MM TAX CLUB

DGFT Trade Notice No. 22/2021-22 dated 02^nd November, 2021

Last date for filing claim at the Online IT module for Scrip based Schemes – MEIS/SEIS/

ROSL/ROSCTL

In  September  2021,  Government  had  released  about  Rs  56.000  Crore  for  issue  of  duty 

credit scrip’s  under the  FTP Schemes.  Filing of online applications and subsequent issue of 

duty credit  scrip’s has also started.

In this regard, attention of the trade & industry is drawn to Notification no. 26 dated 16.09.2021, wherein  31st December  2021  has  been stipulated  as the revised  last date for  making online applications under MEIS/SEIS/  RoSL/RoSCTL  schemes. Exporters may kindly note that after 31.12.2021,  the Online IT system  will  not be operational  and no applications/claims under the mentioned  schemes can thereafter be submitted.  It has also been notified that the facility for filing applications,  with  a late cut  provision. would also not be available and all applications will get time barred after 31st December 2021.

   Trade  and  Industry  is  requested ‘to  take  note  and  ensure  that applications/ claims  are submitted Online within the stipulated timeline of 31.12.2021  for timely release/ issue of scrips by DGFT RAs.

Export Promotion Councils are also requested to give wide dissemination to this Trade Notice in  the  interest  of  exporting  community.  SEPC/FIEO and organizations with service exporters as their members may also approach their constituents  with a request to file their SEIS claims at an early date and in any case not later than 31.12.2021.

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali
Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from tomorrow

Prices of Petrol and Diesel will come down accordingly

Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season

States urged to reduce VAT on Petrol & Diesel to give relief to consumer

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly.

The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.

In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.

Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity.

To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.

States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.

Ministry of Corporate Affairs (MCA) vide General Circular No. 18/2021 dated 29^th October 2021 extended due date of filing cost Audit report to Board of Directors under Rule 6(5) of the companies (Cost  Records  and  Audit) Rules, 2014 till 30-11-2021.

In   continuation   to   this   Ministry's General   Circular   No.15/2021   dated 27.09.2021, in view of the disruption caused by the COVID-19  pandemic  and after due  examination  of  the representations  received from  stakeholders,  it  has  been decided to substitute the word and figures “31st October, 2021” with the word and figures “30^th  November, 2021” in the said General Circular.

General Circular No. 17/2021 dated 29th October 2021

Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4(CFS), AOC-4, AOC-4 XBRL, AOC-4 Non XBRL and MGT-7/MGT-7A for the financial year ending on 31-03-2021 under the companies act 2013.

Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2021, it has been decided that no additional fees shall be levied upto 31-12-2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4XBRL, AOC-4 Non_ XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

CBIC vide notification number 13/2021 Central Tax (Rate) dated 27th October, 2021 omitted 12% GST on Permanent transfer of intellectual property rights in respect of goods and inserted the same for 18% GST, earlier permanent transfer of intellectual property rights in respect of information technology software was taxed at the rate of 18% GST, Now all permanent transfer of intellectual property will be charged at 18% GST Rate.

Taxability of intellectual property rights was inserted vide notification number 41/2017 dated 14th November, 2017 where transfer of IP rights in respect of goods was kept under schedule II 6% CGST rate in Sr. no. 243 and transfer of IP rights in respect of information technology software was kept under schedule III 9% CGST Rate in Sr. No. 452P.

Now vide current notification no. 13/2021 Central Tax (Rate) dated 27th October, 2021 provision of transfer intellectual property right removed from Schedule II 6% CGST Rate and same has been added in schedule III 9% CGST Rate under Serial no.452P.