AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 05th August, 2020 which includes:
Date: 05.08.2020
S.no Description Relevant links
Section I: Income Tax
1. Director General/ Secretary of Competition Commission of India has been notified by CBDT u/s 138 (1)(a)(ii) for disclosing assessee related information. Notification No. 57/2020
dtd 30.07.2020
2. CBDT notified extension of due date for filing of returns for AY 2019-20 till 30.09.2020. Notification No. 56/2020
dtd 29.07.2020
3. CBDT notified amendments to Rule 12CB w.r.t statement to be filed under section 115UB (7). Amended Form 64C and 64D also notified. Notification No. 55/2020
dtd 28.07.2020
Section II: GST
1. CG has made e-invoice applicable for registered persons having aggregate turnover above 500 crore rupees (with enhanced aggregate turnover) in a financial year w.e.f 1st Oct, 2020. Further SEZ units have been excluded from the requirement of issuance of E-invoice. Earlier it was made applicable to the registered persons whose aggregate turnover in a financial year exceeds 100 crore rupees. Notification No. 61/2020-CT
dtd 30.07.2020
2. CG introduced CGST (Ninth Amendment Rules), 2020 thereby substituting “FORM GST INV-01” with new “FORM GST INV – 1”. Notification No. 60/2020-CT
dtd 30.07.2020
Section III: RBI
1. RBI released data for sectoral deployment of bank credit. Press release
dtd 31.07.2020
2. RBI released Sovereign Gold Bond Scheme 2020-21 Series V. Press release
dtd 31.07.2020
Section IV: Customs
1. CBIC notified Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020. Notification No. 66/2020-Customs
dtd 31.07.2020
2. CBIC notified Transhipment of Cargo to Nepal under Electronic Cargo Tracking System (Amendment) Regulations, 2020. Notification No. 64/2020-Customs
dtd 31.07.2020
3. Safeguard duty levied on imports of 'Solar Cells whether or not assembled in modules or panels' for a period of one year , in pursuance of final findings of review investigations issued by DGTR. Notification No. 02/2020-Customs
dtd 29.07.2020
4. CBIC imposed definitive Anti-Dumping Duty on import of “Digital Offset Printing Plates” originating in, or exported from People’s Republic of China, Japan, Korea RP, Taiwan and Vietnam. Notification No. 21/2020-Customs
dtd 29.07.2020
5. CBIC imposed provisional anti-dumping duty on imports of Aniline originating in or exported from China PR for a period of six months. Notification No. 20/2020-Customs
dtd 29.07.2020
6. CBIC rolled out 2nd phase of All India Faceless Assessment - reg. Circular No. 34/2020-Customs
dtd 30.07.2020
We trust you will find this Journal informative as well as useful.
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Disclaimer: This insight is meant for informational purpose only and should not be considered as an advice or opinion, or otherwise, whatsoever. AKGVG & Associates does not intend to advertise its services through this insight. AKGVG & Associates is not responsible for any error or omission in this insight or for any action taken based on its contents.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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