Important Judgment, Rulings of the week
• Assessee allowed for monthly instalment facility to pay the tax liability with interest
• Service Tax liability of demerged undertakings cannot be fastened on assessee upon merger
• NAA holds McDonald’s franchisee Hardcastle Restaurants guilty of Profiteering
• GST not exigible for sale of flats after issuance of Completion Certificate
• Consultancy service provided by Japan based company, having fixed establishment in India is not liable for RCM under ‘import of service’
Important Notifications of the week
• CBIC appoints January 1, 2021, as date on which various sections of Finance Act, 2020 shall come into force
• Waiver of late fee for delay in furnishing Form GSTR-4 for FY 2019-20 for the registered person having
principal place of business in Ladakh
• New grounds for cancellation of registration under GST
• No opportunity of being heard to taxpayers for suspension of registration
• Time limit increased for grant of GST registration from 3 to 7 working days
• Restricting use of ITC amount for discharging output tax liability in GST
• Rule 36(4) amended to reduce ITC entitlement for invoices not furnished by supplier from 10% to 5%
• Validity of e-way bill narrowed by increasing distance from 100 km. to 200 km. per day
• Person whose registration has been suspended is now restricted from furnishing PART A of E-Way Bill
• New Form GST REG-31 notified for “Intimation for suspension and notice for cancellation of registration”
• Cancellation of registration under Rule 22 of the CGST Rules aligned with newly inserted sub-rule (2A) of Rule 21A
• Biometric based Aadhaar authentication/verification process for GST registration
• Blocking of GSTR-1 in case of non-filing of GSTR-3B of preceding two months/preceding tax period
• DGFT Synced HS codes in ITC (HS) 2017- Schedule I – Import Policy with the Finance Act, 2020
Important Circulars, Public Notice of the week
• MGST Department issued General Procedure for GST Audits u/s 65 of the MGST Act, 2017
• Karnataka GST Department issued procedure and guidelines on e-Shodane under KGST Act, 2017
• DGFT amended Handbook of procedure 2015-2020 for modification of PAN based IEC
Important Press Release of the week
• 8th Instalment of Rs. 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall
Important Updates of the week
• CBIC: Myths v. Facts w.r.t Notifications issued on 22.12.2020 to curb GST fake invoice frauds
• E-way bill portal has enabled generation of e-way bills by Transporters for e-invoices
• GSTN: Communication between Recipient and Supplier Taxpayers on GST Portal
• GSTN issued FAQ’s on communication between Recipient and Supplier Taxpayers
Our Article of the week
• Gist of important changes made in the CGST Rules, 2017 vide Notification issued on December 22, 2020
Videos of the week
• Blocking of GST ITC Ledger by GST Dept is in violation of Natural Justice || CA Bimal Jain
• New Rule 86B is restricting amount of GST ITC to be utilized towards payment of taxes || CA Bimal Jain
• 5% capping on GST Credit to be availed on Invoices not furnished by Suppliers U/R 36(4) || CA Bimal Jain
• Now, GST Registration to be granted in 7 & 30 Working Days in different situations || CA Bimal Jain
• No opportunity of being heard for suspension of GST Registration || CA Bimal Jain
• When GST Registration can be cancelled by Proper Officer in GST || CA Bimal Jain
Source: a2ztaxcorp.com
