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A2ZTaxCorp’s Weekly GST Communique dated August 03, 2020

Important Ruling of the Week
• Supply of services by “intermediaries” outside India is not an export, should be taxed at 18% Important Notifications, Circular, etc.
• CBIC issued Revised Format/Schema for E-Invoicing in Form GST INV-01 for taxpayers having turnover above 500 Cr w.e.f. Oct 01, 2020
• CBIC amends the Transhipment of Cargo to Nepal under Electronic Cargo Tracking System (Amendment) Regulations, 2020
• Safeguard duty on Chinese solar equipment extended for one more year till July 29, 2021
• CBIC begins the 2nd phase of All India roll-out of Faceless Assessment under Customs w.e.f. Aug 03, 2020
• CGST Gandhinagar Commissionerate launched E-Office to carry out office work electronically w.e.f. Aug 03, 2020
• Govt caps export sops under MEIS at Rs 9,000 crore for April-December
• DGFT amends the Export Policy of Personal Protection Equipment/Masks
• India restricts import of color television sets, China among most-affected countries
• DGFT has laid down the procedure & criteria for submission & approval of applications for export of Diagnostic Kits
• DGFT laid down the procedure & criteria for submission & approval of applications for export of Medical Goggles
• DGFT laid down the procedure and criteria for submission & approval of applications for export of 2/3 Ply Surgical Masks
• No Physical/Manual application for Certificate of Origin (CoO) is to be submitted for India’s Exports to Thailand under ASEAN-India FTA w.e.f. 01.08.2020

Important Press Releases
• PIB issued Press Release on GST Revenue Collection for July, 2020 is Rs. 87,422 Crore
• DGGI books 3 firms for Tax evasion of more than Rs 600 Crore
• GST vigilance team searches on Aurangabad and Nashik based breweries
• Centre releases Rs 13,806 crore GST compensation to states for March, FY 20 total at Rs 1.65 lakh crore
• FM: Government working with RBI on Industry’s need for loan restructuring etc for MSME Sector
• PIB issued Monthly Review of Accounts of Union Government of India upto the month of June 2020 for the Financial Year 2020-21
• Land bank and single window approvals: Piyush Goyal shares what Centre is planning to bring investment
• Piyush Goyal: Commerce Ministry working for early resolution to MEIS restrictions

Videos of the Week
• Refund on Input Services with Inputs allowed on refund of inverted duty structure || CA Bimal Jain
• Deficiency Memo can’t be issued after 15 days of submission of refund application || CA Bimal Jain
• Supply of Services by Intermediary is not Export of Services || CA Bimal Jain
• Whether ITC on Construction of Immovable Property available || CA Bimal Jain

 

Source: a2ztaxcorp.com

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