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A2ZTaxCorp’s Weekly GST Communique dated October 05, 2020

Important Ruling of the week
• AAAR: Prize money received from horse-race clubs not liable to GST

Important Notifications of the week
• CBIC issued Notification for extension of exemption of export freight from GST until September 30, 2021
• Basic Customs Duty on Open cell (15.6” & above) for use in manufacturing of LCD/LED TV hiked to 5% w.e.f. October 1, 2020
• CBIC extends due date for Annual Return in GSTR 9/9C for F.Y. 2018-19 till October 31, 2020
• CBIC amends e-invoicing notification to include exports and aggregate turnover of any preceding FY from 2017-18 onwards to be considered

• Dynamic QR Code for B2C Supplies deferred till December 01, 2020
• CBIC amends CGST Rules related to IRN and QR Code
• CBIC issued notification for relaxation in generation of e-invoice, now applicable from November 1, 2020
• CBIC extends time limit specified under Central Excise Act, Finance Act and Customs Act & Customs Tariff Act till Dec 31, 2020

Important Circulars, Instruction, etc.
• CBIC amends Customs Circular on Guidelines for Provisional Assessment under Section 18 of the Customs Act, 1962
• CBIC notified guidelines for implementation of Sea Cargo Manifest and Transhipment Regulations
• CBIC issued Instructions for performance review of the Standing Counsels representing Department before High Courts
• DGFT extends the validity of Pre-Shipment Inspection Agencies

Important Press Releases of the week
• GST collection in the month of September, 2020 is ₹ 95,480 crore
• CBIC issued press release on one time relaxation in implementation of E-invoice provisions for the month of October, 2020
• PIB issued statistics of India’s Merchandise Trade Preliminary data for the month of September, 2020
• Hon’ble FM reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs

Important Updates of the week
• CBIC released updated CGST Act, 2017 upto September 30, 2020
• Compliance Calendar for the month of October, 2020

Videos of the week
• Intricacies in GST ITC and Place of Supply || CA Bimal Jain
• Overview on intricacies in Zero Rated Supply including SEZ Transactions || CA Bimal Jain
• 4 important changes announced in GST on September 30, 2020 || CA Bimal Jain
• Compliance of GST ITC as per GSTR 2A – GSTR 2B – Rule 36(4) in GSTR 3B of September || CA Bimal Jain

Source: a2ztaxcorp.com

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