Important Rulings of the week
• Deduction of ‘actual land-value’ from ‘transaction-value’ not allowed to builder/developer
• Property taxes, notional-interest on deposit influencing ‘supply-value’ do form part of ‘rental-income’, says AAR
• Services provided for conducting examination not to attract GST, says Karnataka AAR
• NAA: Profiteering cases crop up against Subway franchisees
Important Notifications, Circulars, etc.
• CBIC extends the compliance date for issuing invoices for goods sent on approval basis, if falling between March 20, 2020 to October 30, 2020 till October 31, 2020
• CBIC waives the late fees for filing Form GSTR-10 if filed between September 22, 2020 to December 31, 2020
• CBIC waived the late fees for taxpayers having nil tax liability in Form GSTR-4 for the period July 2017 to Mar 2019
• Commissioner of Commercial Taxes, Chennai issues Circular w.r.t Supplementary Instructions for Blocking of Credits under Rule 86A
• Kerala GST Department has issued instructions w.r.t Settlement of Arrears under the Amnesty Scheme, 2020
• DGFT provides for Harmonization of Table 2 of Appendix 3B for exports made w.e.f. 01.01.2020
• Revised ANF – 7A of Appendices and ANFs of Handbook of Procedure 2015-20 published
• Changes in capturing additional details for Certificate of Origin as per Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 in Bill of Entry
• Changes in ICES related to MOOWR and waiver of interest notified by Maharashtra Customs
Important Press Releases of the week
• Borrowing of money to meet GST revenue shortfall
• Government issued advisory to PSBs to moot action against personal guarantors of corporate debtors
Important Updates of the week
• GSTN has issued update on change in navigation of comparison of liability declared and ITC claimed report
• CNBC-TV18: GSTR 9 & GSTR 9C deadline likely to be extended further by 1 month to October 31, 2020
Videos of the week
• Whether Recovery of Expenses by Employers chargeable to GST – Divergent AAR || CA Bimal Jain
• Provisional attachment of Bank A/C is patently illegal if search proceedings concluded || CA Bimal Jain
Source: a2ztaxcorp.com
