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.

Page Contents

A. Important Judgments of the week related to GST

1. Writ admitted for examining validity of provisions restricting ITC on construction of building for letting out on rent

2. Denial of refund of IGST to Advance-Authorisation holders is valid but operates prospectively w.e.f October 23, 2017

B. Important Notifications, Circulars etc. of the week related to GST

1. CBIC instructs to make UOI a Respondent in GST related petitions

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.

2. CBIC issued notification to extend the due date for furnishing GSTR-9 and 9C for FY 2018-19 till 31.12.2020

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.

3. CBIC issued Circular on manufacturing and other operations undertaken in bonded warehouses under Section 65 of the Customs Act

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.

4. DGFT issued Trade Notice for submission of data to RoDTEP Committee

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.

6. J&K Government extended last date for filing of claims under Budgetary Support till Dec 31, 2020

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

C. Important Press Releases of the week related to GST

1. CGST officials bust racket for generating fraudulent input tax credit through fake billing of around Rs 1,278 crore

2. Detection of evasion of customs duty by exporter on export of Iron Ore Fines; recovery of customs duty more than Rs. 8 Crore

3. DGGI Gurugram arrests man for forging input tax credit of around Rs 392 crore

4. Shri Piyush Goyal: Futuristic vision combined with decisiveness has provided India with a solid Startup ecosystem

5. GIFT IFSC prescribes framework for listing of Depository Receipts

D. Important Updates of the week related to GST

1. CBIC has released a guidebook for Faceless Assessment

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

2. GST: E-invoicing system enabled for taxpayers having turnover > INR 100 cr

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

3. Filing NIL Form CMP-08 statement through SMS on GST Portal

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.

Read Details here: https://taxguru.in/goods-and-service-tax/composition-taxpayers-file-nil-statement-sms.html

4. GSTN issued FAQ on filing nil Form GST CMP-08 through SMS

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

5. CBIC issued FAQ on Manufacture and Other Operations in Customs Warehouse

The Complete FAQ can be accessed at: https://taxguru.in/custom-duty/manufacture-operations-customs-warehouse-faqs.html

E. Important Income Tax Notifications, Circular of the week

1. Govt extends last date for availing direct tax dispute resolution scheme till December 31, 2020

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

2. CBDT notified Equalisation Levy (Amendment) Rules, 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.

3. CBDT issued notification for extension of due date of furnishing of Income Tax Returns and Audit Reports

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.

4. CBDT issued clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020

The CBDT vide Circular No. 18/2020 dated October 28, 2020 issued Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020.

F. Important Press Releases of the week related to Income Tax

1. Income Tax Department conducts searches in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa

2. Income Tax Department conducts searches in Tamil Nadu

3. Income Tax Department conducts searches in Uttar Pradesh

4. Income Tax Department conducts searches in Bihar

5. Income tax exemption for payment of deemed LTC fare for non-Central Government employees

G. Important Updates of the week related to Income Tax

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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About us: A2Z TAXCORP LLP is a boutique Indirect Tax firm having professionals from Multi disciplines which includes Goods and Services Tax (GST), Central Excise, Custom, Service Tax, VAT, DGFT, Foreign Trade Policy, SEZ, EOU, Export – Import Laws, Free Trade Policy etc.

DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this weekly newsletter are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this weekly newsletter nor for any actions taken in reliance thereon.

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