DGFT Extends Export Obligation period of specified Advance and EPCG Authorisations till 31st December 2021
DGFT extended the export obligation period of Advance Authorisations (AA) and EPCG Authorisations till December 31, 2021, for the original or extended Export Obligation which is expiring during the period between 1st August 2020 to 31st July 2020, without any payment of composition fee.
DGFT notifies the SEIS Benefits for Services Rendered in FY 2019-20.
The deadline for submission of SEIS application for FY 2019-20 shall be 31st December, 2021, and SEIS applications for 2019-20 will become time-barred after December 31 this year.
Ministry of Chemical and Fertilizers notifies a Scheme for Promotion of Medical Device Parks.
The State Government of Himachal Pradesh, Tamil Nadu, Madhya Pradesh, and Uttar Pradesh have been given “in-principle” approval under the scheme.” The scheme reflects the spirit of co-operative federalism where the Central Government and State Governments will partner to develop the Medial Device parks for better performance of the sector.
The Central Goods and Services Tax (Eighth Amendment) Rules, 2021.
Any person, claiming refund under section 77 of the Act of any tax paid by him, in respect of a transaction considered by him to be an intra-State supply, which is subsequently held to be an inter-State supply, may, before the expiry of a period of two years from the date of payment of the tax on the inter-State supply, file an application electronically in FORM GST RFD-01 through the common portal, either directly or through a Facilitation Centre notified by the Commissioner.
CBIC issues clarification relating to Export of Services-condition (v) of section 2(6) of the IGST Act 2017.
CBDT has clarified that a company incorporated in India and a body corporate incorporated by or under the laws of a country outside India, which is also referred to as a foreign company under the Companies Act, are separate persons under CGST Act, and thus are separate legal entities.
Income-tax (30th Amendment) Rules, 2021
An eligible assessee has entered into an eligible international transaction and the option exercised by the said assessee is valid, the transfer price declared by the assessee in respect of such transaction shall be accepted by the income-tax authorities, if it is in accordance with the circumstances provided in the rule. The amendment has extended the applicability of these safe harbor provisions for assessment years 2020-21 and 2021-22.
The Environment (Protection) Fourth Amendment Rules, 2021
The amendment provides new standards for discharge of Effluent from Tannery Industry. The standards shall be applicable for all modes of disposal.
Export Policy of Mercury revised from ‘Free’ to ‘Restricted’ subject to Consent PIC from MoEF&CC
Export Policy of Mercury has been amended from ‘Free’ to ‘Restricted’ with immediate effect. The export will be subject to obtaining Prior Informed Consent (PIC) from MoEF&CC. Details of PIC procedure can be accessed from the website of MoEF&CC.
Clarification on issue duty credit for goods exported under the Scheme for Rebate of State and Central Taxes and Levies
The value of the said goods for calculation of duty credit to be allowed under the Scheme shall be the declared export FOB value of the said goods or up to 1.5 times the market price of the said goods, whichever is less.
