Important Judgments of the week
• Interest to be charged on Net Tax liability w.e.f. July 01, 2017
• Madras High Court: Allows rectification of GSTR-1 to avail credit in absence of enabling provision
Important Notifications of the week
• CBIC notifies Nov 10, 2020 as the effective date for amendments in Section 39 of the CGST Act w.r.t. furnishing of returns
• New Amendments in the CGST Rules, 2017 w.r.t. time and manner of filing GST returns
• CBIC notifies time limit for filing Form GSTR-1 w.e.f January 1, 2021
• CBIC notifies Scheme of quarterly return filing along with monthly payment of taxes for registered person having aggregate turnover up to Rs. 5 crores
• CBIC notifies special procedure for making payment of 35% as tax liability in first two months by small taxpayers from Jan 1, 2021
• CBIC rescinds notification issued earlier for due dates of filing GSTR-3B for small taxpayers
• Extension of due date to file Form ITC-04 for July 2020 to September 2020 till November 30, 2020
• GST E-invoicing made mandatory if aggregate turnover exceeds Rs. 100 Crores from Jan 1, 2021
• BCD on specified parts used in manufacture of Open Cell of LED/LCD TV Panels increased from nil to 5%
Important Circulars of the week
• CBIC implements the Scheme of Quarterly Return filing with Monthly Payment of taxes (QRMP Scheme) for small taxpayers
• DGFT issued Trade Notice inviting suggestions for new Foreign Trade Policy
• DGFT issued Trade Notice for Migration of AA/EPCG/DFIA Online modules to the new IT environment from December 01, 2020
Important Press Releases of the week
• Hon’ble FM Smt. Nirmala Sitharaman announced Aatmanirbhar Bharat Package 3.0 to support Indian economy in fighting against COVID-19
• Last date to apply for Dispute Resolution Scheme extended to Dec 31, 2020 for Jammu & Kashmir and Ladakh
• Finance Ministry seeks Ideas/Suggestions/Proposals for Annual Budget 2021-22
• PIB issued statistics of India’s Foreign Trade for the month of October 2020
• Directorate General of GST Intelligence, Mumbai, arrests four persons for passing on and availing fictitious Input Tax Credit
• Firm busted for availing benefit from bogus invoices of around Rs 685 crore
• Directorate General of GST Intelligence, Mumbai, arrests two persons for passing on and availing fictitious Input Tax Credit
Important Updates of the week
• GSTN Portal is now showing Annual Aggregate Turnover for Previous Financial Year
• GSTN: Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards
• GSTN: Auto-population of e-invoice details into GSTR-1
Videos of the week
• Whether Arrest can be made prior to Adjudication & Assessment in GST || CA Bimal Jain
• How to correct GST credit coming in wrong head of GSTR 2A or availed wrongly in GSTR 3B || CA Bimal Jain
Source: a2ztaxcorp.com
