WEEKLY UPDATE · 2020-07-13 · Update Customs • Domestic Industry has suffered serious injury as...
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WEEKLY UPDATE Email [email protected] Whastapp Update +91 77 090 41000 Website www.bizsolindia.com by BIZSOLINDIA SERVCES PVT. LTD. BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS JULY 2020 | VOLUME 101 ...thinking of GST, think !
Transcript of WEEKLY UPDATE · 2020-07-13 · Update Customs • Domestic Industry has suffered serious injury as...
WEEKLY UPDATE
Whastapp Update +91 77 090 41000
Websitewww.bizsolindia.com
by BIZSOLINDIA SERVCES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
JULY 2020 | VOLUME 101
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Customs 04
Foreign Trade Policy 08
Income Tax 09
Companies Act 10
SEBI 11
Micro, Small & Medium Enterprise (MSME) 15
Digital Updates 19
Table of ContentWEEKLY UPDATE
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UpdateCustoms
• DomesticIndustryhassufferedseriousinjuryasaresultofdutyconcessionsgrantedtoKoreanimportsleadingtoincreasedimportsofthe“PhthalicAnhydride”fromKoreaatlowpricesandtherebyCustomsdutyratehasbeenincreasedon“PhthalicAnhydride”bywayofthisNotification.Belowisasummaryofsame.
[Notificationno.29/2020-Customsdated6thJuly2020]
S.No.Chapter,Heading, Sub-heading or
Tariff item
Description of goods Rate Amendment
230 2917 33 to 2917 34 All goods 0.00 Entry Substituted
230A 2917 35 00 All goods 0.00 Entry Addition –Effecti-ve from 21st Jan 2021
230B 2917 35 00 All goods 7.50 Entry Addition – Effecti-ve till 21st Jan2021
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[Notificationno.17/2020-Customs(ADD)dated8thJuly2020]
• Anti-dumping duty has been imposed on importsof “Steel and Fibre Glass Measuring tapes and theirparts and components’ originating in or exported from, People’s Republic of China for a period of 5 years Belowisasummaryofsame:
S.No. Tariff item Description of goods
Specification Country of Origin
Country of Export
Produ-cer
Duty Amount Unit Currency
1 2 3 4 5 6 7 8 9 101 9017 80 10 or
9017 90 00 Measuring Tapes Steel Tapes and
parts and compo-nents thereof
People’s Republic of
China
Any count-ry including
People’s Republic of
China
Any 1.83 kg US$
2 9017 80 10 or 9017 90 00
Measuring Tapes Steel Tapes and parts and compo-
nents thereof
Any country other than People’s
Republic of China
People’s Republic of
China
Any 1.83 kg US$
3 9017 80 10 or 9017 90 00
Measuring Tapes Fibre glass Tapes and parts and components
thereof
People’s Republic of
China
Any count-ry including
People’s Republic of
China
Any 2.56 kg US$
4 9017 80 10 or 9017 90 00
Measuring Tapes Fibre glass Tapes and parts and components
thereof
Any country other than People’s
Republic of China
People’s Republic of
China
Any 2.56 kg US$
UpdateCustoms
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• Levy of Anti-Dumping duty has been extendedtill 9th January 2021 on import of Phenoloriginating in or exported from South Africa. [Notificationno.18/2020-Customs(ADD)dated8thJuly2020]
• Under its flagship ‘Turant Customs’ programme aimed atprovidinga‘Faceless,ContactlessandPaperless’Customsadministration, Board has recently introduced a numberof initiatives that leverage technology in order to enhancetheefficiency in theCustomsclearanceprocesses therebyleading to speedy clearances, transparency in decisionmaking, ease of doing business and very importantly,reducephysicalcontactintheprevailingpandemicsituation.
• These initiatives include, automated clearances of Billsof Entry, digitisation of Customs documents, paperlessclearance, Faceless Assessment and establishmentof Turant Suvidha Kendra at Bengaluru and Chennai.
• With same motive further, Board advised to the PrincipalChiefCommissionersofCustoms/ChiefCommissionersofCustoms tosetup theTurantSuvidhaKendra (TSKs) inallCustomsstationsby15.07.2020.
UpdateCustoms
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• W.e.f. from 6th July 2020 certain functionalities enabledin ICEGATE which would reduce the need for physicalinteractionbetweenCustomsandtradeandalsospeeduptheCustomsclearanceprocess.Belowarethefunctionalities: (a)RegistrationofAuthorisedDealerCode,BankAccountsthroughICEGATE. (b)AutomateddebitofbondafterAssessment. (c)SimplifiedRegistrationofImporters/ExportersinICEGATE.
