View
1
Download
0
Category
Preview:
Citation preview
WEEKLY UPDATE
Emailcorporate@bizsolindia.com
Whastapp Update +91 77 090 41000
Websitewww.bizsolindia.com
by BIZSOLINDIA SERVCES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
...thinking of GST, think BizBizsolsol!
JUNE 2020 | VOLUME 97
2
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
03
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
Goods and Services Tax (GST) 04
Customs 10
Directorate General Of Foreign Trade 15
Recent Webinars 18
Upcoming Webinars 21
Digital Updates 23
Table of ContentWEEKLY UPDATE
4
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UpdateGoods and Services Tax (GST)
Recomendations of 40th GST Council
Reduction in Late Fee for past Returns
• Asameasuretocleanuppendencyinreturnfiling,latefeefornon-furnishingFORMGSTR-3BforthetaxperiodfromJuly,2017toJanuary,2020hasbeenreduced/waivedasunder: - •‘NIL’latefeeifthereisnotaxliability; •MaximumlatefeecappedatRs.500/-perreturnifthereisanytaxliability.
• ThereducedrateoflatefeewouldapplyforalltheGSTR-3Breturnsfurnishedbetween01stJuly2020to30thSeptember2020.
• Forsmalltaxpayers(aggregateturnoveruptoRs.5crore),forthesupplieseffectedinthemonthofFebruarytoApril2020,therateofinterestforlatefurnishingofreturnbeyondspecifieddates(staggeredupto6thJuly2020)isreducedfrom18%p.a.to9%p.a.till30.09.2020.Inotherwords,forthesemonths,smalltaxpayerswillnotbechargedanyinteresttillthenotifieddatesforrelief(staggeredupto6thJuly2020)andthereafter9%interestwillbechargedtill30thSeptember2020.
05
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UpdateGoods and Services Tax (GST)
• TaxpayershavingaggregateturnoveruptoRs.5crore,furtherreliefprovidedbywaiveroflatefeesandinterestifthereturnsinFORMGSTR-3BforthesupplieseffectedinthemonthsofMay,JuneandJuly,2020arefurnishedbySeptember,2020(staggereddatestobenotified).
• TofacilitatetaxpayerswhocouldnotgettheircancelledGSTregistrationsrestoredintime,anopportunityisbeingprovidedforfilingofapplicationforrevocationofcancellationofregistrationupto30.09.2020,inallcaseswhereregistrationshavebeencancelledtill12.06.2020.
[Pressreleasedated12thJune2020]
6
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UpdateGoods and Services Tax (GST)
• NilGSTR3Bcanbefiledthroughshortmessagingservice(SMS).Theprovisionhasbeenactivatedsince8thJune2020.Procedureforfilingisasfollows-
Step SMS to 14409 Receive from VD-GSTIND
InitiateNilFilingNIL<space>3B<space>
GSTIN<space>TaxperiodEx.NIL3B09XXXXXXXXXXXZC052020
123456istheCODEforNilfilingofGSTR3Bfor09XXXXXXXXXXXZCforperiod052020.Code
validity30min.
ConfirmingNilFiling CNF<space>3B<space>CodeEx.CNF3B123456
Your,09XXXXXXXXXXXZC,GSTR3Bfor052020isfiledsuccessfullyandacknowledgedvideARNisAA070219000384.PleaseusethisARNtotrackthe
statusofyourreturn.
Ex.CNF3B123456
Your,09XXXXXXXXXXXZC,GSTR3Bfor052020isfiled
successfullyandacknowledgedvideARNisAA070219000384.PleaseusethisARNtotrackthestatusof
yourreturn.
TofileNILreturnofGSTINforMay2020:NIL3B09XXXXXXXXXXXZC052020ToconfirmNilfiling:CNF3BCODE.Sendto14409Moredetailswww.
gst.gov.in
[NotificationNo.44/2020–CentralTaxdated8thJune2020]
• TheduedatefortransitionfortaxpayersfromtheerstwhileUTofDamanandDiuorintheerstwhileUTofDadraandNagarHavelitomergedUTDamanandDiuandDadraandNagarHaveliisextendedfrom31stMay2020to31stJuly2020.
[NotificationNo.45/2020–CentralTaxdated9thJune2020]
07
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
• Incasewheretherefundapplicationisrejectedpartlyorfullyand notice has been issued and the time limit for issuance of orderfallswithin20thMarch2020to29thJune2020,suchtimelimitforissuanceofordershallbeextendedto15daysfromthereceiptofreplytothenoticefromtheregisteredpersonorthe30thdayofJune,2020,whicheverislater.
