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APRIL 2021 | VOLUME 143
WEEKLY
UPDATE
...thinking of GST, think !
by
BIZSOLINDIA SERVCES 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
APRIL 2021 | VOLUME 143
Table of Content
WEEKLY UPDATE
Goods and Services Tax 03
Customs 03
Foreign Trade 10
RBI 12
SEBI 13
Income Tax 15
Digital Updates 22
2
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APRIL 2021 | VOLUME 143
Update
GST
• Companies can file GST returns using EVC instead of Digital Signature
for period up to 31st May 2021. [Notification no.7/2021 dated 27th April
2021]
Update
Customs
• Central Government has exempted custom duty and health cess on im-
port of oxygen, oxygen related equipment and COVID-19 vaccines, up
to 31st July, 2021 :
S. Chapter, heading,
sub-heading or tariff Description
No. item
(1) (2) (3)
Oxygen concentrator including flow
1. 9019 20, 9804
meter, regulator, connectors and tubings.
2. 2804 40 Medical Oxygen
Vacuum Pressure Swing Absorption
(VPSA) and Pressure Swing
8421 39 Absorption (PSA) oxygen plants,
3.
Cryogenic oxygen Air Separation Units
(ASUs) producing liquid/gaseous oxygen.
4. 7311 Oxygen canister.
5. 9018 Oxygen filling systems.
6. 7311 Oxygen storage tanks
7. 9018 Oxygen generator
8. 7311 ISO containers for Shipping Oxygen
Cryogenic road transport tanks for
9. 7311, 8418 or 8419
Oxygen
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Customs
Oxygen cylinders including cryogenic
10. 7311, 8418 or 8419
cylinders and tanks
Parts of goods at S.No.1 and 3 to
10 above, used in the
11. Any Chapter
manufacture of equipment
related to the production,
[Notification No. 28/2021–Customs Dated 24th April, 2021]
• Government has levied anti-dumping duty on imports of Polytetrafluo-
roethylene (PTFE) originating in or exported from Korea RP, to prevent
the circumvention of anti-dumping duty levied on Polytetrafluoroeth-
ylene (PTFE) originating in or exported from Russia. [Notification No.
24/2021-Customs (ADD) dated 26th April, 2021]
• Government has levied anti-dumping duty on imports of Polytetrafluo-
roethylene (PTFE) Products originating in or exported from China PR,
to prevent the circumvention of anti-dumping duty levied on Polytetra-
fluoroethylene (PTFE) originating in or exported from China PR
S. Tariff Descrip- Coun- Coun- Un Curr
Specifi- Pro- Ex- Amo
head- tion of try of try of
No. cation ducer porter unt it ency
ing goods origin export
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
China US
1. 3904, Any China Any Any 2637 MT
PR Dollar
3907, PR
Polytetraf-
3910, lu
3916, orethylene
3917,
(PTFE)
3918,
3919, Products *
3920,
3921,
3922,
4
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Customs
3923,
3924,
3925,
3926
2. 3904, Polytetraflu Any China Any Any Any 2637 MT US
PR Dollar
orethylene other
3907,
(PTFE) than
3910,
Products * Russia
3916, or
China
3917, PR
3918,
3919,
3920,
3921,
3922,
3923,
3924,
3925,
3926
3. 3904, Polytetraflu Any Any China Any Any 2637 MT US
3907, other Dollar
orethylene PR
3910, than
(PTFE)
Russia or
3916, Products *
3917, China
3918, PR
3919,
3920,
3921,
3922,
3923,
3924,
3925,
3926
* includes PTFE Products or Processed PTFE Components, including and not limited
to bush, rod, sheet, tape, tube and thread seal tape. [Notification No. 25/2021-Cus-
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APRIL 2021 | VOLUME 143
Update
Customs
toms (ADD) dated 26th April, 2021]
• Government vide notification Seeks to impose definitive anti-dumping
duty on import of 1-phenyl-3-methyl-5-Pyrazolone originating in or ex-
ported from China PR for a period of 5 years from the date of imposition
of provisional ADD, i.e. 9th June, 2020.