[Circularno.32/2020-Customsdated6thJuly2020]
UpdateCustoms
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UpdateForeign Trade Policy
• Import policy of cut flowers under HS code0603 continues to remain “Free” but importwill be allowed through Chennai Airport only. [Notificationno.17/2015-20-FTPdated9thJuly2020]
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UpdateIncome Tax
• CBDTAmendsRule31AofIncomeTaxRules,1962-Furnishingof‘StatementofTDS’inForm26QandForm27Q(QuarterlyTDSreturns).
• AdditionaldisclosurerequirementshavebeenaddedInTDSreturn where payee has not deducted tax or deducted at lower rate in pursuance of the provisions specified under: 1.194N: TDS on Certain Cash payments 2.194A: TDS on interest other than interest on securities. 3.194LBA(2A): Interest income or dividend receivedby a business trust from an Indian company in which the business trust holds controlling interest. 4.197(1D) : TDS on payment of interest byoffshore banking unit Non residents and Residentbut not ordinarily residents their deposits 5.197(1F):NotifiedclassofpersonsbyCentralGovernment 6.TDS on payment of income to RamakrishnaMath and Ramakrishna Mission whoseincome is exempt under section 10(23C)(iv) 7.PersonsexemptfromTDSmentionedinCircularNo.18/2017
• Form 26Q and Form 27 Q amended accordingly withreference of new sections 194K, 194-O, 197A ,194N, 197A. [Notificationno.43/2020dated3rdJuly2020]
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UpdateCompanies Act
• Time limit for filing of Form NFRA-2 – Annual Returnfor the reporting period FY 2018-19 shall be 270 daysfrom the date of deployment of this form on the websiteof National Financial Reporting Authority (NFRA). [GeneralCircularNo26/2020dated6thJuly2020]
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UpdateSEBI
• SEBIhasnotifiedamendmentstoSEBI(InvestmentAdviser)Regulations,2013tofurtherstrengthentheregulatoryframeworkforinvestmentadvisers.Thesewillbeeffectiveon90thdayfromthedateofitsPublicationinOfficialGazettei.e.1stOct2020.
• Thekeyregulatorychangesaremadehereunderasbelow: A.SegregationofAdvisory&DistributionActivities a.Atclientleveltoavoidconflictofinterest. b.Anindividualshallhavetheoptiontoregisteras 1.anInvestmentAdviseror 2.providedistributionservicesasadistributor. c.Anon-individualinvestmentadvisershallhave 1.clientlevelsegregationatgrouplevel 2.maintainanarm’slengthrelationshipbetween its activities by providing advisory services throughaseparatelyidentifiabledepartmentor division. B.ImplementationServices C.InvestmentAdvisersareallowedtoprovide implementationservices(Execution)throughdirect schemes/productsinthesecuritiesmarket.
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UpdateSEBI
D.Noconsiderationcanbereceiveddirectlyorindirectly.
E.AgreementbetweenInvestmentAdviserandclient-MandatoryagreementtobeenteredbetweenInvestmentAdviserandtheclient
F.FeesshallbeinthemannerasspecifiedbySEBI.
G.EligibilityCriteriaforInvestmentAdvisers• EnhancedeligibilitycriteriaforregistrationasanInvestmentAdviserincludingnetworthofRs.50lakhsfornon-individualsandRs.5lakhsforindividuals.
• Individualinvestmentadviseroraprincipalofficerofanon-individualinvestmentadvisertohaveenhancedprofessionalorpost-graduatequalificationinrelevantsubjectsandrelevantexperienceoffiveyears.
• Individualsregisteredasinvestmentadviserswhosenumberofclientsexceed150intotal,shallapplyforregistrationwithSEBIasnon-individualinvestmentadviser.
[Notification No. SEBI/LAD-NRO/GN/2020/22 date 3rd July2020][PRNo.37/2020dated3rdJuly2020]
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• SEBI had granted extension of timelines for certainrequirementsforissuersofMunicipalDebtSecurities.Ithasbeendecidedtopartiallymodifytheclause7ofthecircular(dealingwith investorgrievancereport,financialresultsandAccountsmaintainedbyissuerunderILDMRegulations)andfurtherextendthetimelinesforsubmissiontoJuly31,2020.
• Thetimelinesforcertainfilingsasrequiredundertheprovisionsof the ILDM Regulations and SEBI circular nos. CIR/IMD/DF1/60/2017 dated June 19, 2017 and SEBI/HO/DDHS/CIR/P/134/2019datedNovember13,2019areextended,asfollows:
[Circular No SEBI/HO/DDHS/CIR/P/2020/116 dated 7th July2020]
UpdateSEBI
Sl no.
