Important Judgment, Rulings of the week
• Penal provisions of the CGST Act prevails over Cr.PC for GST frauds
• Reimbursement of expenses by foreign head office to Indian liaison office cannot be treated as supply
• Notional interest earned on refundable security deposit is not ‘consideration’ for supply of renting services
Important Notification, Circulars, etc.
• Maharashtra SGST constituted Maharashtra Consumer Welfare Fund and Standing Committee for proper utilization of the funds
• CBIC issued Circular for systemic improvements regarding modification in the Bond (B-17) execution process
• Department of commerce issued clarification on various issues relating to IT/ITes SEZ units
• DGFT introduced online e-Tariff Rate Quota System for Imports
• One time waiver granted on custom duty & inspection requirements in case of debonding of IT/ITes units in SEZs and exemption on filing of BOE for centrain goods sold by IT/ITeS SEZ unit
• Penalty for late filing of Bill of Entry from 01.02.2021 (20:00 hrs.) to 03.02.2021 (20:00 hrs.) waived due to non-functioning of ICEGATE
Important Press Releases of the week
• GST Revenue collection for January 2021 almost touches ₹1.20 lakh crore
• PIB issued the Report of the Fifteenth Finance Commission
• 14th Instalment of Rs. 6,000 crore released to the States to meet the GST compensation shortfall
• Import duty on copper scrap reduced from 5% to 2.5%, announced in Union Budget 2021-22
• Finance Minister: Budget 2021 clearly marks directional change for Indian economy
• PIB issued press release on steps taken by government to increase exports
Important Updates of the week
• Compliance Calendar for the month of February, 2021
• GSTN issued advisory on auto-population of e-invoice details into GSTR-1
• GSTN enabled new options for Quarterly Returns Monthly Payment Scheme on GST Portal
• GSTN issued advisory on Payment of Tax by Fixed Sum Method under QRMP Scheme
Videos of the week
• Views on Union Budget 2021 || CA Bimal Jain
• Whether GST Dept can provisionally attach Property/Bank Account of any Person-Budget 21 || CA Bimal Jain
• GST Audit proposed to be Omitted – Not Advisable – Union Budget 2021 || CA Bimal Jain
• Impact of Union Budget 2021 on GST || CA Bimal Jain
• Difference in GST Liability as per GSTR 1 and GSTR 3B – Caution and Warning || CA Bimal Jain
• Major Changes in Zero Rated Supply of Goods or Services – Union Budget 2021 || CA Bimal Jain
• Interest to be charged on Net Tax Liability w.e.f July 1, 2017 – Union Budget 2021 || CA Bimal Jain
Union Budget 2021-22
• PIB issued summary of the Budget 2021-22
• Key Highlights of Union Budget 2021-22
• Section wise Analyses of Union Budget 2021 containing changes under Customs and Central Excise
• Section wise Analyses of Union Budget 2021 containing changes under GST
• Highlights of Union Budget 2021 on Direct Tax Proposals
Source: a2ztaxcorp.com
