4th August, 2021]
• Guidelines issued for Implementation of the circular on Opening of
Current Accounts by Banks. [NOTIFICATION NO. RBI/2021-22/77
DOR.CRE.REC.35/21.04.048/2021-22 dated 4th Aug 2021]
• Exim Bank’s Government of India supported Line of
Credit (LoC) of USD 30.00 million to the Government
of the Republic of Sierra Leone [RBI/2021-2022/78
A.P. (DIR Series) Circular No.08 dated 5th Aug 2021]
Update
Others
• Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on
05th August 2021 to amend the Income-tax Act, 1961 and the Finance
Act, 2012. [Bill No. 120 of 2021]
...thinking of GST, think ! 13AUGUST 2021 | VOLUME 157
Abraham Lincoln
"If I had nine hours to chop
down a tree, I’d spend the
first six sharpening my axe."
...thinking of GST, think ! 17AUGUST 2021 | VOLUME 157
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