Important Rulings of the week
• No credit available on lift installation charges
• AAAR Karnataka quashes ruling to classify parota under 18% GST due to proceeding pending against them under DGGI
• Membership subscriptions and Admission fees paid to club not liable to GST
• Prize money received from horse-race clubs not liable to GST
Important Notifications, Circulars of the week
• CBIC extends the validity of Rebate of State and Central Taxes and Levies (RoSCTL) scheme to March 31, 2021
• DGFT issued notification to remove restriction on export of N-95/FFP-2 masks or its equivalent
• DGFT issued notification for amendment in FTP 2015-16 for enabling issue of scrips under RoSL as notified by the Ministry of Textiles
• DGFT amended FTP 2015-20 for disallowing import of “tyres” under DFIA scheme
• DGFT amended Export Policy to allow export of Onions up to March 31, 2021
• CBIC issued clarification w.r.t. application of Rule 36(4) of the CGST Rules, cumulatively for the months of Feb to Aug, 2020
• CBIC issued Customs Procedure for inspection of ICDs/CFSs/AFSs
• Taxable value for the purpose of GST not to include TCS amount collected under Income Tax Act
Important Press Releases of the week
• Clarification issued- How to show values of FY 2107-18 in GSTR-9 of FY 2018-19
• DGGI busts exporter companies for defrauding exchequer through fraudulent claims of ITC and cash refund of around Rs. 61 crore
• Piyush Goyal says Trade & economy most important pillars of India – European Union partnership
• DGGI arrested a person for creating and operating fictitious firm and passing fake ITC of Rs 190 crore
Important Updates of the week
• GSTN has enabled new functionality on portal to request same OTP again
• GSTN: EWB generation facility to be blocked for the taxpayers who failed to file GSTR-3B for 2 or more tax period w.e.f. Oct 15, 2020
• GST Tech: Amnesty scheme for GSTR-3B return late fee adjustment ended on Sep 30, 2020; now late fee to be calculated as per the original rules
42nd GST Council Meeting
• Key Highlights of 42nd GST Council Meeting held on Oct 05, 2020
Source: a2ztaxcorp.com
