Important Judgments of the week
• Assessee can rectify or revise Form GSTR-3B or GSTR-1
• GST implementation being a “change in law” qualify as a force majeure event
• Supreme Court: Period from 15.03.2020 to 14.03.2021 to be excluded from limitation period because of Covid-19
• Time period for claiming refund of excess Service Tax paid under TRAN-1, to be counted from date of its reversal
• No bar on investigation by different officers independently investigating different matters without any overlapping
Important Notifications, Circular, etc.
• GSTIN not mandatory for MSME Udyam Registration
• E-invoicing mandatory for taxpayers having turnover more than INR 50 Cr. w.e.f. April 1, 2021
• Haryana Govt. extended the time limit for completion/compliance of actions upto March 31, 2021
• Various clarification on refund related issues
• Instructions w.r.t. testing of imported food products at FSSAI notified laboratories
• Karnataka Budget 2021-22 aims at reducing financial burden on common people; no additional tax burden due to COVID-19 pandemic
• Govt. of Delhi issued measures for increasing revenue mobilization and achieving annual targets
Important Press Releases of the week
• 19th Instalment of Rs. 2,104 crore released to the States on Monday, March 08, 2021
• Financial aid to states to meet GST compensation
• Udyam Portal, a roaring success with enterprises, crosses 25 lakh registrations
• Details of Central Taxes collected by the Union Government
• Major reforms implemented to boost domestic manufacturing
• 378 SEZs are presently notified, out of which 265 are operational
Important Updates of the week
• GSTN enabled the “RESET” option in GSTR 1/IFF on the GST portal
• GSTN enabled an option to file an online application for rectification of orders
• GSTN enabled new functionality to search HSN/SAC by Name or Code
• GSTN issued an advisory on Selection of Core-Business
• GSTN issued module wise new functionalities deployed on the GST Portal for taxpayers
• GSTN issued updated FAQs and User Manuals w.r.t. tracking of refund status
• Updated FAQs and User Manual w.r.t. registration application for normal taxpayer
• Updated FAQs w.r.t. amendment of registration-core and non-core fields
• A list of GSTINs generating IRN has been issued by NIC
• UP VAT: Interest waiver Scheme 2021
Our Article of the week
• Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021
Videos of the week
• Compulsorily mentioning of 4/6 Digit HSN/SAC Code-Goods/Services w.e.f April 1, 2021 || CA Bimal Jain
• GSTR 1 or GSTR 3B can be Rectified or Revised || CA Bimal Jain
Source: a2ztaxcorp.com
