Ministry of Commerce and Industry issues Consolidated FDI Policy, 2020

Ministry of Commerce and industry issues consolidated FDI policy, 2020

Nov 17, 2020 | Blog, FDI

In order to attract and promote FDI in order to supplement domestic capital, technology and skills for accelerated economic growth and development, the Department for Promotion of Industry and Internal Trade has issued consolidated FDI policy, 2020 which is effected with effect from October 15, 2020.
The consolidated policy is a compilation of various decisions taken by the government with regard to FDI in different sectors. DPIIT, which deals with FDI related matters, compiles all policies related to foreign investment regime into a single document to make it simple and easy for investors to understand.

Satellite launch services exempted from GST: Notification
In exercise of the powers conferred by sub-sections (3) and (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts satellite launch services supplied by Indian Space Research Organisation, Antrix Corporation Limited or New Space India Limited from the levy of GST.

Govt. extends the due-date for payment under Vivad Se Vishwas Scheme
The Central Government has extended the due date for filing a declaration to opt for Vivad Se Vishwas Scheme to 31-12-2020. Further, where tax payment is made on or before 31-03-2021, no additional charges shall be levied. However, where payment is made on or after 01-04-2021, additional charges as specified under section 3 of the Direct Tax Vivad se Vishwas Act, 2020 shall be levied.

CBDT extends due date for furnishing of Tax Audit Report & ITR for AY 2020-21
In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns.
The CBDT has extended due dates for furnishing tax audit report and filing of Income-tax Return for the Assessment Year 2020-21. The new due date for furnishing of tax audit report is 31-12-2020. The due date for filing of ITR is 31-01-2021 in case where taxpayer is required to get books of account audited or furnish report in respect of international/specified domestic transactions and 31-12-2020 in all other cases. In order to provide relief for the second time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended to the above dates.

CBDT authorises CIT to condone the delay in filing audit report in Form No. 10BB
CBDT has authorised the CIT to admit belated applications for condonation of delay under section 119(2), where there is a delay of up to 365 days in filing Form 10BB for Assessment Year 2018-19 or any subsequent Assessment Year. Further, for years prior to Assessment Year 2018-19, CIT is also authorised to admit the application for condonation of delay after satisfying himself that applicant was prevented by reasonable cause from filing such application within the stipulated time.

President promulgates Arbitration and Conciliation (Amendment) Ordinance, 2020
To ensure that all the stakeholder parties get an opportunity to seek unconditional stay of enforcement of arbitral awards where the underlying arbitration agreement or contract or making of the arbitral award are induced by fraud or corruption, it has become necessary to make further amendments to the Arbitration and Conciliation Act, 1996. As a result the Govt. has promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020

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