A2ZTaxCorp’s Weekly GST Communique dated January 18, 2021

Important Judgment, Ruling of the week
• SC: Dismissed Writ challenging constitutional validity of various provisions under CGST Act, directed to pursue the remedies before HC
• No GST should be levied on notice pay received from employees in lieu of notice period

Important Notification, Circulars, etc.
• Amendment in jurisdiction of Central Tax Officers of Delhi and Mumbai
• CBIC extended the waiver of bank guarantee for transhipment of Import & Export Cargo via Sri Lanka and Bangladesh
• CBIC directed officers not to attend conferences, seminars and webinars organised by nongovernment entities without prior permission
• MGST department will not adopt CBIC Circulars, shall issue their own Circulars w.r.t GST
• CBIC issued instructions for requirement of filing of Bill of Coastal Goods (BCG)
• DGFT introduced online e-PRC System for applications seeking Policy/Procedure relaxation in terms of Para 2.58 of FTP 2015-20

Important Press Releases of the week
• 11th Instalment of Rs. 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall
• New Foreign Trade Policy will come into effect from April 01, 2021
• PIB issued statistics of India’s Foreign Trade for the month of December 2020

Important Updates of the week
• GSTN issued advisory on Auto-population of e-invoice details into GSTR-1
• GSTN enabled two new options in Form DRC 03 on GST Portal
• CBIC: Declaration of HSN Code for goods and services effective from April 01, 2021

Video of the week
• GST & IDT Expectations from Union Budget 2021|| CA Bimal Jain

Source: a2ztaxcorp.com

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