Important Judgments, Rulings of the week
• Parallel proceedings of audit and investigation held valid under the GST Law
• ‘Doctrine of unjust enrichment’ not applicable to fixed price contract, refund the excess tax paid
• Revenue to refund IGST already paid on ocean freight, as already held as ultra vires
• AAR: Institute providing coaching, accommodation to CA/CS students do not exempt from GST
Important Notifications of the week
• CBIC notified proviso to Section 50(1) – Interest in GST to be levied on Net Tax liability w.e.f. September 1, 2020
• DGFT amends the Export Policy of Surgical Masks, Medical coveralls
Important Press Releases of the week
• CBIC Tweet: No recoveries shall be made for the past period by the Central and State tax administration w.r.t. Interest on delayed payment of GST vide N. No. 63/2020
• CBIC issued a Press Release on new functionality available in Form GSTR-2A w.r.t Import Data
• CBIC issued Press Release on availability of new functionality of Form GSTR-2B for the month of July 2020
Important Updates of the week
• GSTN has enabled the option to file GST Refund application for bunching of refund claim across F.Y on the GST Portal
• NIC has released changes in validations for E-Invoicing considering the challenges faced by the Industry
• GSTN has enabled Form GSTR 2B in the GST Portal
• GSTN has enabled the facility to check BOE information w.r.t. GST paid on “Import of goods” in Form GSTR-2A
Videos of the week
• How to correct Wrong Credit availed as CGST & SGST instead of IGST or vice versa || CA Bimal Jain
• How to bifurcate & show GST Credit of 2017-18 in GSTR 9/9C of FY 2018-19 || CA Bimal Jain
• Why Retrospective Amendment is not made for Interest on Net Tax Liability || CA Bimal Jain
• How to Show/ Pay/ Avail credit of RCM Liability of FY 2018-19 in GSTR 9/9C || CA Bimal Jain
• Reconciliation of GST Credit as per Books vs. GSTR 3B vs. GSTR 2A for FY 2018-19 || CA Bimal Jain
41st GST Council Meeting
• FM Nirmala Sitharaman: ‘Act of God’, may result in contraction of economy this fiscal
• FM has given two borrowing options to States to meet the GST Compensation requirement for the
F.Y 2020-21
Source: a2ztaxcorp.com
