JULY 2021 (Week 3)

GST NEWS BULLETIN

Foreign Currency Exchange Rate Notified by CBIC

CBIC on 15th July 2021, notified the rate of exchange for conversion of foreign currencies into Indian currency or vice versa, which shall be effective from 16th July, 2021. Some of the conversion rates relating to imported and exported goods are mentioned below: -

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GST Compensation Dues Paid to States

In the 43rd GST Council meeting, it was decided that the Centre will borrow Rs. 1.59 lakh crore from the market through special window in current FY and will pass it on to the States/ UTs as a back-to-back loan in appropriate tranches as it was done in last year. The Government has paid the GST compensation dues to the States for the Financial Years 2020-21 and 2021-22. GST compensation for financial years 2017-18, 2018-19 and 2019-20 was already paid to the states. As per this decision Rs. 75,000 crores have been released to States/ UTs on 15.07.2021.

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CBIC Proactively Puts In Place A Covid Response Plan (CRP) For Speedy Clearance Of Covid-19 Vaccines At All Major Airports

CBIC has proactively put in place a COVID Response Plan (CRP) for speedy clearances of COVID-19 vaccines at all major airports.

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Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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