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APRIL 2021 | VOLUME 139
WEEKLY
UPDATE
...thinking of GST, think !
by
BIZSOLINDIA SERVCES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
Whastapp Update Email Website
+91 77 090 41000 corporate@bizsolindia.com www.bizsolindia.com
APRIL 2021 | VOLUME 139
Table of Content
WEEKLY UPDATE
Goods and Services Tax 03
Customs 03
Foreign Trade Policy 09
Income Tax 11
Corporate Affairs 12
Miscellaneous 12
Digital Updates 14
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Update
GST
• Penalty for non-generation of QR code for B2C supplies for taxpayers
having turnover more than 500 Cr is waived till 30th June 2021.
[Notification no.06/2021 dated 30th March 2021]
• There is highest GST collection in the month of March 2021 to the extent
of Rs. 1.25 Lacs Cr.
Update
Customs
• Central Government has extended the exemption from integrated tax
and Compensation cess to EOUs on imports till 31st March, 2022.
[Notification No. 19/2021-Customs, dated 30/03/2021]
• Government has extended deeper tariff concessions on goods imported
from Japan under the India-Japan CEPA with effect from -1st April,
2021. [Notification No. 20/2021-Customs , dated 30/03/2021]
• Basic Custom Duty on import of X-ray machines and on specified
goods used for manufacturing of electric vehicles has been increased
and Notification 57/2017 – Customs has been amended. [Notification
No.21/2021 – Customs, dated 31/03/2021].
• Health cess is exempted on import of specified parts of X-ray machines
With effect from 01st April, 2021. [Notification No.22/2021-Customs.
Dated 31/03/2021]
• Central Government has extended exemption of Integrated Tax and
Compensation cess upto 31st March, 2022 on goods imported against
AA/EPCG authorisations. [Notification No.23/2021-Customs, dated
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Customs
31/03/2021]
• Central government has exempted goods as given in table below from
duty of customs in excess of the amount calculated at standard rate. This
is done to make changes consequent to Finance Act,2021.
S.No Chapter or Heading Description of goods Standard Rate
1 2709 00 10 Petroleum Crude Re 1 per tonne
1A 2709 00 90 All goods Nil
[Notification No.24/2021-Customs, dated 31/03/2021]
• Central Government has notified implementation of India-Mauritius
Comprehensive Economic Cooperation and Partnership Agreement
(CECPA) with effect from 01st April,2021. The agreement provided for
concessional rate of duty on import of specified goods when imported
into Republic of India from Republic of Mauritius. [Notification
No.25/2021-Customs, dated 31/03/2021]
• Central Board of Indirect Taxes and Customs has notified a common
portal https://www.icegate.gov.in as the Common Customs Electronic
Portal for facilitating registration, filing of bills of entry, shipping bills,
other documents and forms and for payment of duty etc. [Notification
No. 33 /2021-Customs (N.T.) dated 29th March,2021]
• Amendments are introduced in Bill of Entry (Electronic Integrated
Declaration and Paperless Processing) Regulations, 2018 specifying the
new timeline for filing bill of entry in case of import of goods for home
consumption or warehousing.
S.No Custom Station Timeline for filing Bill of Entry
1 Customs port (other than inland container Before the end of the day (including holidays)
depot and air freight station) preceding the day on which the vessel carry-
ing the goods arrives at the customs port
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Customs
S.No Custom Station Timeline for filing Bill of Entry
2 Custom Airport Before the end of the day (including holidays)
of the arrival of the aircraft carrying the
goods at the customs airport
3 Inland container depot or air freight Before the end of the day (including holidays)
station preceding the day on which the vehicle
(which includes train) carrying the goods
arrives at the inland container depot or air
freight station.
4 Land Custom Station Before the end of the day (including holidays)
of the arrival of the vehicle (which includes
train) carrying the goods at the land customs
station.
[Notification No. 34/2021-Customs (N.T.) dated 29th March,2021]
• Similar amendment is made in Bill of Entry (Forms) Regulations,1976
to inculcate the changes specified in Notification No. 34/2021-Customs
(N.T.) dated 29th March,2021 given above. [Notification No.
