Important Judgments of the week
• Granted bail to the accused alleged of fraudulently availing, utilizing and passing on ineligible ITC of INR 314.25 Cr.
• No service tax liability on license fee and other fee for grant of liquor license
• Opportunity of being heard shall be given before passing of any order by the GST Authority
Important Notification, Trade Notices, etc.
• Tribeni, W.B. added as a land customs station for the clearance of all goods imported/exported from/to Bangladesh
• Amended Foreign Trade (Development & Regulation) Act, 1992 and Rules made thereunder for online adjudication/ appeal/ review proceedings w.e.f. 27.02.2021
• Procedure and criteria for submission and approval of applications for export of Diagnostic Kits and their components
• M/s CMA CGM Logistics Park Dadri Private Ltd. appointed as Custodian of the Import Cargo to be transshipped under bonded Cargo trucking facility for 3 years
Important Press Releases of the week
• GST collection in the month of February, 2021 is ₹ 1,13,143 crore
• 18th Instalment of Rs. 4,000 crore released to the States on Monday, March 01, 2021
• PIB issued statistics of India’s Merchandise Trade Preliminary data for the month of February 2021
• Bureau of Indian Standards directed to reduce testing fee of “MSME, Start-ups, Women entrepreneurs” to encourage ease of doing business
• Insurance Ombudsman Rules amended for better resolution of policyholders’ complaints w.r.t. insurance service deficiencies
• India attracted total FDI inflow of US$ 67.54 billion during April to December 2020
Important Updates of the week
• GST Compliance Calendar for the month of March, 2021
• Upcoming changes in Table-12 format of GSTR-1 Return
• GSTN enabled new feature to select Core Business Activity on GST Portal
• Taxpayers are required to select their business activity only once post login based on highest turnover
Video of the week
• Any relevance of GSTR 2A/ 2B or Rule 36(4) for availing GST Credit – Budget 2021 || CA Bimal Jain
Source: a2ztaxcorp.com
