Bansal Mangal Singhal & Goyal

International Trade Settlement in Indian Rupees (INR)

Circular No.10 Dated 11.07.2022

In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai.

2. The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below:

Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).

Exchange Rate: Exchange rate between the currencies of the two trading partner countries may be market determined.

Settlement: The settlement of trade transactions under this arrangement shall take place in INR in accordance with the procedure laid down in Para 3 of this circular.

CBDT extends due dates for Filling of Income Tax Returns and Various Report for the year 20-21 👍

Press Release # Central Board of Indirect Taxes & Customs # Notification No.19/2021 Dated 29.08.2021

Validity of the GST Amnesty Scheme 2021

As per the CBIC’s latest Central Tax notification number 19 issued on 1st June 2021, the all-new GST Amnesty Scheme applies from 1st June 2021 to 31st August 2021. Any taxpayer who hasn’t filed GSTR-3B before the due dates for tax periods starting from July 2017 to April 2021 can now file within this deadline on the GST portal.👆

The Form 15CB can be submitted in manual Format to authorised dealers till 30.06.2021.

*Canara Bank Invites Application for Empanelment as Concurrent Auditors* for 529 Branches for the Period from 01.07.2021 to 30.06.2022.

*Terms and Conditions*https://canarabankcsis.in/eca/Docs/TERMSANDCONDITIONS.pdf

*List of 529 Branches*https://canarabankcsis.in/eca/Docs/Annexure%20IV.pdf

*Last Date to Apply* 12.06.2021

*For Online Apply*
https://canarabankcsis.in/eca/user_valid.aspx

*For Complete Details*
https://www.canarabank.com/User_page.aspx?cid=118

Regards
CA Vijay Kumar Agarwal
Delhi

canarabankcsis.in

2020 हमे बहुत कुछ सिखाने के लिए धन्यवाद,, 2021 हम तुम्हारा तहे दिल से स्वागत करते है..!!

Wish you happy New Year 2021 ❤️❤️❤️❤️

Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d)
19/12/2020

The system has started providing auto-populated GSTR-3B on the basis of GSTR-1 & GSTR-2B from the tax period of November 2020 onwards. In this auto-populated GSTR-3B, liability on account of inward supplies attracting reverse charge auto-populated in Table-3.1(d) is also drawn from GSTR-2B of the taxpayer for the said tax period. The values in GSTR 2B are auto populated from the GSTR-1 of the counter-parties making the supply.

It is noticed that the system is giving alert when the taxpayer revises the auto-populated values upward by 10% in table 3.1(d) which pertains to inward supplies attracting reverse charge. This alert is erroneous. The technical team is working to resolve the same at the earliest.

Meanwhile, the taxpayers may kindly continue to declare their correct liability in Table-3.1(d) pertaining to liability on inward supplies attracting reverse charge and proceed to file GSTR-3B

Thanking You,

दिनोंदिन बढ़ता जाए आपका व्यापार,
परिवार में रहे स्नेह और प्यार,
होती रहे सदा धन की बौछार ऐसा हो
आपका धनतेरस का त्यौहार..

# Happy Dhanteras #

Extention of Income Tax due dates

*IT return FY 2019-20*
i. Without tax audit –31.12.20
ii. TP, tax audit & tax audit firm partners– 31.01.21

*TAR &other reports*
Various audit reports (tax audit, transfer pricing etc) – 31.12.20

*Already Extended ITR*
Income tax return FY 2018-19 -30.11.20 -No Change

*GST Date Extension*

GSTR9/9A/9C FY 2018-19 Annual Return & Reconcilation Statement – 31st December 2020