[NotificationNo.46/2020–CentralTaxdated9thJune2020]
• IncaseswheretheE-waybillhasbeengeneratedonorbefore24thMarch2020anditsvalidityhasexpiredonorafter20thMarch2020,thevalidityofsuchE-waybillshasbeenextendedtill30thJune2020.
[NotificationNo.47/2020–CentralTaxdated9thJune2020
UpdateGoods and Services Tax (GST)
8
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
Clarification on refund related issues
VideCircularNo.135/05/2020relatingtorefundprocedureitwasclarifiedthatrefundofaccumulatedITCshallberestrictedtotheITCasperthoseinvoices,thedetailsofwhichareuploadedbythesupplierandarereflectedinGSTR2A.Basedonsuchcircular,insomecasesrefundofaccumulatedITCinrespectofITCavailedonImports,ISDinvoicesandRCMhavebeenrejected.NowithasbeenclarifiedtherefundofsuchaccumulatedITCshallbeadmissibleaswasavailablepriortoCircularNo.135/05/2020.
[CircularNo.139/09/2020-GSTdated10thJune2020]
UpdateGoods and Services Tax (GST)
09
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
Clarification in respect of levy of GST on Director’s remuneration
Withthebackgroundofsuchrulingclarificationhasbeenissuedforsmoothbifurcationofservicesprovidedbydirectorasanemployeeandotherservicesprovidedbydirector.Summaryofsameisasgivenbelow:-
UpdateGoods and Services Tax (GST)
Services provided Conditions Applicability of GST
Any director who isnot employee of the company
Services are not in the nature ofemployer-employeerelationship.
Company is liable to pay GST under reversechargemechanism.
Director who isemployee
1. Remuneration is declared as salary in books of accountsand income tax is deductedu/s192oftheIncomeTaxAct,1961.
2. Such services are in natureof employer- employee
GSTisnotapplicableonsuchremuneration
Other servicesprovidedbydirectors
1. Consideration is declaredseparatelyandnotassalary.
2. Incometaxdeductedu/s194JoftheIncomeTaxAct,1961.
3. Servicesarenotinthenatureof employer- employee relationship.
Company is liable to pay GST under reversechargemechanism.
[CircularNo140/10/2020–GSTdated10thJune2020]
10
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
• CustomsdutyapplicableonBambooforuseinthemanufactureofAgarbattihasbeenincreasedfrom10%to25%andthesamehasbeenappliedacrossallcategoriesofBamboo.
[NotificationNo.27/2020-Customsdated9thJune2020]
• Anti-dumpingdutyhasbeenimposedon1-phenyl-3-methyl-5-pyrazolonehavingcountryoforiginorexportsasPRChina.Amountofdutypayableisdifferencebetweenamountspecifiedandlandedvalueofthegoods.
[NotificationNo.13/2020-Customs(ADD)dated9thJune2020]
• Anti-dumpingdutyhasbeenimposedonFlexibleSlabstockPolyolofMolecularweight3000-4000pyrazolonehavingcountryoforiginorexportsasSingapore.Amountofdutypayableisbasedonproducer.
[NotificationNo.14/2020-Customs(ADD)dated9thJune2020]
• Anti-dumpingdutywasapplicableonNylonTyreCordFabric(NTCF)fallingunderChapter59originatingin,orexportedfromthePeople’sRepublicofChinatill12thJune2020.Nowthesamehasbeenextendedtill11thDecember2020
[NotificationNo.15/2020-Customs(ADD)dated10thJune2020]
UPDATECUSTOMS
011
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATECUSTOMS
• InlightofsmoothtransitiontowardsfacelessassessmentinCustoms,properofficershavebeenspecifiedasfollows:-
Sr. No. Proper Officer Function
1. SuperintendentofCustoms,GSTandCentralExciseorAppraiser
1. Verify the self-assessment done by importer or exporter
2. Requiretheimporter,exporteroranyotherpersonto produce any document or information
3. Re-assessthedutyleviableonsuchgoods
2. DeputyCommissionerorAssistantCommissionerofCustoms
1. Passaspeakingorderonthere-assessment,withinfifteendaysfromthedateofre-assessmentofthebillofentryortheshippingbill,asthecasemaybe.
