A2ZTaxCorp Weekly GST Communique dated June 8, 2020

Important Rulings of the Week
• AAR: VCs Flipkart exit faces tax hurdle
• GST NAA finds Philips India guilty of profiteering Rs 4.53 lakh

Important Circular, Instructions etc.
• CBIC extend the facility of 24×7 Customs clearance at all the Customs formations due to outbreak of COVID-19
• CBIC extends the validity of AEO Certification for the ease of Renewal Process
• CBIC issued instruction on Roll Out of 1st Phase of Faceless Assessment under Customs
• DGFT extends the validity of MEIS/SEIS scrips and provides relaxation for filling applications under MEIS/SEIS

Important Press Releases
• GST Council to discuss waiver of late fee for August 2017 to January 2020
• Centre Releases Rs.36,400 Crore as GST Compensation to States
• MSME definition revised for the first time after 14 Years
• PM Modi Launches CHAMPIONS: Technology Platform to empower MSMEs
• Fully paved way for energising the MSME Sector through entire gamut of Atmanirbhar Bharat Package
• Ministry of MSME gears up to implement the New Norms of classification of MSMEs

Important Updates
• CBIC leveraging technology to serve the taxpayers during COVID-19
• CBIC : E-way Bill System – Ensuring movement of essential goods to keep businesses running during lockdown
• Indian Customs is committed to facilitating Exports and Imports during Lockdown
• CNBC-TV18: GST Council to meet on June 12, 2020 at 11 AM through Video Conferencing
• Hon’ble FM recently announced measures for relief and credit support related to businesses, especially MSMEs

Video of the Week
• Intricacies in Place of Supply and ITC || CA Bimal Jain

Source: a2ztaxcorp.com

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