AKGVG's Weekly Insight, dated 24 June, 2020
AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 24th June, 2020 which includes:
Date: 24.06.2020
S.no Description Relevant links
Section I: Income Tax
1. CBDT notified cost inflation index for FY 20-21 as 301. The notification shall come into force w.e.f. 01.04.2021 and shall accordingly apply to the assessment year 2021-22 and subsequent years. Notification no. 32/2020
dtd 12.06.2020
Section II: GST
1. CBIC issued Central Goods and Services Tax (Sixth Amendment) Rules,2020 which are effective from 27.05.2020 Notification no. 48/2020-CT
dtd 09.06.2020
2. Validity of e-way bill generated on or before 24.03.2020 (whose validity has expired on or after 20th day of March 2020) extended till the 30.06.2020. Notification no. 47/2020-CT
dtd 09.06.2020
3. In the wake of COVID-19, CBIC notified that in cases where a notice has been issued for rejection of refund claim, in full or in part and where the time limit for issuance of order in terms of the Act falls during 20.03.2020 till 29.06.2020, the time limit for issuance of the said order extended to 15 days after the receipt of reply to the notice from the registered person or 30.06.2020, whichever is later . It shall be effective from 20.03.2020. Notification no.46/2020 CT
dtd 09.06.2020
4. CBIC notified that FORM GSTR-3B can be furnished by SMS. Notifcation no. 44/2020 CT
dtd 08.06.2020
5. CBIC clarified levy of GST on Director’s Remuneration. Circular no. 140/09/2020
dtd 10.06.2020
6. CBIC issued clarification on refund related issues. Circular no. 139/09/2020
dtd 10.06.2020
Section III: MCA
1. MCA extended the date of holding EGMs through video conferencing (VC) or other audio visual means (OAVM) till 30.09.2020 Circular no. 22/2020
dtd 15.06.2020
2. MCA relaxed the filing of forms CHG-1 and CHG-9 till 30.09.2020. Circular no. 23/2020
dtd 17.06.2020
3. Time limit for creation of deposit repayment reserve of 20% u/s 73 (2) (C ) of the Companies Act 2013 and for investment or deposition of 15% of amount of debentures u/r 18 of Companies (Share capital and Debentures) Rules 2014, has been extended till 30.09.2020. Circular no. 24/2020
dtd 20.06.2020
Section IV: RBI
1. RBI released proposed changes in regulations applicable to Housing Finance Companies (HFCs) for public comments. Press release
dtd 17.06.2020
2. RBI extended timelines for compliance with various payment system requirements issued via several circulars/instructions to the dates stated in Annex of the said notification. Notification
dtd 04.06.2020
Section V: Customs
1. CBIC is set to launch Faceless Assessment at pan India basis. The phased rollout plan envisages that Faceless Assessment shall be the norm pan India by 30.12.2020. Circular No. 28/2020-Customs
dtd 05.06.2020
2. CBIC notified withdrawal of concessional rate of 10% available to the import of Bamboo for the manufacture of Agarbattis, and levy of a uniform rate of 25% on import of Bamboos. Notification no. 27/2020-Customs
dtd 09.06.2020
3. Import duty temporarily reduced on Lentils (Mosur) till 31.08.2020. Notification no. 26/2020-Customs
dtd 02.06.2020
We trust you will find this Journal informative as well as useful.
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Looking forward to receive your valuable feedback

Disclaimer: The entire contents of this Journal have been prepared on the basis of relevant provisions and information existing at the time of preparation. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

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

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