Weekly Key Highlights from team CaCult

(February 2021- Week 3rd)

A. Important Updates from last week:

CBDT:

1. Faceless Assessment (1st Amendment) Scheme, 2021- Notification.
2. New Amendments in E-assessment Scheme –NOTIFICATION.

CBIC:

1. CBIC Circular No. 145/01/2021-GST: Standard Operating Procedure (SOP) for implementation of the provision of suspension of registrations under sub-rule (2A) of rule 21A of CGST Rules, 2017.
2. Functionality to opt-in for composition has been made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to 31st March 2021.
3. Circular No. 4/2021: Extension of Board’s Circular No. 12/2018-Customs dated 29.05.2018 for sanction of pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR- 3B mismatch error.
4. IGST refunds on exports-extension in SB005 alternate mechanism. Read More.
5. Notification No. 17/2021 – Customs: Seeks to amend notification no 57/2000-Customs dated 08.05.2000 so as to align it with notification No. 50/2017-Custom dated 30.06.2017.
6. Notification No. 18/2021-Customs: Seeks to amend notification No. 11/2021-Customs dated 01.02.2021 so to exempt Gold & Silver (and their dore) imported under export promotion schemes from Agriculture Infrastructure and Development Cess (AIDC).
7. Notification No. 08/2021-Customs (ADD), dt. 19-02-2021: Seeks to impose definitive anti-dumping duty on imports of Aniline originating in or exported from China PR for a period of five years from the date of levy of provisional anti-dumping duty, i.e. 29th July, 2020.

DGFT:

1. Trade Notice No. 41/2020-21: Introduction of online e-Certificate Management System for Imports.
2. DGFT Public Notice 39/2015-2020: Provision for verification of the exporters declaration (self-certification basis) on the Rules of Origin under GSP Scheme – amendment in Para 2.104 (c) of Handbook of Procedures, 2015-2020.
3. Trade Notice No. 42/2020-21: Issuance of Certificate of Origins (Non-Preferential) [CoOs(NP)] through Common Digital Platform (CDP).

MCA:

1. MCA Call for Research Proposals Call for Research Proposals under “Funding Research and Studies, Workshops and Conference, Etc.” under the plan scheme “Corporate Data Management”.
2. MCA Important Update for LLPs. Read More.
3. Companies (Specification of definitions details) Second Amendment Rules, 2021. Read More.

RBI:

1. Reserve Bank announces constitution of an Expert Committee on Primary (Urban) Co-operative Banks.
2. Margin for Derivative Contracts- Notification.
3. Finance Minister addresses the Central Board of Directors of Reserve Bank of India.
4. RBI releases Draft Reserve Bank of India (Credit Derivatives) Directions, 2021 under Section 45 W of the RBI Act, 1934.
5. Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS). Read More.
6. Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021- RBI Notification.
7. Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure. Read More.
8. Master Direction on Digital Payment Security Controls- RBI Press Release.

CA Fraternity:

1. Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22.
2. Background Material on Business Responsibility and Sustainability Reporting (BRSR).
3. Exposure Draft of Regulatory Assets and Regulatory Liabilities.
4. Exposure Drafts of Amendments to Ind AS for comments.
5. Important Announcement for May 2021 CA Examinations. Read More.
6. All ICAI Announcements dated 16th February 2021. Read More.
7. Registration for Online Home-Based Practical Training Assessment- ANNOUNCEMENT.
8. List of Participating organizations for Campus Placement Programme February-March, 2021.
9. Exposure Draft of Guidance Note on Audit of Banks, 2021 edition issued by the Auditing and Assurance Standards Board.
10. Educational Material on ICAI Valuation Standard- 301- Business Valuation as brought out by VSB ICAI and ICAI RVO.

Other:

1. Extension of the validity of the registration certificates issued under the Foreign Contribution (Regulation) Act, 2010 expiring during the period between 29th September, 2020 and 31st May, 2021 upto 31st May, 2021.
2. CHARTER FOR THE CHARTERED ACCOUNTANTS- FCRA.
3. APEDA upgrades the GrapeNet to ensure secured, scalable and cost effective interface for in the exports value chain.
4. Amazon India to commence Electronic Devices Manufacturing in India. Announcement Comes After Union Minister Ravi Shankar Prasad Holds Virtual Interaction with Amazon India Head Amit Agarwal. Minister suggests Amazon India to Take Products Made by Indian artisans and Ayurvedic Products to Global Markets Through eCommerce Platform.
5. 15 States complete ease of doing business reforms. Gujarat, Uttar Pradesh and Uttarakhand are the latest to complete the reform process. Get additional borrowing permission of Rs. 9,905 crore.
6. Cabinet approves Comprehensive Economic cooperation and Partnership Agreement between India and Mauritius.
7. ESIC beneficiaries to get medical care from nearby ESIC empanelled Hospitals in case of non-availability of ESIC hospital or dispensary within a radius of 10 km. of their residence.
8. New Central Sector Scheme for Industrial Development of Jammu & Kashmir.

B. Important Due Dates.

Goods and Services Tax

22th February, 2021:GSTR-3B for the month of January 2021.(Annual Turnover upto Rs. 5 crores)
(Group A- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep).

24th February, 2021: GSTR-3B for the month of January 2021.(Annual Turnover upto Rs. 5 crores)
(Group B- Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).

25th February 2021: GST PMT-06 for the month of January 2021. Monthly payment of GST, who opted for QRMP Scheme.

28th February, 2021: Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20.

13th April, 2021: GSTR-1 for the quarter Jan-March, 2021. (T/O upto 1.5 Crores).

18th April, 2021: CMP-08 for the quarter Jan-March, 2021.

22nd April, 2021: GSTR-3B for the quarter Jan-March, 2021. (Group A- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep).

24th April, 2021: GSTR-3B for the quarter Jan-March, 2021. (Group B- Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).

Income Tax

28th February, 2021: Due date for filing DTVSV Forms under DTVSV Act 2020.

31st March, 2021: 

1. Date of passing order or issuance of notice by the authorities under the Direct Taxes and Benami Acts which are required to be passed/issued/made by 30th March, 2021.
2. Due Dates of furnishing TDS return of Q1 and Q2 for the F.Y. 2020-21.

CA Fraternity

1st March, 2021:

1. Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22.
2. Students who have passed Foundation Examinations held in November, 2020 or before may note that the last date of registration in Intermediate Course under the Revised Scheme of Education and Training for appearing in November, 2021 Intermediate (New) Examination.

Note: Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line at https://icaiexam.icai.org from 31st March, 2021 to 13th April, 2021.