AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 11th Jan, 2021 which includes:
Date: 11.01.2021
S.no Description Relevant links
Section I: Income Tax
1. CBDT notified the Chief Justice of the High Court of Tripura as the Special Court for the State of Tripura. Notification No. 01/2021
dtd 06.01.2021
2. CBDT notified powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. Notification No. 93/2020
31.12.2020
3. CBDT to amend notification number 85/2020, dated the 27th October, 2020. Notification No. 92/2020
dtd 31.12.2020
4. CBDT notified specified income arising to Yamuna Expressway Industrial Development Authority. Notification No. 91/2020
dtd 24.12.2020
Section II: GST
1. CBIC notified to make amendment (2021) to CGST Rules, 2017. Notification No. 01/2021-CT
dtd 01.01.2021
2. CBIC extended the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 28.02.2021. Notification No. 95/2020-CT
dtd 30.12.2020
3. CBIC to make the Fourteenth amendment (2020) to the CGST Rules.2017. Notification No. 94/2020-CT
dtd 22.12.2020
4. CBIC notified to waive late fee for FORM GSTR-4 filing in UT of Ladakh for Financial year 2019-20. Notification No. 93/2020-CT
dtd 22.12.2020
5. CBIC notified to bring into force Sections 119,120,121,122,123,124,126,127 and 131 of Finance Act, 2020(12 of 2020). Notification No. 92/2020-CT
dtd 22.12.2020
Section III: MCA
1. MCA notified Companies (Share Capital and Debentures) Second Amendment Rules, 2020. Notification
dtd 24.12.2020
2. MCA notified Companies (Incorporation) Third Amendment Rules, 2020. Notification
dtd 24.12.2020
Section IV: RBI
1. RBI notified Risk Based Internal Audit (RBIA) Framework – for strengthening governance arrangements. RBI/2020-21/83 dtd 07.01.2021
2. RBI notified Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems. RBI/2020-21/82 dtd 05.01.2021
3. RBI notified Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme. RBI/2020-21/81 dtd 05.01.2021
Section V: Customs
1. CBIC to extend the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 28th Feb, 2021. Notification No. 1/2021-Customs (ADD)
dtd 06.01.2021
2. CBIC notified To rescind the Customs (Advance Rulings) Rules 2002. Notification No. 02/2021-Customs (N.T.)
dtd 04.01.2021
3. CBIC notified Customs Authority for Advance Rulings Regulations, 2021. Notification No. 01/2021-Customs (N.T.)
dtd 04.01.2021
4. CBIC to rescind notification No. 51/2015-Customs(ADD) dated 21st October, 2015, to revoke ADD imposed on "All Fully drawn or Fully Oriented Yarn/ Spin Draw Yarn/ Flat yarn of polyester (non-textured and non-POY)" originating in or exported from China PR and Thailand. Notification No. 48/2020-Customs (ADD)
dtd 30.12.2020
5. CBIC notified to give effect to the 12th tranche of Tariff Concessions under the trade in Goods Agreement between India and ASEAN. Notification No. 45/2020-Customs
dtd 30.12.2020
6. CBIC to Implement PGA eSANCHIT– Paperless Processing under SWIFT-Uploading of Licenses/Permits/Certificates/Other Authorizations (LPCOs) by PGAs - reg. Circular No. 57/2020- Customs
dtd 30.12.2020
7. Import and Export of vaccines in relation to COVID-19 through courier. Circular No. 56/2020-Customs
dtd 30.12.2020
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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