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A2ZTaxCorp’s Weekly GST Communique dated January 11, 2021

Important Judgments, Ruling of the week
• Supreme Court directed for installation of CCTV Systems at investigation agencies offices and police stations
• Confiscation Order quashed and reduced penalty from Rs. 19 Cr. to Rs. 10,000
• Disallowed rectification of tax invoice as not covered under Section 161 and Limitation Act not applicable to Special statute
• Financial assistance received in lieu of services to be provided by Indian subsidiary company to holding company in Germany is a supply of service

Important Notifications, Notices of the week
• CBIC notified Customs Authority for Advance Rulings Regulations, 2021
• Allowed import of certain items of leather, raw furskins and tanned or dressed furskins
• DGFT issued trade advisory regarding cyber fraud complaints from Indian Exporters
• DGFT authorized M/s All India Plastics Manufacturers Association, Gurugram to issue Certificate of Origin (Non Preferential)

Important Press Releases of the week
• CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs
• 10th Instalment of Rs. 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall
• DGGI Gurugram arrests one for fraudulently availing input tax credit of Rs 8 crore

Important Updates of the week
• Compliance Calendar for the month of January, 2021
• GSTN: Aadhaar Authentication facility is now available on GST Portal
• GSTN: Aadhar Authentication facility has been made available to the existing taxpayers also
• GSTN issued advisory on Aadhaar Authentication / e-KYC for existing taxpayers
• GSTN issued FAQs on Aadhaar Authentication for existing taxpayers
• GSTN: Invoice Furnishing Facility (IFF) functionality now available on GST Portal
• GSTN issued advisory on Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme
• GSTN issued FAQs on furnishing documents in Invoice Furnishing Facility (IFF) under QRMP Scheme

Videos of the week
• Be Careful Tax Consultants – Offences liable for Penalty & Imprisonment w.e.f Jan, 2021 || CA Bimal Jain
• Delinking of Debit Notes w.r.t Original Tax Invoices for availing GST Credit || CA Bimal Jain
• 5 Important changes in GST Law w.e.f January 1, 2021 || CA Bimal Jain


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