| AKGVG Weekly Insight |
| Dear Reader, |
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 23th Nov., 2020 which includes: |
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| Date: 23.11.2020 |
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| S.no |
Description |
Relevant links |
| Section I: Income Tax |
| 1. |
Condonation of delay in filing of Form 10BB under section 119(2)(b) of the Income-tax Act, 1961 for Assessment Year 2016-17 and subsequent years announced. |
Circular No. 19/2020
dtd 03.11.2020 |
| 2. |
CBDT notified sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited. |
Notification No. 89/2020
dtd 02.11.2020 |
| Section II: GST |
| 1. |
CBIC issued circular clarifying the provisions relating to Quarterly Return Monthly Payment Scheme (QRMPS) for small taxpayer. |
Circular No. 143/13/2020-GST
dtd 10.11.2020 |
| 2. |
CBIC notified implementation of e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 100 Cr from 01.01.2021. |
Notification No. 88/2020-CT
dtd 10.11.2020 |
| 3. |
CBIC to extend the due date of furnishing FORM ITC-04 for the period July’20 to Sept’20 till 30th November, 2020. |
Notification No. 87/2020-CT
dtd 10.11.2020 |
| 4. |
CBIC notified to rescind Notification 76/2020-Central tax dated 15.08.2020. |
Notification No. 86/2020-CT
dtd 10.11.2020 |
| 5. |
CBIC notified special procedure for making payment of 35% as tax liability in first two month. |
Notification No. 85/2020-CT
dtd 10.11.2020 |
| 6. |
CBIC notified class of persons under proviso to section 39(1). |
Notification No. 84/2020-CT
dtd 10.11.2020 |
| 7. |
Thirteenth amendment (2020) to the CGST Rules,2017 notified. |
Notification No. 82/2020-CT
dtd 10.11.2020 |
| 8. |
CBIC notified amendment carried out in sub-section (1), (2) and (7) of section 39 vide Finance (No.2) Act, 2019. |
Notification No. 81/2020-CT
dtd 10.11.2020 |
| Section III: MCA |
| 1. |
MCA issued clarification to rectify an anomaly in extension of LLP Settlement Scheme, 2020 |
Circular No. 37/2020
dtd 09.11.2020 |
| Section IV: RBI |
| 1. |
RBI notified discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999. |
RBI/2020-21/66 dtd 13.11.2020 |
| 2. |
RBI notified formation of new district in the State of Nagaland – Assignment of Lead Bank Responsibility. |
RBI/2020-21/65 dtd 13.11.2020 |
| 3. |
RBI notified Co-Lending by Banks and NBFCs to Priority Sector. |
RBI/2020-21/63 dtd 05.11.2020 |
| 4. |
RBI issued direction on opening of current A/cs. All banks to comply by 15.12.2020. |
RBI/2020-21/62 dtd 02.11.2020 |
| Section V: Customs |
| 1. |
CBIC amended notification No. 50/2017-Customs dated 30.06.2017 so as to prescribe 5% BCD on specified parts for manufacture of Open Cell for LED/LCD TV Panels subject to end user condition. |
Notification No. 42/2020-Customs
dtd 11.11.2020 |
| 2. |
CBIC notified to impose definitive anti dumping duty on Clear Float Glass originating in or exported from Malaysia. |
Notification No. 37/2020-Customs (ADD)
dtd 11.11.2020 |
| 3. |
Anti-dumping duty applicable on imports of acrylic fibre from Thailand removed. |
Notification No. 36/2020-Customs (ADD)
dtd 11.11.2020 |
| 4. |
Anti-Dumping Duty to be imposed on flax fabrics (having flax content of more than 50%) imported from China and Hong Kong for a period of 5 years. |
Notification No. 35/2020-Customs (ADD)
dtd 10.11.2020 |
| 5. |
CBIC extended the levy of ADD on imports of " Carbon Black used in rubber applications " originating in or exported from China PR and Russia, for a further period upto and inclusive of 31.12.2020. |
Notification No. 34/2020-Customs (ADD)
dtd 09.11.2020 |
| 6. |
Schemes for Rebate of State Levies (RoSL) announced. |
Circular No. 49/2020-Customs
dtd 03.11.2020 |
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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