35/2021-Customs (N.T.) dated 29th March,2021]
• Where the bill of entry is not presented within the time so specified and
the proper officer is satisfied that there was no sufficient cause for such
delay, the importer shall pay such charges for late presentation of the bill
of entry on common portal by Supplementing of Bill of Lading details in
the Bill of Entry. [Notification No. 36/2021-Customs (N.T.) dated 29th
March,2021]
• Following tariffs have been amended
TABLE-1
Tariff value
Chapter/ heading/ sub-heading/
S.No. Description of goods (US $Per Metric
tariff item
Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 1131
2 1511 90 10 RBD Palm Oil 1156
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Customs
Tariff value
Chapter/ heading/ sub-heading/
S.No. Description of goods (US $Per Metric
tariff item
Tonne)
3 1511 90 90 Others – Palm Oil 1144
4 1511 10 00 Crude Palmolein 1162
5 1511 90 20 RBD Palmolein 1165
6 1511 90 90 Others – Palmolein 1164
7 1507 10 00 Crude Soya bean Oil 1302
8 7404 00 22 Brass Scrap (all grades) 5185
TABLE-2
Tariff value
Chapter/ heading/
S.No. Description of goods (US $Per Metric
sub-heading/tariff item
Tonne)
(1) (2) (3) (4)
Gold, in any form, in respect of which
the benefit of entries at serial number
1 71 or 98 356 of the Notification No. 542 per 10 grams
50/2017-Customs dated 30.06.2017 is
availed
Silver, in any form, in respect of which
the benefit of entries at serial number
2 71 or 98 357 of the Notification No. 784 per kilogram
50/2017-Customs dated 30.06.2017 is
availed
(i) Silver, in any form, other than medal-
lions 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 semimanufactured
3 71 784 per kilogram
forms of silver falling under sub-head-
ing 7106 92, other than imports of such
goods through post, courier or baggage.
Explanation. - For the purposes of this
entry, silver in any form shall not in-
clude foreign currency coins, jewellery
made of silver or articles made of silver.
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Customs
Tariff value
Chapter/ heading/
S.No. Description of goods (US $Per Metric
sub-heading/tariff item
Tonne)
(i) Gold bars, other than tola bars,
bearing manufacturer’s or refiner’s
engraved serial number and weight
expressed in metric units; (ii) Gold coins
having gold content not below 99.5%
and gold findings, other than imports of
4 71 such goods through post, courier or 542 per 10 grams
baggage. Explanation. - For the purposes
of this entry, “gold findings” means a
small 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.
Chapter/ heading/ sub-head- Tariff value
S.No. Description of goods
ing/tariff item (US $Per Metric Tonne)
(1) (2) (3) (4)
1 080280 Areca nuts 4284”
[Notification No. 37/2021-Customs (N.T.) dated 31st March,2021]
• Specified goods originated from Republic of Mauritius will be subjected
to concessional rate of custom duties as specified in notification. This
measure is part of implementation of India-Mauritius comprehensive
economic cooperation and partnership agreement (CECPA).
Accordingly, Customs Tariff (Determination of Origin of Goods under
Comprehensive Economic Cooperation and Partnership Agreement
between the Republic of India and the Republic of Mauritius) Rules,
2021 have been notified. [Notification No. 38/2021-Customs (N.T.)
dated 31st March,2021]
• The authorised sea carrier shall continue to deliver the cargo declaration
in Form III of the Import Manifest (Vessels) Regulations, 1971 and Form
I of the Export Manifest (Vessels) Regulations, 1976, in the manner
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Customs
as was applicable before the commencement of these regulations, till
15th April,2021. [Notification No. 39/2021-Customs (N.T.) dated 31st
March, 2021]
• Exchange rate has been notified for specified currencies.
Schedule 1
Rate of Exchange of one unit of foreign currency
S.No. Foreign Currency
equivalent to Indian rupees
(1) (2) (3)
(a) (b)
(For Imported goods) (For Exported goods)
1 Australian Dollar 57.10 54.70
2 Bahraini Dinar 200.70 188.35
3 Canadian Dollar 59.25 57.15
4 Chinese Yuan 11.35 11.00
5 Danish Kroner 11.80 11.35
6 EURO 87.65 84.55
7 Hong Kong Dollar 9.60 9.25
8 Kuwaiti Dinar 250.45 234.75
9 New Zealand Dollar 52.60 50.25
10 Norwegian Kroner 8.75 8.45
11 Pound Sterling 102.70 99.25
12 Qatari Riyal 20.80 19.50
13 Saudi Arabian Riyal 20.20 18.95
14 Singapore Dollar 55.50 53.60
15 South African Rand 5.10 4.80
16 Swedish Kroner 8.55 8.25
17 Swiss Franc 79.35 76.25
18 Turkish Lira 9.05 8.55
19 UAE Dirham 20.60 19.35
20 US Dollar 74.15 72.45
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Customs
Schedule 2
Rate of Exchange of one unit of foreign currency equivalent to
S.No. Foreign Currency
Indian rupees
(1) (2) (3)
(a) (b)
(For Imported goods) (For Exported goods)
1 Japanese Yen 67.55 65.05
2 Korean Won 6.70 6.30
[Notification No. 40/2021-Customs (N.T.) dated 01st April,2021]
• Central Government has levied anti-dumping duty on imports of
Polyethylene Terephthalate (PET) resin having an intrinsic viscosity of
0.72 decilitres per gram or higher” (Bottle-grade PET resin, excluding
recycled PET resin originating in, or exported from the People’s Republic
of China and imported into India. The anti-dumping duty imposed under
this notification shall be levied for a period of five years. [Notification
No. 19/2021- Customs (ADD) dated 27th March,2021]
• The central government has extended the levy of Anti-Dumping duty on
Melamine originated in or exported from China PR, upto and inclusive
of 30th September,2021 [Notification No.19/2021- Customs (ADD)
dated 31st March,2021]
Update
Foreign Trade Policy
• The existing Foreign Trade Policy 2015-2020 which is valid up to 31st
March 2021 has been further extended up to 30th September 2021.