S. Tariff Description Country of Country of Producer Amount Unit Currency
No. heading of goods origin export
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1. 2933 1-phenyl-3- China PR China PR Any 4.89 Kg USD
methyl-5- pyr-
azolone
2. 2933 1-phenyl-3- China PR Any, other Any 4.89 Kg USD
methyl-5- pyr- than China
azolone PR
3. 2933 1-phenyl-3- Any, other China PR Any 4.89 Kg USD
methyl-5- pyr- than China
azolone PR
[Notification No. 26/2021-Customs (ADD) dated 27th April, 2021]
• Central Government has rescinded the levy of Toluene Di-Isocyanate
(TDI) having isomer content in the ratio of 80:20 originating in or ex-
ported from European Union, Saudi Arabia, Chinese Taipei and United
Arab Emirates
6
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Customs
Country
Description of Country Duty
S.No. Tariff item of ex- Producer Unit Currency
goods of origin amount
ports
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Toluene
Di- Isocyanate Any
Covestro
(TDI) having Country Metric
1. 29291020 EU Deutschland 221.04 US$
isomer content including Tonne
AG
in the ratio of EU
80:20
Toluene
Di- Isocyanate Any
(TDI) having Country BorsodChem Metric
2. 29291020 EU 102.05 US$
isomer content including Zrt Tonne
in the ratio of EU
80:20
Toluene Any other
Di- Isocyanate producer
(TDI) having other than Metric
3. 29291020 EU Any serial number 265.03 US$
isomer content Tonne
in the ratio of Country 1
80:20 including
EU and 2 above
Toluene Any
Di- Isocyanate Country
(TDI) having other than Metric
4. 29291020 EU Any 265.03 US$
isomer content countries Tonne
in the ratio of attracting
80:20 ADD
Toluene
Any
Di- Isocyanate
Country Sadara
(TDI) having Saudi Metric
5. 29291020 including Chemical 275.01 US$
isomer content Arabia Tonne
Saudi Company
in the ratio of
Arabia
80:20
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APRIL 2021 | VOLUME 143
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Customs
Toluene Any Any other
Saudi Metric
Di- Isocyanate Country producer
6. 29291020 Arabia 361.76 Tonne US$
(TDI) having including other than
[Notification No. 27/2021-Customs (ADD) dated 27th April, 2021]
• There is a levy of definitive anti-dumping duty on imports of Toluene
Di-isocyanate (TDI) having isomer content in the ratio of 80:20, origi-
nating in or exported from European Union, Saudi Arabia, Chinese Tai-
pei and UAE, for a period of 5 years from the date of imposition of pro-
visional ADD, i.e. 2nd Dec, 2020.
Description of Country Country of Duty
S.No. Tariff item Producer Unit Currency
goods of origin exports amount
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Toluene Di- Isocya- Any country
nate (TDI) having including
isomer content in the European European Covestro 221.04
ratio of 80:20 Union Union Deutschla
1 29291020 nd AG MT USD
Toluene Di- Isocya- Any country
nate (TDI) having including
isomer content in the European European Borsod 102.05
ratio of 80:20 Union Union Chem Zrt
2 29291020 MT USD
Any other
producer
Toluene Di- Isocya- Any country other than
nate (TDI) having including S.No. 1
isomer content in the European
ratio of 80:20 Union & 2 above 264.96
3 29291020 European MT USD
Union
8
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Toluene Di- Isocya- Any
nate (TDI) having country
isomer content in the other than 264.96
ratio of 80:20 countries European
4 29291020 Union Any MT USD
attracting
ADD
Toluene Di- Any
Isocyanate (TDI) Saudi country Sadara 217.55
having isomer Arabia including Chemical
5 29291020 content in the ratio of Saudi Arabia Company MT USD
80:20
Any
Toluene Di- Isocya- Any country other 344.33
nate (TDI) having including producer
isomer content in the Saudi Saudi Arabia other than
ratio of 80:20 Arabia S.No. 5
6 29291020 MT USD
above
Any
Toluene Di- Isocya- country
nate (TDI) having other than
isomer content in the countries Saudi Arabia 344.33
ratio of 80:20 attracting
7 29291020 ADD Any MT USD
Toluene Di- Any
Isocyanate (TDI) Chinese country 274.39
having isomer Taipei including
8 29291020 content in the ratio of Chinese Any MT USD
80:20 Taipei
Any
Toluene Di- Isocya- country
nate (TDI) having other than
isomer content in the countries Chinese 274.39
ratio of 80:20 attracting Taipei
9 29291020 ADD Any MT USD
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Update
Customs
Toluene Di- Isocya- Any
nate (TDI) having
isomer content in the United country
ratio of 80:20 Arab including
10 29291020 Emirates United Arab Any 368.20 MT USD
Emirates
Any
Toluene Di- Isocya- country
nate (TDI) having other
isomer content in than United
the ratio of 80:20 coun- Arab
11 29291020 tries Emir- Any 368.20 MT US$
attract- ates
ing
ADD
[Notification No. 28/2021-Customs (ADD) dated 27th April, 2021]
Update
Foreign Trade Policy
• Import Policy of mosquito killer racket under HS Codes 85167920
and 85167990 is revised from Free to Prohibited if CIF value is below
Rs.121/per racket. [Notification no.2/2015-2020 dated 26th April 2021]
• Import Policy of Melon Seeds falling under HS code 12077090
has been revised from Free to Restricted subject to revised poli-
cy condition. [Notification no.3/2015-2020 dated 26th April 2021]
• Address details of Bharat Chamber of Commerce for Certificate of Ori-
gin (Non-Preferential) under Appendix 2E of FTP 2015-2020 has been
10
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Update
Foreign Trade Policy
updated as ‘BHARAT CHAMBERS’ , Syed Amir Ali Avenue, Kolkata
- 700017 Tel: 22829591/22839608 Fax: 033-22824947 Email: bharat.
