| AKGVG Weekly Insight |
| Dear Reader, |
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 15th Jun, 2021 which includes: |
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| Date: 15.06.2021 |
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| S.no |
Description |
Relevant links |
| Section I: Income Tax |
| 1. |
Vide notification, CBDT notifies tax exemption to ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act,
2002 (12 of 2003)
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Notification no. 72/2021
dtd 09.06.2021
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| 2. |
Income-tax (17h Amendment) Rules, 2021 notified by CBDT |
Notification no. 71/2021
dtd 08.06.2021 |
| 3. |
Income-tax (16h Amendment) Rules, 2021 notified by CBDT |
Notification no. 68/2021
dtd 24.05.2021 |
| 4. |
Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962 notified by CBIC. |
Notification no. 05 o f2021
dtd 24/05/2021 |
| Section II: GST |
| 1. |
CBIC amend notification No. 11/2017- Central Tax (Rate) so as to notify GST rates of various services as recommended by GST Council in its 44th meeting held on 12.06.2021. |
Notification no. 04/2021-Central Tax (Rate)
dtd 14.06.2021 |
| 2. |
Notification no. 14/2021-Central Tax in order to extend due date of compliances which fall during the period from "15.04.2021 to 29.06.2021" till 30.06.2021 amended by CBIC. |
Notification no. 24/2021
dtd 01.06.2021 |
| 3. |
CBIC rationalize late fee for delay in filing of return in FORM GSTR-3B and to provide conditional waiver of late fee for delay in filing FORM GSTR-3B from July 2017 to April 2021; and to provide waiver of late fees for late filing of return in FORM GSTR-3B for specified taxpayers and specified tax periods. |
Notification no. 19/2021
dtd 01.06.2021 |
| 4. |
CBIC provide relief by lowering of interest rate for a specified time for tax periods March, 2021to May, 2021. |
Notification no. 18/2021
dtd 01.06.2021 |
| 5. |
CBIC prescribe Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the CGST Act, 2017 and rule 23 of the CGST Rules, 2017. |
Circular no. 148/04/2021-GST
dtd 18.05.2021 |
| Section III: MCA |
| 1. |
MCA serves list of forms for additional fee waiver made available. Stakeholders may please take note and plan accordingly |
Circular no. 06/2021 and 07/2021
dtd 03.06.2021 |
| 2. |
Clarification on offsetting the excess CSR spent for FY 2019-20 notified by MCA. |
Notification
dtd 20.05.2021 |
| Section IV: RBI |
| 1. |
RBI announces rate of interest on Government of India Floating Rate Bonds, 2031 |
Notification dtd 04.06.2021 |
| 2. |
Monetary Policy Statement, 2021-22 Resolution of the Monetary Policy Committee (MPC) June 2-4, 2021 released by RBI. |
Notification dtd 04.06.2021 |
| 3. |
Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) – Extension of time notified by RBI. |
Notification dtd 04.06.2021 |
| 4. |
RBI notify-Customer Due Diligence for transactions in Virtual Currencies (VC) |
Notification dtd 31.05.2021 |
| 5. |
Investment by Foreign Portfolio Investors (FPI) in Government Securities: Medium Term Framework (MTF) notified by RBI. |
Notification dtd 31.05.2021 |
| 6. |
Relaxation in timeline for compliance with various payment system requirements notified by RBI. |
Notification dtd 20.05.2021 |
| Section V: Customs |
| 1. |
CBIC amend Ad hoc Exemption Order No. 4/2021-Customs dated the 3rd May, 2021, to extend the exemption from IGST on imports of specified COVID-19 relief material donated from abroad, up to 31st August, 2021. |
Order no. 05/2021
dtd 31.05.2021 |
| 2. |
CBIC exempt IGST on imports of specified COVID-19 relief material subject to specified conditions, up to 31st August 2021. |
Notification no. 32/2021
dtd 31.05.2021 |
We trust you will find this Journal informative as well as useful.
For any queries, you can write to us at "info@akgvg.com".
Looking forward to receive your valuable feedback
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)
DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | LUCKNOW
Tel: +91 9811118031, 9818330516,
Telefax:+91 11 49037920
Website: https://www.akgvg.com |
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