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Recent News Highlights

Customs to begin faceless cargo assessment for imports in Chennai and Bengaluru
Chennai and Bengaluru customs will begin faceless assessment of cargo in the first phase of the national rollout of the program. The first phase will begin from June 8 and will be implemented across the country by the year end. Read more »
No corporate loan sanctions, renewals without Legal Entity Identifier code: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers do not get the LEI code from the Legal Entity Identifier India Ltd. Read more »
India imposes anti-dumping duty on Malaysian calculators for 5 yrs
India has imposed anti-dumping duty on imports of from Malaysia for five years with a view to guard domestic players from cheap imports from that country. After conducting a probe, the commerce ministry’s investigation arm Directorate General of Trade Remedies (DGTR) had recommended anti-dumping duty on electronic calculators from Malaysia. “The anti-dumping duty imposed (USD 0.92 per piece) shall be effective for a period of five years (unless revoked, amended or superseded earlier),” the department of revenue has said in a notification. Read more »
Suspension of IBC: Spotlight now on schemes under the Companies Act
The finance minister has announced the suspension of fresh insolvency proceedings for up to one year. During this period, the Insolvency and Bankruptcy Code, 2016 (IBC) will not be available for debt resolution and distressed companies and their creditors may turn to ‘schemes’ under the Companies Act, 2013. Read more »
Firms get 6-month relief from IBC rules
The government promulgated an ordinance on 5th June to suspend three sections in the Insolvency and Bankruptcy Code to prevent companies from being forced into insolvency proceeding due to debt default triggered by the Covid-19 crisis. Corporate insolvency resolution filing will be suspended for six months for any debt defaults post March 25, the day the nationwide lockdown was rolled out to contain the spread of the pandemic. Read more »
GST Council to meet on June 12
The GST Council is scheduled to meet on June 12 and likely to discuss the impact of the COVID-19 pandemic on tax revenues, sources said. The 40th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman and comprising state counterparts, will be held via video conferencing. Read more »
Google Tax: Government re-thinking equalisation levy
The government is exploring changes to the equalisation levy, and may stop charging the tax on digital transactions either partially or in its entirety for a year as it works on the options, people with direct knowledge of the matter said. Read more »
Covid crisis: Rs 36,400 crore released to states as GST aid in Dec-Feb period
The government on 4th June said it released GST compensation of Rs 36,400 crore to the states for the period of December 2019-February 2020. The government data suggest that disbursement of compensation is at least Rs 15,000 crore more than the collection so far, but the source of the money is not immediately clear. Read more »
BCT Digital launches early warning systems to tackle NPAs
BCT Digital, part of Chennai headquartered Bahwan CyberTek and a fintech firm have announced the launch of early warning systems (EWS) for credit monitoring, touted to be first-ever real-time monitoring solution to tackle non-performing assets (NPAs). The product is running in top public and private banks in India and across the globe. Read more »
Gems, jewellery, mobiles: ‘Want to be exporter, not importer’ in these 10 key sectors, says govt
Gems and jewellery, and mobile phones and electronics are among the 10 key sectors in which the government wants the industry to become self-reliant in manufacturing and wants India to become an exporter instead of an importer. While Prime Minister Narendra Modi on Tuesday asked industry to start taking steps to achieve self-reliance in sectors such as footwear and air conditioners, the government itself has also started the groundwork to make India export oriented rather than importing items which have domestic potential. These items include goods from sectors such as mobiles and electronics, gems and jewellery, capital goods and machinery, pharmaceuticals, textiles and garments, which were already identified by the Department of Promotion for Industry and Internal Trade (DPIIT). Read more »
GST Council to discuss waiver of late fee for August 2017 to January 2020
The GST Council in its next meeting will discuss waiver of late fee for non-filing of GST returns for August 2017 to January 2020 period. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, “Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.” Read more »
GSTN enables new registration functionality for insolvency resolution professionals
The Goods and Services Tax Network (GSTN) on Sunday said it has enabled new registration functionality on the GST portal for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC). This facility will benefit the companies that are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by interim resolution professionals (IRPs) or resolution professionals (RPs). Read more »