weekly update - bizsolindia
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WEEKLY UPDATE
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Websitewww.bizsolindia.com
by BIZSOLINDIA SERVICES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
...thinking of GST, think !
MAY 2021 | VOLUME 145
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Goods and Services Tax 05
Customs 05
Foreign Trade 08
Income Tax 09
Others 10
Company Law 11
SEBI 12
RBI 13
Digital Updates 19
Table of ContentWEEKLY UPDATE
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UpdateGST• No new Notification/Circular
UpdateCustoms
NOTIFICATIONNON-TARIFF
• Tariff value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver has been fixed as under:
Table - 1
Sl. No.
Chapter/ heading/ sub-heading/tariff item Description of goods Tariff value (US
$Per Metric Tonne) (1) (2) (3) (4)1 1511 10 00 Crude Palm Oil 12192 1511 90 10 RBD Palm Oil 12423 1511 90 90 Others – Palm Oil 12314 1511 10 00 Crude Palmolein 12485 1511 90 20 RBD Palmolein 12516 1511 90 90 Others – Palmolein 12507 1507 10 00 Crude Soya bean Oil 1333
8 7404 00 22 Brass Scrap (all grades) 5777
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Table-2
Sl. No.
Chapter/ heading/ sub-heading/tariff
item Description of goods
Tariff value (US $)
(1) (2) (3) (4)
1 71 or 98
Gold, in any form, in respect of which the benefit of entries at
serial number 356 and 358 of the Notification No. 50/2017-Cus-
toms dated 30.06.2017 is availed
590 per 10 grams
2 71 or 98
Silver, in any form, in respect of which the benefit of entries at
serial number 357 and 359 of the Notification No. 50/2017-Cus-
toms dated 30.06.2017 is availed
883 per kilo-gram
3 71
(i) Silver, in any form, other than medallions and silver
coins having silver content not below 99.9%or semi-manu-factured forms of silver falling
under sub-heading 7106 92;(ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or bag-
gage.Explanation. -For the purposes of this entry, silver in any form
shall not include foreign curren-cy coins, jewellery made of silver
or articles made of silver.
883 per kilo-gram
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4 71
(i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial num-
ber and weight expressed in metric units;
(ii)Gold coins having gold con-tent not below99.5% and gold
findings, other than imports of such goods through post,
courier or baggage.Explanation.- For the purposes
of this entry, “gold findings” means as mall component such
as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of
Jewellery in place.
590 per 10 grams
TABLE-3Sl.
No. Chapter/ heading/
sub-heading/tariff item Description of
goods Tariff value (US $ Per Metric Tonne)
(1) (2) (3) (4) 1 080280 Areca nuts 4670”
[Notification No. 47/2021-Customs (NT) dated 13th May 2021]
ANTI-DUMPING• Extension of imposition of antidumping duty till 31st Oct 2021 on
“Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm or 14” OD originating in or exported from Peoples’ Republic of China. (Notification No. 29/2021-Customs (ADD) dated 7th May 2021.)• Final finding report w.r.t. Anti-dumping Investigation concerning
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imports of “Acrylonitrile Butadiene Rubber (NBR)” into India orig-inating in or exported from China PR, European Union (EU), Japan and Russia have been ready and presented. An appeal against these findings after its acceptance by the Central Government shall lie be-fore the Customs, Excise and Service tax Appellate Tribunal in ac-cordance with the Customs Tariff Act, 1975 as amended in 1995 and Customs Tariff Rules, 1995. [Case No. ADD-(OI)-15/2020 dated 12th May 2021]
CIRCULAR:• Measures to facilitate trade during lockdown period: Restoring the
facility to the exporters/importers to submit an Undertaking in lieu of notarized bond up to 30-06-2021. Importer/ Exporter availing this facility to ensure that the undertaking furnished in lieu of bond is duly replaced with a proper bond by 15-07-2021. (Circular No. 09/2021-Customs dated 8th May 2021.)
UpdateForeign Trade PolicyNOTIFICATION
• W.e.f. 1st Aug 2021 Import of the items “Electronic & Integrated Cir-cuits” falling under chapter 85 for HSN codes 85423100, 85423900, 85423200, 85429000, and 85423300 to follow all conditions as stated in condition No.6 as mandatory registration under Chip Imports Mon-itoring systems (CHIMS). [Notification No. 05/2015-2020 dated 10th May 2021]
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UpdateForeign Trade PolicyTRADE NOTICE
• New online module for filing of electronic, paperless applications for ex-port authorizations has been introduced w.e.f. 17.05.2021 for Restricted items (Non-SCOMET). All applicants seeking export authorization for restricted items may apply online by navigating to the DGFT website (https://www.dgft.gov.in) -> Services -> Export Management Systems -> License for Restricted Exports. Also, all pending applications will be migrated to new system & issued online authorizations. [Trade Notice No. 03/2021-22 dated 10th May 2021]
• Validity of RCMC (Registration cum Membership Certificate) extended till 30th September 2021 in case where the same is expired on or before 31st March 2021. [Trade Notice No. 04/2021-22 dated 10th May 2021]
NOTIFICATIONS
• Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or simi-lar other medical facilities providing Covid treatment to patients may receive cash more than Rs. 2 lacs from a person in a day for the period 1st April, 2021 to 31st May,2021 by providing PAN/ Aadhar of patient and relationship details between payer and patient to support persons where e-payments / cheque payment is not feasible. [Notification No. 56/2021 dated 7th May 2021 & 59/2021 dated 10th May 2021].