chambers@gmail.com [Public no.2/2015-2020 dated 26th April 2021]
• DGFT has operationalised a “Covid-19 Helpdesk” to support and seek
suitable resolutions to issues arising in respect of International Trade.
• This ‘COVID-19 Helpdesk’ would look into issues relating to De-
partment of Commerce/DGFT, Import and Export Licensing Is-
sues, Customs clearance delays and complexities arising thereon,
Import/Export documentation issues, Banking matters etc.
• Helpdesk would also collect and collate trade related issues con-
cerning other Ministries/Departments/Agencies of Central Gov-
ernment and State Governments and will co-ordinate to seek their
support and provide possible resolution(s).
• EXIM community may submit information on the DGFT website
and submit information relating to their issues on which support
is required using the following steps—
1. Navigate to the DGFT Website (https://dgft.gov.in ) ->Ser-
vices ->DGFT Helpdesk Service
2. Create New Request’ and select the Category as ‘Covid-19’
3. Select the suitable sub-category, enter the other relevant de-
tails and submit.
• Alternatively issues may send to email id: dgftedi@nic.in with the
subject header: Covid-19 Helpdesk or call at Toll Free No 1800-
111-550
• The status of resolutions and feedback may be tracked using the
Status tracker under the DGFT Helpdesk Services. Email and SMS
would also be sent as and when the status of these tickets are up-
dated. [Trade Notice no.2021-2022 dated 26th April 2021]
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Update
RBI
• RBI has issued revised instructions to banks in respect of Appointment
of Directors and Constitution of Committees of the Board as part of
Corporate Governance in Banks. The directions contains instructions
with regard to the Chair and meetings of the board, composition of cer-
tain committees of the board, age, tenure and remuneration of directors,
and appointment of the whole-time directors. [RBI/2021-22/24 DOR.
GOV.REC.8/29.67.001/2021-22 Dated 26th April, 2021]
• A Circular on ‘Guidelines for Appointment of Statutory Central Audi-
tors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding
RRBs), UCBs and NBFCs (including HFCs)’ has been issued by RBI.
These Guidelines provide necessary instructions for appointment of
SCAs/SAs, the number of auditors, their eligibility criteria, tenure and
rotation, etc. while ensuring the independence of auditors. The revised
Guidelines being issued will ensure that Statutory Auditors are appoint-
ed in a timely, transparent and effective manner. This is expected to im-
prove the quality of financial reporting. [Press Release: 2021-2022/115]
• In view of continuing uncertainty caused by COVID-19 the dividend
declaration norms for banks have been reviewed by RBI.
1) Commercial Banks: Commercial banks shall pay dividend on equi-
ty shares from the profits for the financial year ended March 31, 2021,
subject to the quantum of dividend being not more than fifty percent of
the amount determined as per the dividend payout ratio.
2) Cooperative Banks: Cooperative banks shall be permitted to pay
dividend on equity shares from the profits of the financial year ended
March 31, 2021 as per the extant instructions.
3) General instruction: All banks shall continue to meet the applica-
ble minimum regulatory capital requirements after dividend payment.
While declaring dividend on equity shares, it shall be the responsibility
of the Board of Directors to consider the current and projected capital
12
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RBI
position of the bank vis-à-vis the applicable capital requirements and
the adequacy of provisions, taking into account the economic environ-
ment and the outlook for profitability. [RBI/2021-22/23 DOR.ACC.