[Notification no.60/2015-20 dated 31st March 2021]
• Import of specific items in Chapter-74 and Chapter-76 of ITC (HS) 2021
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Update
Foreign Trade Policy
are subject to compulsory registration under Non-Ferrous Metal Import
Monitoring System (NFMIMS). [Notification no.61/2015-20 dated 31st
March 2021]
• The date for implementation of Track and Trace system for export of drug
formulations with respect to maintaining the Parent-Child relationship
in packaging levels and its uploading on Central portal has been extended
up to 1st April 2022 for both SSI and non SSI manufactured drugs.
[Public Notice 46/2015-20 dated 30th March 2021]
• Procedure/modalities for import of 1.5 lakh MT of Moong, 4 Lakh MT
of Tur and 4 Lakh MT of Urad for the fiscal year 2021-2022 has been
notified. [Public Notice 47/2015-20 dated 30th March 2021]
• The existing Hand Book of Procedures, 2015-2020 which is valid up to
31st March 2021 has been further extended up to 30th September 2021.
[Public Notice 48/2015-20 dated 31st March 2021]
• No fees will be charged for annual updation of IEC as mandated by
DGFT during period April-June every year. [Public Notice 49/2015-20
dated 31st March 2021]
• Procedure for allocation of quota for import of Calcined Pet Coke for
use as Calcined Pet Coke (CPC) in Aluminum Industry and Raw Pet
Coke for CPC manufacturing industry for the year 2021-22 is notified.
[Public Notice 50/2015-20 dated 31st March 2021]
• List of Authorised agencies allowed to issue Certificate of Origin
(Preferential) for India-Mauritius CECPA is notified. [Public Notice
51/2015-20 dated 31st March 2021]
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Update
Foreign Trade Policy
• Procedure has been notified for online filing of requests for Closure
of Advance Authorizations-reg. The given facility may be utilized for
Redemption, Surrender, Duty Paid Regularization, Bond waiver or the
clubbing of Advance Authorization. [Trade Notice no. 49/2020-21 dated
30th March 2021]
• Procedure has been notified for Electronic filing and Issuance of
Preferential Certificate of Origin (COO) for India’s Exports under India-
Mauritius Comprehensive Economic Cooperation and Partnership
Agreement (IMCECPA) w.e.f. 1st April 2021. [Trade Notice no. 01/2021-
2022 dated 1st April 2021]
Update
Income Tax
• Central Government has extended the last date for below:
• Linking of Aadhaar number with PAN from 31st March 2021 to 30th
June 2021 in view of the difficulties arising out of the COVID-19
pandemic.
• Completion of any action referred to in clause (a) of Section 3(1)
of the Act relates to passing of an order under Section 144C (13) or
issuance of notice under Section 148 from 31st March 2021 to 30th
April 2021.
• Completion of any action referred to in clause (a) of Section 3(1) of
the Act relates to sending an intimation under Section 168(1) of the
Finance Act from 31st March 2021 to 30th April 2021.
[Notification no.20/2021 dated 31st March 2021]
• Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-
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Income Tax
5, ITR-6, ITR-7 and ITR-V has been notified through this no-
tification. [Notification no.21/2021 dated 31st March 2021]
Update
Corporate Affairs
• MCA extended the date of implementation by one year for audit trail
accounting software for companies. Now the new date mentioned is 1st
April 2022. Earlier MCA had issued notification asking companies to
ensure accounting in software having audit trail w.e.f. 1st April 2021. The
time given by MCA was very short to adopt such massive change. Now
companies have got one year to implement such accounting software.
[F.No.1/19/2013-CL-V-PartIII dated 1st Apr 2021]
Update
Miscellaneous
• RBI extends timeline for processing of recurring online transactions.
Now auto debit facility will continue till 30th Sep 2021. [RBI, Press
Release dated 31st Mar 2021]
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