VATupdate

A2Z TAXCORP LLP weekly GST Communique dated February 24, 2020

Important Judgement of the week
• Madras HC: GST Interest on Net Tax Liability Notifications, Circulars, etc.
• CBIC introduce 24×7 Customs Clearance at ports to avoid congestion due to disruption of Imports & Exports from China till May 2020
• GST Goods Rate Notification amended to prescribe uniform 28% GST on lottery
• One-time relaxation for submission of hard copy of applications for claiming assistance under TMA for Specified Agriculture Products Scheme
• Transportation of goods (Through Foreign Territory) Regulations, 2020

Important Press Release
• CBIC has started capturing district and state of origin of goods in export declarations w.e.f. Feb 15, 2020
• CBIC has issued detailed concept paper on Faceless E-Assessment and asked stakeholders to give suggestions by Mar 03, 2020

Important Updates
• Due dates of filing Form GSTR 3B, for the month of January, 2020
• GST Portal has enabled the option to file GSTR-9 & GSTR-9C for the F.Y. 2018-19
• Advisory for Opting in for Composition i.e. filing of Form GST-CMP-02 for the F.Y 20-21 w.e.f. April 1, 2020

Video of the Week
• Interest to be paid on Net Tax Liability || CA Bimal Jain

Source: a2ztaxcorp.com

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