REC.7/21.02.067/2021-22 Dated 22nd April, 2021]
Update
SEBI
• SEBI has amended the condition for registration of portfolio managers
to include an additional criteria. Now the portfolio manager must also
obtain prior approval of the Board in case of change in control in such
manner as may be specified by the Board. [Notification No. SEBI/LAD-
NRO/GN/2021/16 Dated 26th Arpril, 2021]
• To enhance the quality of disclosure w.r.t. risk and performance and
portfolio of the Mutual Fun schemes it has been decided that the follow-
ing disclosures shall be made to the investor :
A. Mutual Fund/AMCs shall also disclose risk-o-meter of the
scheme and benchmark while disclosing the performance of
scheme vis-à-vis benchmark
B. Mutual Funds/ AMCs shall send the details of the scheme
portfolio while communicating the fortnightly, month-
ly and half-yearly statement of scheme portfolio via email.
[Notification No. SEBI/HO/IMD/IMD-II DOF3/P/
CIR/2021/555 Dated 29 April, 2021]
th
• SEBI Extended deadline for the quarter / half year / year ending March
31, 2021 for certain provisions of the SEBI (Listing Obligations Disclo-
sure Requirements) Regulations, 2015 due to the CoVID-19 pandemic :
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Update
SEBI
Extended deadline for
Sl. the quarter / half year
Regulation Requirement Due date
No / year ending March
31, 2021
Regulation 24A read with circular No.
Sixty days from
CIR/CFD/CMD1/27/2019 dated February May 30,
1. end of the June 30, 2021
8, 2019 relating to Annual Secretarial 2021
financial year
Compliance report
Forty-five days
from end of the May 15,
Regulation 33 (3) – Quarterly financial
2. quarter/ Sixty days 2021 / May June 30, 2021
results /Annual audited financial results
from end of the 30, 2021
financial year
Along with the
financial results
Regulation 32 (1) read with SEBI circular
(within 45 days of May 15,
No. CIR/CFD/CMD1/162/2019 dated
3. end of each 2021 / May June 30, 2021
December 24, 2019 on Statement of devia-
quarter / 60 days 30, 2021
tion or variation in use of funds
from end of the
financial year)
Extended
deadline
for the
quarter /
Sl.
Regulation Requirement Due date half year /
No
year
ending
March 31,
2021
For entities that have listed their debt securities under the SEBI (Issue and Listing of Debt
Securities) Regulations, 2008, SEBI (Issue and Listing of Non-convertible Redeemable Prefer-
ence Shares Regulations, 2013, and SEBI (Public Offer and Listing of Securitised Debt Instru-
ments) Regulations, 2008
Forty – five days May 15, 2021 /
1) Regulation 52 (1) – Half-yearly financial
from end of the
results June 30,
1. quarter / Sixty
2) Regulation 52 (2) – Annual audited finan- 2021
days from end of
cial results May 30, 2021
the financial year
Along with the
financial results
Regulation 52 (7) read with SEBI circular no.
(within 45 days of
SEBI/HO/DDHS/08/2020 dated January 17, May 15, 2021 / June 30,
2. end of each
2020 on Statement of deviation or variation in May 30, 2021 2021
quarter / 60 days
use of funds
from end of the
financial year)
14
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SEBI
For entities that have listed their bonds under the SEBI (Issue and Listing of Municipal Bonds)
Regulations, 2015
Requirements as per circular no. SEBI/HO/ Sixty days from
June 30,
3. DDHS/CIR/P/134/2019 dated November 13, end of the May 30, 2021
2021
2019 Annual audited financial results financial year
For entities that have listed Commercial Paper
Forty-five days
Requirements as per SEBI/HO/DDHS/DDHS/
from end of the
CIR/P/2019/115 dated October 22, 2019 Half May 15, 2021 / June 30,
4 Half Year / Sixty
Yearly financial results Annual audited financial May 30, 2021 2021
days from end of
results
the financial year
[Notification No. SEBI/HO/CFD/CMD1/P/CIR/2021/556 Dated
29th April, 2021 and Circular No. SEBI/HO/DDHS/DDHS_Div1/P/
CIR/2021/557 dated 29th April, 2021]
Update
Income Tax
• The Central Government specifies the Pension fund, namely, the Canada
Pension Plan Investment Board as the specified person in respect of the
investment made by it in India on or after the date of publication of this
notification but on or before the 31st day of March, 2024 subject to the
fulfilment of the following conditions, namely:
1. The Assessee shall file return of Income for all the relevant previous
years
2. The Assessee shall furnish along with such return a certificate in
Form No. 10BBC
3. The Assessee shall furnish a quarterly statement within one month
from the end of each quarter in Form no.10BBB.
4. The Assessee shall maintain a segmented account of Income and Ex-
penditure in respect of Investment which qualifies for exemption.