• The Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, First Class, Kamrup (M), Guwahati as
UpdateIncome Tax
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the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. [Notification No. 60/2021 dated 11th May 2021].
• The Central Government, in consultation with the Chief Justice of the High Court of Tripura, hereby designates the Court of the Addition-al Chief Judicial Magistrate, West Tripura as the Special Court for the State of Tripura for the purposes of section 84 of the Black Money (Un-disclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. [Notification No. 61/2021 dated 11th May 2021].
UpdateOthers• All the Development Commissioners are directed to extend the due
dates for pending compliances, expiry of validity of LoAs, approv-als or permissions in the current lockdown in view of COVID-19 till 30.06.2021. The relaxation will apply for following activities,
• Requirement to file Quarterly Progress Report (QPR) attested by Independent Chartered Engineers by Developers/ Co-devel-opers.
• SOFTEX form to be filed by IT/ITES units.
• Filing of Annual Performance Reports (APR) by SEZ units.
• Extension of Letter of Approvals (LoA) which may expire, in the cases of:
- Developers/co-developers who are in the process of de-
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veloping and operationalising the SEZ.
- units which are likely to complete their 5-year block for NFE assessment.
- units which are yet to commence operations.
• ESIC Contribution for April, 21 can be made till 15th June 21 instead of 15th May,21
• Opportunity has been provided till 30th June 21 for Mandatory upda-tion of UDINs in all Income Tax Forms at e-filing Portal.
UpdateCompany Law• No new Notification/Circular.
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UpdateSEBICIRCULAR
• Business Responsibility & Sustainability reporting (BRSR): From FY 2022-23 BRSR is mandatory for top 1000 listed companies in for-mats provided in Annexure-I & II. It is voluntary for FY 2021-22. [CIR-CULAR No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10th May 2021]
• Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers:
Portfolio Manager to obtain prior approval from SEBI in case of change in control. Accordingly, it has been decided that all SEBI registered Port-folio Managers shall comply with the following in case they propose a change in control:
a. An online application shall be made to SEBI for prior approv-al through the SEBI Intermediary Portal (https://siportal.sebi.gov.in).
b. The prior approval granted by SEBI shall be valid for a period of six months from the date of such approval.
c. Applications for fresh registration pursuant to change in con-trol shall be made to SEBI within six months from the date of prior approval.
d. Pursuant to grant of prior approval by SEBI, all the existing investors/ clients shall be informed about the proposed change prior to effecting the same, in order to enable them to take well informed decision regarding their continuance or otherwise with the changed management.
[CIRCULAR NO. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/564 dat-ed 12th May 2021]
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UpdateSEBI• Sovereign Gold Bond Scheme 2021-22:
The Government of India, in consultation with the Reserve Bank of In-dia, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from May 2021 to September 2021 as per the calendar specified below:
Sr. No. Tranche Date of Subscription Date of Issuance
1. 2021-22 Series I May 17–21, 2021 May 25, 20212. 2021-22 Series II May 24–28, 2021 June 01, 20213. 2021-22 Series III May 31-June 04, 2021 June 08, 20214. 2021-22 Series IV July 12-16, 2021 July 20, 20215. 2021-22 Series V August 09-13, 2021 August 17, 2021
6. 2021-22 Series VI August 30-September 03, 2021 September 07, 2021
• Government Agency Business Arrangement – Appointment of Sched-uled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)
a. For existing Private Sector Agency Banks (already having agen-cy banking agreement with RBI):
-No separate approval required for banks doing agency business and having agency banking agreement with RBI for Civil/Non-Civ-il Ministry/Department (for Central Government) or concerned department of a State Government (for State Government).
- For the purpose of undertaking fresh/additional government
UpdateRBI
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agency business by these existing private sector agency banks, after obtaining approval from O/o CGA (for Central Government) or the Finance Department of the State Government (for State Gov-ernment) they need to obtain approval from DGBA, CO
b. For other private sector banks (not having agency banking agree-ment with RBI):
-These banks can be appointed as agents of RBI upon execution of agreement with RBI. This will be subject to the condition that the concerned bank is not under Prompt Corrective Action (PCA) framework or moratorium at the time of making the application or signing of the agreement with RBI. [RBI/2021-22/36 CoO.DGBA.GBD.No.S77/42.01.033/2021-22 dated 10th May 2021]
• Change in interest rate from 3.5% p.a. to 3% p.a. payable by bank to de-positors/claimants on the un-claimed interest-bearing deposit amount transferred to the Depositor Education & Awareness Fund. [RBI/2021-22/37 DoR.DEA.REC.No. 16/30.01.002/2021-22 dated 11th May 2021].
• Sponsor Contribution to an Alternative Investment Fund (AIF): Any sponsor contribution from a sponsor IP (Indian Party) to an Alternative Investment Fund (AIF) set up in an overseas jurisdiction, including In-ternational Financial Services Centres (IFSCs) in India, as per the laws of the host jurisdiction, will be treated as Overseas Direct Investment (ODI). Accordingly, IP (Indian Party) can set up AIF in overseas jurisdictions, including IFSCs, under the automatic route provided it complies with Regulation 7 of the Notification FEMA 120/2004-RB. [RBI/2021-22/38 A.P.(DIR Series) Circular No. 04 dated 12th May 2021].
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