Article highlights/ analyses Important Judgments of the week related to GST, Important Notifications, Circulars etc. of the week relevant to GST, Important Press Releases of the week related to GST, Other Important update related to GST, Important Notifications, Circulars of the week related to Income Tax, Important Press Releases of the week related to Income Tax and Other Important update related to Income Tax.
The CBIC issued Instruction vide F. No. 276/262/2015-CX.8A (Pt. III) dated October 27, 2020 regarding residual action by CGST Commissionerates in respect of the adverse orders of Hon’ble High Courts, wherein the taxpayer is assigned to respective State tax administration.
The CBIC vide Notification No. 80/2020- Central Tax dated October 28, 2020 amended Notification No. 41/2020- Central Tax dated May 5, 2020 to extend the due date for furnishing of Form GSTR 9 and 9C for FY 2018-19 till December 31, 2020.
The CBIC vide Circular No. 48/2020-Customs dated October 27, 2020 issued Clarification on manufacturing and other operations undertaken in bonded warehouses under Section 65 of the Customs Act, 1962.
The DGFT issued Trade Notice No. 32/2020-2021 dated October 28, 2020 for submission of data to Remission of Duties and Taxes on Exported Products (RoDTEP) Committee.wback Division, CBIC, Department of Revenue, may be contacted at 011-23360581.
5. DGFT issued Trade Notice for Linking/Registration of IECs in the new revamped DGFT Online environment
The DGFT issued Trade Notice No. 33/2020-2021 dated October 28, 2020 for Linking/Registration of IECs in the new revamped DGFT Online environment.
Jammu and Kashmir Government vide Notification SO- 325 to 328 all dated October 23, 2020 modified Notification SRO 521/2017 and SRO 519/2017 both dated December 21, 2017 and SRO 431/2018 dated September 25, 2018 to allow industrial units to file their claims under Budgetary Support Scheme (Scheme) before the concerned jurisdictional officer by or before December 31, 2020.
Inserted third proviso to clause 5.1 of the Jammu and Kashmir Reimbursement of Central Taxes, State tax and Integrated tax for promotion of Industries in the State of Jammu and Kashmir:
“Provided further that the industrial unites which has failed to file their claims up to the period 31st December, 2019 can also avail the benefit of the Scheme subject to the condition that they had filed all their due returns up to the month of August, 2020. All such Industrial units shall file their claims before the concerned jurisdictional officer by or before 31st December, 2020”
Notification SO- 325 dated October 23, 2020 can be accessed at: http://www.jakfinance.nic.in/SOs/SO_2020/SO-325%20dated%2023.10.2020.pdf
Notification SO- 326 dated October 23, 2020 can be accessed at: http://www.jakfinance.nic.in/SOs/SO_2020/SO-326%20dated%2023.10.2020.pdf
Notification SO- 327 dated October 23, 2020 can be accessed at: http://www.jakfinance.nic.in/SOs/SO_2020/SO-327%20dated%2023.10.2020.pdf
Notification SO- 328 dated October 23, 2020 can be accessed at: http://www.jakfinance.nic.in/SOs/SO_2020/SO-328%20dated%2023.10.2020.pdf
As per the recent tweet of CBIC, the CBIC has released a guidebook for Faceless Assessment to assist the concerned stakeholders in the successful implementation of Faceless Assessment across the country.
The Complete E-Book can be accessed at: https://taxguru.in/custom-duty/guidebook-for-faceless-assessment.html
i. E-Invoice System is enabled on Trial sites( for APIs & Offline tools) for taxpayers with PAN based turnover more than Rs. 100 Cr. in a financial year (https://einv-apisandbox.nic.in, https://einvoice1-trial.nic.in).
ii. New API for Get e-Waybill Details for a given IRN ‘Get e-Waybill Details by IRN’ is made available in the Sandbox, Please refer to the API documentation here.
Read Announcement on website dated 29.10.2020 here- https://taxguru.in/goods-and-service-tax/gst-e-invoice-system-enabled-taxpayers-turnover-exceeding-rs-100-cr.html
A Composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS, apart from filing it through online mode, on GST Portal.
The GSTN has issued Frequently Asked Question (“FAQ”) on the filing of Nil Form GST CMP-08 through SMS on the GST Portal.
The Complete FAQ can be accessed at: https://taxguru.in/goods-and-service-tax/filing-nil-form-gst-cmp-08-sms-faqs.html
The Complete FAQ can be accessed at: https://taxguru.in/custom-duty/manufacture-operations-customs-warehouse-faqs.html
The government has extended the last date for availing the direct tax dispute resolution scheme till December 31, 2020, the finance ministry notified on Tuesday.
The Notification, Circular and Press Release can be accessed at:
|Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020||Circular No. 18/2020-Income Tax||28/10/2020|
|Govt. extends cut-off/payment date date under Vivad se Vishwas||Notification No. 85/2020-Income Tax||27/10/2020|
|Payment Date Extended for Vivad se Vishwas Scheme||NA||27/10/2020|
The CBDT vide Notification No. 87/2020 dated October 28, 2020 notified the Equalisation levy (Amendment) Rules, 2020 to further amend the Equalisation levy Rules, 2016.
The CBDT vide Notification No. 88/2020 dated October 29, 2020 extended the due dates of Income Tax Returns and Audit Reports for AY 2020-21.
The CBDT vide Circular No. 18/2020 dated October 28, 2020 issued Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020.
CBDT has issued refunds of over Rs. 1,26,909 crore to more than 39.14 lakh taxpayers between April 01, 2020 to October 27, 2020
As per the recent tweet of Income Tax India, the CBDT issues refunds of over Rs. 1,26,909 crore to more than 39.14 lakh taxpayers between April 01, 2020 to October 27, 2020.
Income tax refunds of Rs. 34,532 crore have been issued in 37,21,584 cases & corporate tax refunds of Rs. 92,376 crore have been issued in 1,92,409 cases.
Source from: https://twitter.com/IncomeTaxIndia/status/1321368321497853952
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