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Income Tax
5. The assessee shall continue to be regulated under the law of the Gov-
ernment of Canada.
6. The Assessee shall be responsible for administering or investing the
assets for meeting the statutory obligations and defined contribu-
tions of one or more funds or plans established for providing re-
tirement, social security, employment, disability, death benefits or
any similar compensation to the participants or beneficiaries of such
funds or plans, as the case may be.
7. The earnings and assets of the assessee should be used only for meet-
ing statutory obligations and defined contributions for participants
or beneficiaries of funds.
8. The assessee shall not have any loans or borrowings directly or indi-
rectly, for the purposes of making investment in India.
9. The assessee shall not participate in the day to day operations of in-
vestee
Violation of any of the above mentioned conditions shall render the as-
sessee ineligible for the tax exemption. [Notification no.34/2021 dated
22nd April 2021]
• The Central Government specifies the Pension fund, namely, the Canada
Pension Plan Investment Board Private Holdings as the specified person
in respect of the investment made by it in India on or after the date of
publication of this notification but on or before the 31st day of March,
2024 subject to the fulfilment of the following conditions, namely:
1. The Assessee shall file return of Income for all the relevant previous
years
2. The Assessee shall furnish along with such return a certificate in
Form No. 10BBC
3. The Assessee shall furnish a quarterly statement within one month
from the end of each quarter in Form no.10BBB.
16
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Income Tax
4. The Assessee shall maintain a segmented account of Income and Ex-
penditure in respect of Investment which qualifies for exemption.
5. The assessee shall continue to be regulated under the law of the Gov-
ernment of Canada.
6. The Assessee shall be responsible for administering or investing the
assets for meeting the statutory obligations and defined contribu-
tions of one or more funds or plans established for providing re-
tirement, social security, employment, disability, death benefits or
any similar compensation to the participants or beneficiaries of such
funds or plans, as the case may be.
7. The earnings and assets of the assessee should be used only for meet-
ing statutory obligations and defined contributions for participants
or beneficiaries of funds.
8. The assessee shall not have any loans or borrowings directly or indi-
rectly, for the purposes of making investment in India.
9. The assessee shall not participate in the day to day operations of investee
Violation of any of the above mentioned conditions shall render the
assessee ineligible for the tax exemption. [Notification no.35/2021
dated 22nd April 2021]
• “Maa UmiyaTemple managed by Vishv Umiya Foundation at Jaspur,
Ahmedabad (PAN: AACTV3807E)” has been notified as place of artis-
tic importance and a place of public worship of renown throughout the
Gujarat state for the purpose of Section 80G of Income Tax Act from the
F.Y.2021-22. [Notification no.36/2021 dated 23rd April 2021]
• Below are the following changes made in Income Tax Rules 1962:
• Proviso has been inserted in clause(ii) of Rule 2DB that the
condition in clause (ii) shall be deemed to have been sat-
isfied with respect to assets being administered or in-
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Update
Income Tax
vested, if the following conditions are satisfied; namely:-
(a) Value of such assets is not more than ten per cent of the to-
tal value of the assets administered or invested by such fund;
(b) Such assets are wholly owned directly or indi-
rectly by the Government of a foreign country; and
(c) Such assets vests in the Government of such foreign country
upon dissolution.
• Second proviso has been inserted in clause(iii) of Rule 2DB “Pro-
vided further that the provisions of clause (iii) shall not apply to
earning from the assets referred to in the proviso of clause (ii), if the
said earning are credited either to the account of the Government
of that foreign country or to any other account designated by such
Government so that no portion of the earnings inures any benefit to
any private person.”
• Form No.10BBA has been substituted in Appendix II. [Notification
no.37/2021 dated 26th April 2021]
• Central Government has extended the time limits to the 30th June 2021
in the following cases:
• Time limit for passing of any order for assessment or reassessment
under the Income-Tax Act, 1961 the time limit for which is provided
under Section 153 or Section 153B thereof.
• Time limit for passing an order consequent to direction of DRP un-
der sub-section(13) of section 144C of the Act.
• Time limit for issuance of notice under section 148 of the Act for
reopening the assessment where income has escaped assessment.
• Time limit for sending intimation of processing of Equalisation Levy
under sub-section(1) of section 168 of the Finance Act 2016
[Notification no.38/2021 dated 27th April 2021]
• Time Limit for payment of amount payable under the Direct Tax Vivad
se Vishwas Act 2020, without an additional amount shall be further ex-
tended to 30th June 2021 and with additional amount shall be further ex-
tended to 1st July 2021. [Notification no.39/2021 dated 27th April 2021]
18
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