JDK Consultants - Advocates & Tax Consultants

06/05/2020

28/04/2020

18/04/2020

Amrit Dalmia

15/04/2020

vide Serial No. 4 of Circular No. 137/07/2020-GST dated 13-04-2020, has clarified that of goods &/or services can be made without payment of IGST, if LUT for FY 2020-21 is furnished on or before 30-06-2020.

Notification No. 37/2017-Central Tax, dated 04-10-2017, requires to be furnished for a Financial Year to export goods &/or services without payment of IGST. However, in terms of Notification No. 35/2020-Central Tax dated 03-04-2020, where the requirement under the Law for furnishing of any report, document, return, statement or such other record falls during between the period from 20-03-2020 to 29-06-2020, has been extended till 30-06-2020.

Therefore, in terms of Notification No. 35/2020-Central Tax, time limit for filing of LUT for the FY 2020-21 shall stand extended to 30-06-2020 and the taxpayers can continue to export goods &/or services without payment of under LUT provided that the FORM GST RFD-11 for FY 2020-21 is furnished on or before 30-06-2020. Taxpayers may quote the reference number of the LUT for the FY 2019-20 in the relevant documents.

14/03/2020

Key Highlights of 39th GST Council Meeting - Law and Procedure Related Changes [Source : Press Release dated March 14, 2020]

1) Interest for delay in payment of GST to be charged on Net Cash Tax Liability w.e.f. 01-07-2017 [Law to be amended retrospectively];

2) Relaxation to MSMEs [having aggregate turnover below INR 5 Crores] from furnishing Reconciliation Statement in Form GSTR-9C for the FY 2018-19;

3) Due date for filing the Annual Return [in Form GSTR-9] and the Reconciliation Statement [in Form GSTR-9C] for FY 2018-19 to be extended to June, 30 2020 [from March 31, 2020];

4) Certain class of Registered Persons [Insurance Company, Banking Company, Financial Institution, Non-Banking Financial Institution, GTA, Passenger Transportation Service etc.] to be exempted from issuing e-invoices or capturing dynamic QR code;

5) The dates for implementation of e-invoicing and QR Code to be extended to 01-10-2020;

6) Continuation of existing system of furnishing Form GSTR-1 and Form GSTR-3B till September 2020; and

7) Extension of the present exemptions from IGST and Cess on the Imports made under the AA/EPCG/EOU Schemes up to 31-03-2021.

12/03/2020

As per the recent tweet of CNBC-TV 18, the Government sources tell that the GST Council is likely to recommend the following in its next meeting to be held on March 14, 2020:

1) GST Council Law Committee is likely to recommend extending deadline of filing of GSTR-9 & GSTR-9C for the FY 2018-2019 from March 31, 2020 to June 30, 2020;

2) Law Panel may reconsider increasing the minimum threshold for filing of GSTR-9 & 9C for the FY 2018-2019 to INR 5 Crores and above from the existing limit of INR 2 Crores and above;

3) The GST Council is likely to approve seeking detailed banking information of taxpayers, the Centre to seek Council’s approval to notify the new proposal, further the information to be sought to include the transaction of purchase, sale or exchange of goods or property and/or interest in a property;

4) Centre proposes to insert a new Rule in CGST Rules, 2017 providing for display parameters in respect of an existing GST Identification Number;

5) GST Council is likely to bring in a new scheme for the rating of suppliers; and

6) GST Council may bring tax certainty for Brand Owners of Alcoholic Beverage, wherein surplus earned by Brand Owners after paying to Bottling Units should be treated as Profit.

04/03/2020

JDK Update:

LUT [For Export of Goods/Services without IGST] for FY 20-21 is now available for e-Filing in the GST Common Portal.

01/03/2020

The Hon'ble Supreme Court has dismmissed the SLP filed by Union of India against the judgement of Hon'ble P&H High Court in the case of Adreft Technologies, allowing Transitional Credit denied for non submission of Tran 1 due to system glitches.

10/02/2020

JDK Update:

SC refuses to interfere with Raj HC's Order, directing Revenue to accept GSTR-9/9C without late fee till Feb 12.