Reporting of GAAR, GST details in the tax audit report have been kept in abeyance till March 2021
The Central Board of Direct Taxes vide its circular dated 24th April 2020 has deferred the reporting requirements of revised Tax Audit Report Form 3CD, relating to Clauses 30C (GAAR)/ 44 (GST), up to 31 March 2021, in view of the outbreak of COVID-19 pandemic.
Cabinet approves scheme for “Remission of Duties and Taxes on Exported Products (RoDTEP)”
The Cabinet Committee on Economic Affairs on 13th March 2020 has given assent to Scheme for RoDTEP. The scheme seeks to create a mechanism for reimbursement of taxes/duties/levies, at the central, state and local level, which are currently not being refunded under any other mechanism, but which are incurred in the process of manufacture and distribution of exported products.
Haryana Restaurant (Consumption of liquor) Rules gets Amended
Haryana Government vide notification dated 1st April, 2020 has amended Haryana Restaurant (Consumption of Liquor) Rules, 1988. The amendment provide the procedure to get license for the establishment of Anumat Kaksh and the running methodology of such establishment.
SEBI reduces Broker turnover fees and filing fees for issuers
The Securities and Exchange Board of India in its press release dated 27th April 2020 has announced a reduction in broker turnover fees and filing fees on offer of documents for public issues, rights issues and buyback of shares.
Implementation of Margin framework for cash and derivatives segments extended to 1st July 2020
The Securities and Exchange Board of India vide its circular dated 27th April 2020 has extended the implementation of its earlier Circular dated 24th February 2020 on Review of Margin Framework for Cash and Derivatives segments (except for Commodity Derivatives Segment) to 1st June 2020.
CBIC issues guidelines for Conducting Personal Hearing via Video Calling App
The Central Board of Indirect Taxes and Customs in its notification dated 27th April 2020 has issued guidelines and instructions for conducting personal hearing in virtual mode in respect of any proceedings under customs Act 1962 due to covid-19 with a view to adopt measure to ensure social distancing and to reduce physical presence.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020
The Insolvency professional/ interim resolution professional shall file the IP/CIRP forms under regulation 40B. However if the filing of form is done after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of Rs 500 per Form for each calendar month of delay after 1st October 2020.
IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020
An application received on and from 28th March 2020 and ending on the 30th September 2020, if the authorization for assignment is not issued, renewed or rejected by the Agency within thirty days of the date of receipt of application, the authorization shall be deemed issued or renewed, as the case may be, by the Agency.