2. Directthatthedutyleviableongoodsbeassessedprovisionallyiftheimporterortheexporterisunabletomakeself-assessment.
[NotificationNo.50/2020-Customs(N.T.)dated5thJune2020]
• JurisdictionalCommissionersofCustoms(Appeals)atBengaluruandChennaitotakeupappealsfiledinrespectofFacelessAssessmentspertainingtoimportsmadeintheirjurisdictionseventhoughtheassessingofficermaybelocatedattheotherCustomsstation
[NotificationNo.51/2020-Customs(N.T.)dated5thJune2020]
12
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATECUSTOMS
Ease in roll out of Faceless Assessment on All India basis
FacelessAssessmentGroupsandPortAssessmentGroups(initiallyatBengaluruandChennai)tobesetupatallCustomsportwithfunctionsasfollows:-
• Consist of Appraisers/Superintendents and AssistantCommissioners/Deputy Commissioners for verification ofassessmentofanybillofentrythatisassignedtothisgroupintheCustomsAutomatedSystem.
• Principal Chief Commissioners/Chief Commissioners ofCustomsmaydecideonthetotalnumberofofficers
• AppraisingGroupcurrentlylocatedineachportofimportforverificationoftheassessment.
• HandleallotherfunctionspertainingtothebillsofentrywhicharenotmarkedtotheFacelessAssessmentGroup
013
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATECUSTOMS
TurantSuvidhaKendrastobesetupatallCustomsportwithfunctionsasfollows:-
• FacilitatethetradeincompletingvariousformalitiesrelatingtotheCustomsassessmentlocallyattheportofimport.
• AcceptBondorBankGuarantee;• CarryoutanyotherverificationsthatmaybereferredbytheFacelessAssessmentGroups;
• Defacingofdocuments/permitslicences,whereverrequired;• Debitofdocuments/permits/licences,whereverrequired;and• Other functions determined by Commissioner to facilitatetrade.
Responsibilities of the Nodal Commissioners have also beenspecified.
14
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATECUSTOMS
Procedure for Verification of Assessment of Bill of Entry byFacelessAssessmentGroupisasfollows:
[InstructionNo.09/2020-Customsdated5thJune2020andCircularNo.28/2020-Customsdated5thJune2020]
015
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATEFOREIGN TRADE POLICY
Earlierextensionwasgrantedinimportvalidityperiodandexportobligationperiodforexistingadvanceauthorizations(AA)/DFIAexpiringfromFebruary2020toJuly2020.
In some cases, revised updated import validity and exportobligationisnotavailableontheICEGATE.Suchindividualsmayapproach theDGFTRAwithemail/ letter request forcarryingoutamendment in theAA/DFIA.DGFTRAwill transmitsuchmessagetoDGFT/ICEGATEserver.
ThoseAAswhere1stand2ndre-validationorEOextensionisgranted,shallsubmitarequestlettertoRAalongwithdetailsofcase.[PolicyCircularNo.35/2015-20]
Amendment in Hand Book of Procedures of Foreign Trade Policy 2015-20
• Export authorization including for SCOMET items may berevalidatedfor6monthsatatimeandmaximumfor12monthsbyDFGTheadquartersinsteadofconcernedRAasspecifiedearlier.
[PublicNoticeNo.10/2015-20dated8thJune2020]
16
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
UPDATEFOREIGN TRADE POLICY
• ConsideringthecurrentCovid-19crises,exportsofspecifieddiagnosticskits,reagentsandenzymeshasbeenrestricted.
• List of variousSCOMET items has been updated.New listincludes technology and software of existing specifiedchemicals. Further, more chemicals have been added withadditionalspecifications
• HumanEmbryos/Gametes/GonadtissuesareFreeforexportsubjecttoNoobjectioncertificateforIndianCouncilofMedicalResearch.
[NotificationNo.9/2015-20dated10thJune2020]
[NotificationNo.10/2015-20dated11thJune2020]
[NotificationNo.11/2015-20dated12thJune2020]
017
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
Henry David Thoreau
“Success usually comes to those who are too busy to be looking for it.”
18
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolRecent Webinars
WatchNow WatchNow
WatchNow
019
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolRecent Webinars
WatchNow WatchNow
WatchNow WatchNow
20
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolRecent Webinars
WatchNow
WatchNow WatchNow
Subscribe
021
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolUpcoming Webinars
22
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolUpcoming Webinars
CLICK HERE TO REGISTER
023
JUNE 2020 | VOLUME 97
...thinking of GST, think Bizsol!
#DigitalBizsolINTRODUCINGPODCAST
Tap To Listen Now On!
Coming Soon On!
Emailcorporate@bizsolindia.com
Whastapp Update +91 77 090 41000
Websitewww.bizsolindia.com
Recommended