Regulation and asso-ciated filing
FilingRelaxation w.r.t. the Half
Year / Financial Year ending March 31, 2020 New Exten-
dedDue Date
Frequency Due within Due Date
Exten-ded date
Period of relaxation
1. Investor Grievance Re-port as per Municipal
Bond
Half Yearly within 30 working days from end of Half Year
June 30, 2020
45 Days July 31, 2020
2. Financial Results Half Yearly 60 days from the end of Financial Year for Annual Financial Results
May 30, 2020
June 30,2020
30 days July 31, 2020
3. Accounts maintained by Issuers under ILDM
Regulations
Quarterly 45 days from end of quarter
May 15, 2020
June 30,2020
45 days July 31, 2020
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• AnMOUhasbeensignedbetweenSEBIandCBDTfor -Sharingofdataandinformationonregularand automatic basis -Sharingofinformationforthepurposeofcarryingout scrutiny,inspection,investigationandprosecution. -EnhancedcooperationandsynergybetweenSEBI andCBDT [PressReleaseno38/2020dated8thJuly2020]
UpdateSEBI
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• CreditGuaranteeScheme forSub-ordinateDebt (CGSSD):
- TheMinistryofMSMEhaslaunchedtheCGSSDscheme.Under this scheme a guarantee cover will be providedto the promoters of eligible MSMEs who can take debtfromtheeligiblescheduledbanks to further invest in theirstressedMSMEsasequity/quasiequityforthepurposeofrestructuring.Someofhighlightsoftheschemesareasunder:
a. 90% guarantee coverage would come from schemeand remaining 10% from the concerned promoter(s). b. The scheme shall remain in force for maximumperiod of 10 years or till guarantee amount ofRs.20,000 crores is approved by the government.
c. The Scheme is applicable for those MSMEs whoseaccounts have been standard as on 31.03.2018and have been in regular operations, either asstandard accounts, or as NPA accounts duringfinancial year 2018-19 and financial year 2019-20.
d.TheSchemeisvalidforMSMEunitswhicharestressed,viz.SMA-2andNPAaccountsason30.04.2020whoareeligibleforrestructuringasperRBIguidelinesonthebooksoftheLendinginstitutions.
UpdateMSME (Micro & Small Medium Enterprise)
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e. Under this arrangement, promoter(s) of the eligibleMSMEunitwillbegivenPersonalcreditequalto15%ofhis/herstake(equityplusdebt)orRs75lakhwhicheverislower.
• Launchof“CHAMPIONS”atechnologyplatformtoempowerMSMEs:
A.CHAMPIONS(CreationandHarmoniousApplicationofModernProcess for Increasing theOutputandNationalStrength) has been launched by Ministry of MSME topromote a unified, empowered, robust and technologydrivenplatformforhelpingandpromotingtheMSMEsofthecountry.Itcanbeaccessedathttps://champions.gov.in/
B.BroadObjectiveofCHAMPIONS:• GrievanceRedressal:resolvetheproblemsofMSMEsincludingthoseoffinance,rawmaterials,labor,regulatorypermissionsetcparticularlyintheCovidcreateddifficultsituation;
• To help them capture new opportunities: includingmanufacturingofmedicalequipmentsandaccessorieslikePPEs,masks,etcandsupplytheminNationalandInternationalmarkets;
UpdateMSME (Micro & Small Medium Enterprise)
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• To identify and encourage the sparks: i.e. thepotential MSMEs who are able to withstandthe current rough weather and can become national and international champions.
C.Thesystemandtechnology:• Itisabundleoftechnologiesputtogethertohandhold,guide,empower,easeandencouragetheMSMEsectorof India;
• It isawebbasedportalwhichwillprovidefacilitiestothe MSMEs and other related stakeholders to voicetheirissuesandgrievancesandgetresolutionandwayforward;
• ExtensiveuseofAI,MachinelearningandDataanalyticsis being done to avoid and reduce human intervention, delayandduplicationintheprocesses;
• The system also has seamless integration with othergrievance related portals of GOI like CPGRAMS anda number of other portals of the MSME Ministry;
• The ministry of MSME has launched the new portal forregistration of MSMEs based on composite criteria ofInvestment and Turnoverwhich came into effect from 01stJuly,2020.Newandexistingenterprisescanregisterathttps://udyamregistration.gov.in/toobtaintheirUdyamRegistrationCertificate.
UpdateMSME (Micro & Small Medium Enterprise)
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