Important Judgments, Rulings of the week
• Principle of unjust enrichment not applicable to pre-deposit made under protest during pendency of the appeal
• Penalty, forfeiture of deposit and liquidated damages not liable to Service Tax
• No ITC on temporary structure created for wedding and other banquet functions
• Supply of un-assembled parts and components to railways are not classifiable under Chapter 86 for lower rate of GST
Important Notifications, Circulars, etc.
• CBIC amended Notification No. 57/2000-Cus dated 08.05.2000 so as to align it with the change in customs duty on import of gold and silver
• CBIC issued notification to exempt gold and silver (and their dore) imported under export promotion schemes from AIDC
• INR 1,000/- to be levied on handling of mismatch between Shipping Bill and GST returns in Customs Automated System
• Interim measure for sanctioning pending IGST refunds in case of GSTR-1 and GSTR-3B mismatch error extended for all Shipping Bills filed upto March 31, 2021
• CBIC issued Circular for extension of alternate mechanism for resolving invoice mis-match errors (SB005) in respect of all shipping bills
• Dept. of Commercial Taxes of Rajasthan issued Order on authorization for filing appeal before GST Appellate Tribunal
• DGFT inserted provision for verification of the exporters declaration (self-certification basis) on the Rules of Origin under GSP Scheme
• DGFT introduced online e-Certificate Management System for Imports
• Trade Notice on online issuance of Certificate of Origins (Non-Preferential) through Common Digital Platform w.e.f. 01.04.2021
• The Government introduced ‘The Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021’ for abolition of certain tribunals
Important Press Releases of the week
• 16th Instalment of Rs. 5,000 crore released to the States to meet the GST compensation shortfall
• 17th Instalment of Rs. 5,000 crore released to the States to meet the GST compensation shortfall
• PIB issued statistics of India’s Foreign Trade for the month of January 2021
Important Updates of the week
• GSTN issued user guide on how to register DSC with the GST Portal
• A list of GSTINs has been issued by NIC for whom e-invoicing is mandatory
• GSTN enabled functionality to furnish Letter of Undertaking (LUT) for Financial Year 2021-2022
• GSTN: Know more about QRMP scheme and how to furnish details in IFF
Our Articles of the week
• GST Charcha on Union Budget 2021: A new condition introduced to avail Input Tax Credit
• GST Charcha on Union Budget 2021: GST Audit by professionals scrapped?
• GST Charcha on Union Budget 2021: Interest leviable only on Net Tax Liability?
• GST Charcha on Union Budget 2021: Changes in scope of zero-rated supplies
• GST Charcha on Union Budget 2021: Can GST department provisionally attach Property/Bank Account of any Person?
• GST Charcha on Union Budget 2021: Recovery of self-assessed tax
Source: a2ztaxcorp.com
