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A2Z Taxcorp LLP Weekly GST Communique dated June 29, 2020

Important Rulings of the Week
• AAR: Developed land sold as plots will attract GST
• AAR: ITC cannot be availed on GST paid for hiring vehicles for employee transportation unless obligated
• Ready-to-eat popcorn to attract 18% GST, says Gujarat AAR
• NAA finds Whirlpool of India guilty of denying GST rate cut benefit worth Rs 4.07 lakh
• Maharashtra Appellate Authority of Advance Rulings allows input tax credit for companies using vehicles to transport cash to ATMs

Important Notifications of the Week
• CBIC prescribes the manner and modalities in respect of WTO committed in quota tariffs on specified items
• CBIC notifies June 30, 2020 as effective date to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020
• CBIC further amends the Rate of Tax to be paid by Composition Taxpayer vide Rule 7 of CGST Rules, 2017 w.e.f. April 01, 2020
• CBIC provides relief by towards the interest to be charged for the tax periods February, 2020 to July, 2020 in Form GSTR-3B
• CBIC provides relief from waiver of late fees for furnishing returns in Form GSTR-3B for February, 2020 to July, 2020
• CBIC provides relief for waiver of late fee for filing Form GSTR-1 from Mar, 2020 to June, 2020 for Monthly Filers and Quarter ending Mar, 2020 and June, 2020 for Quarterly Filers
• CBIC notifies the due date for filing GSTR-3B for August 2020 for taxpayers with Aggregate Turnover
up to Rs. 5 Crore
• CBIC extends the due date of compliance, which falls during the period from “20.03.2020 to 30.08.2020” till 31.08.2020
• CBIC further extends the time period to pass Order under Section 54(7) of CGST Act w.r.t. Refund of Tax under GST till 31.08.2020

Important Circulars, Order, etc.
• CBIC issued the procedure for Trans-shipment of Export Cargo from Bangladesh to third countries through LCSs to Port / Airport
• CBIC laid down salient features of Electronic Communication of PDF Copies of Shipping Bill & E-Gate Pass to Custom Brokers/Exporters
• CBIC issued clarification w.r.t. relief provided to the taxpayers in terms of Reduction of Interest & Waiver of Late Fees in filing Form GSTR-3B for Feb 2020 to July 2020
• CBIC clarified the calculation period of 30 Days for filing Revocation application against Cancellation of Registration u/s 30 of CGST Act
• CBIC issued instruction on payment of GST to be made by Real Estate Promoter/Developer by Form DRC-03 on shortfall value of Inward Supplies from Registered Supplier
• DGFT had Launched a new platform for Digital delivery of IEC Related Services w.e.f. July 13, 2020
• DGFT amends the time limit for Re-Import facility with Zero Duty from 3 Months to 6 Months under para 4.44 of FTP

Important Press Releases
• Pune Customs intercepts and detains people carrying narcotic drugs, seizes goods worth ₹ 2.1 crore
• Government Schemes for MSMEs & NBFCs creating significant impact-Sanctions under Emergency Credit Line Guarantee Scheme (ECLGS) cross Rs. 79,000 crore
• Government launches scheme to provide Rs 20,000 crore guarantee cover to 2 lakh MSMEs
• CBIC Enables End to End Paperless Exports under Turant Customs

Important Updates
• CBIC: Taxpayers Hurry up – Last date to pay under the SVLDRS Scheme, 2019 is June 30, 2020
• Indian Customs leads long term structural reforms to ensure Ease of Doing Business
• CBIC issued Stats on how Indian Customs is fighting against Smuggling of Narcotics and Cigarettes during COVID-19
• GST Portal has enabled New Tab “Help and Taxpayers Facilities”
• GST taxpayers can do SMS filing of NIL statement in FORM GSTR-1 from 1st week of July 2020

Videos of the Week
• No Late Fees for filing of GSTR-3B – Critical Analysis of Decisions of GST Council || CA Bimal Jain
• Important dates for filing GSTR-3B/GSTR-1 for availing benefit of Interest/Late Fees || CA Bimal Jain
• Taxable Event – Supply: Understanding and Intricacies || CA Bimal Jain
• Due date for compliance of various GST provisions extended to 31st August, 2020 || CA Bimal Jain
• Revocation application against cancellation of registration till 30 September, 2020 || CA Bimal Jain

 

 

 

 

Source: a2ztaxcorp.com