Weekly Key Highlights from team CaCult

(February 2021- Week 4th)

A. Important Updates from last week:

CBDT:

1. Specified income arising to the Board- CBDT Notification.
2. E-filing- FAQs on Video Conferencing and Seek Adjournment. Read More.
3. Extension under the Vivad Se Vishwas Act, 2020- Notification.

CBIC:

1. Customs Instruction: Streamlining of Customs Post Clearance Audit (PCA) Work.
2. CBIC provides facilitation for exporters having IGST refund issues.
3. Advisory on Reconciliation Statement (GSTR-9C ).
4. GST Notification No 03/2021-Central Tax.
5. Advisory on Annual Return (GSTR-9).
6. Custom Circular No. 06/2021: Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs).
7. Circular No. 07/2021-Customs: Clarification regarding payment of Agriculture Infrastructure and Development Cess (AIDC) by EOU under various situations and amendment to Circular no. 35/2016-Customs dated 29.07.2020.
8. Notification No. 09/2021 -Customs (ADD): Seeks to amend notification no 29/2017-Customs (ADD) dated 14.06.2017 so as to extend the said notification up to 28.06.2021.
9. Notification No. 10/2021-Customs (ADD): Seeks to further amend notification No. 2/2016-Customs (ADD) dated 28th Jan, 2016 to extend the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 31st March, 2021.

DGFT:

1. DGFT Trade Notice No. 43/2020-2021: Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS w.e.f. 25th February 2021.
2. DGFT Public Notice 40/2015-20: Amendment in Appendix 1B, Hand Book of Procedure 2015-20.

MCA:

1. Physical hearing by NCLT Benches with effect from 01.03.2021.
2. MCA & CBIC sign MoU for exchange of data for enhancing Ease of Doing Business in India and improve overall regulatory enforcement.
3. MCA advises investors to verify status of Nidhi companies before investment.

SEBI:

1. Pre-Expiry Margin on commodities under Alternate Risk Management Framework.
2. SEBI seeks report from NSE on “trading halt”.
3. Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM).

RBI:

1. RBI Vacancies: Recruitment for the post of Non-CSG – PY 2020.
2. RBI Notification on Large Exposures Framework – Exemptions.
3. Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments.

CA Fraternity:

1. Further extension in the last date for Waiving-off Condonation fees due to late filing of various application Forms related to Students, Articled Assistants, amidst COVID-19 Pandemic.
2. Release of Educational Material on Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations.

Other:

1. Prevention of Money Laundering Act, 2002- Notification.
2. India and Mauritius sign Comprehensive Economic Cooperation and Partnership Agreement.
3. Interest at 5.81% under the Senior Citizens Welfare Fund.
4. ESIC takes Major Policy Initiatives for better services to Insured Workers/Insured Women.
5. Government notifies Information Technology (IntermediaryGuidelines and Digital Media Ethics Code) Rules 2021.
6. Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations.
7. Finance Minister Smt. Nirmala Sitharaman chairs meeting to discuss post-budget action points for infrastructure roadmap ahead.

B. Important Due Dates.

Goods and Services Tax

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

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.
3. Date for filing of declarations under the Vivad Se Vishwas Act, 2020.

30th April, 2021: Date for payment without additional amount under Vivad Se Vishwas.

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