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WEEKLY UPDATE
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
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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
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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.
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UpdateGoods and Services Tax (GST)
• TaxpayershavingaggregateturnoveruptoRs.5crore,furtherreliefprovidedbywaiveroflatefeesandinterestifthereturnsinFORMGSTR-3BforthesupplieseffectedinthemonthsofMay,JuneandJuly,2020arefurnishedbySeptember,2020(staggereddatestobenotified).
• TofacilitatetaxpayerswhocouldnotgettheircancelledGSTregistrationsrestoredintime,anopportunityisbeingprovidedforfilingofapplicationforrevocationofcancellationofregistrationupto30.09.2020,inallcaseswhereregistrationshavebeencancelledtill12.06.2020.
[Pressreleasedated12thJune2020]
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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]
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• 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)
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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)
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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]
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• 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
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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]
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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
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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.
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UPDATECUSTOMS
Procedure for Verification of Assessment of Bill of Entry byFacelessAssessmentGroupisasfollows:
[InstructionNo.09/2020-Customsdated5thJune2020andCircularNo.28/2020-Customsdated5thJune2020]
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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]
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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]
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Henry David Thoreau
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