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A2ZTaxCorp’s Weekly GST Communique dated April 05, 2021

Important Judgment, Ruling of the week
• Tax demand order alleging e-way bill reuse quashed by HC and termed it as perverse and erroneous
• Making bullet proof body building on the motor vehicles is a ‘service’ and taxable @18%

Important Notifications of the week
• Waiver of penalty for non-compliance of QR Code provisions during Dec 2020 to June 2021 if complied from July 01, 2021
• Extension of IGST & Cess exemption till March 31, 2022 to EOU’s, STP Units, EHTP units
• Extension of exemption from IGST and Compensation Cess upto March 31, 2022 on goods imported against AA/EPCG authorizations
• Amended HSN of Petroleum crude and all goods except petroleum crude consequent to enactment of Finance Act, 2021
• India-Mauritius CECPA and applicable Customs Tariff Rules effective from April 01, 2021
• Common Customs Electronic Portal launched
• Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Amendment Regulations, 2021 introduced
• Amendment in Bill of Entry (Form) Regulations, 1976 w.r.t. time limit for filing the bill of entry
• Sea carrier to continue delivering the cargo declaration as per old regulations till April 15, 2021
• Extension of Foreign Trade Policy, 2015-2020 till September 30, 2021
• E-way bill limit for intra-state supply in Rajasthan to be INR 1 Lakh w.e.f. April 01, 2021
• Mandatory use of Accounting Software having Audit Trail extended to April 01, 2022

Important Circular, Trade Notices, etc.
• Clarifications on the legislative changes in Section 46 of Customs Act, 1962
• Online Filing of requests for closure of Advance Authorizations
• Electronic filing and issuance of Preferential CoO for India’s export under IMCECPA w.e.f. April 01, 2021
• No fee on application for updation of IEC between April to June as per Para 2.05 of HBP
• Karnataka Government announced Karasamadhana Scheme, 2021
• Government notified the Finance Act, 2021

Important Press Releases of the week
• ₹1,23,902 crore gross GST revenue collected in the month of March, 2021
• HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from April 01, 2021 for GST taxpayer with turnover of more than Rs 5 crore
• E-invoices cross 39.81 crores in six months
• 7.12 crores E-Way Bills in March 2021; Highest in a month during last three years
• Centre releases Rs. 30,000 crore as GST Compensation as well as Rs. 28,000 crore as IGST ad-hoc settlement to the States/UTs
• First time ever in a month, Indian exports crossed US$ 34 billion in March 2021
• Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 & 2.0 extended upto June 30, 2021

Important Updates of the week
• GST Compliance Calendar for the month of April, 2021
• CBIC: Updated schedule of CGST rates on goods, as on March 31, 2021
• CBIC: Scheme of 6 digit SAC Code for classification of services
• Advisory on filing GSTR-1 for Jan-Mar 2021 under QRMP Scheme

Source: a2ztaxcorp.com

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