WEEKLY UPDATE

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BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS

...thinking of GST, think !

JANUARY 2021 | VOLUME 128

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JANUARY 2021 | VOLUME 128

...thinking of GST, think !

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JANUARY 2021 | VOLUME 128

...thinking of GST, think !

Goods and Services Tax 04

Foreign Trade Policy 06

Income Tax 07

Customs 08

Digital Updates 10

Table of ContentWEEKLY UPDATE

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JANUARY 2021 | VOLUME 128

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UpdateGST

• Jurisdiction of Principal officers has been changed as follows:Sr no Earlier Amended

1 Commissioner (Appeals II) Delhi and Additional Commissioner (Appeals II)

Delhi.

Commissioner (Appeals I) Delhi and Additional Commissioner (Appeals II)

Delhi.2 Commissioner (Appeals I) Mumbai and

Additional Commissioner (Appeals I) Mumbai.

Commissioner (Appeals II) Mumbai and Additional Commissioner (Appeals I)

Mumbai.

[Notification No. 02 /2021 – Central Tax, dated 12th January, 2021]

• Auto populated GSTR-1 will be available for taxpayers who are covered under E-invoicing Scheme. Salient features are given below: 1. Certain notified taxpayers have to prepare and issue e- invoices.2. Upon successful generation of IRN, details of such e-invoices will

be auto-populated in respective tables of GSTR-1. The same can be downloaded as excel file as well.

3. In case the GSTR-1 for corresponding period was already filed by the taxpayer, then, the details from e-invoices can be downloaded as excel file only.

4. The details would be auto - populated based on document date5. Auto-population into GSTR-1 is as follows:

Sr no Type of Supply Auto-populated in

GSTR-1 Table

1 Taxable outward supplies made to registered persons (other than reverse charge) B2B - Table 4A

2 Taxable outward supplies made to registered persons attracting reverse charge B2B - Table 4B

3 Export supplies EXP- Table 6A4 Credit or debit notes issued to registered persons CDNR - Table 9B5 Credit or debit notes issued to unregistered persons CDNR - Table 9B

6. After auto-population of details from e-invoices, in case of cancellation of IRN, such documents will be reflected as deleted in the respective table.

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7. Before filing GSTR-1, taxpayers are advised to review the details of e-invoices auto-populated in specified tables.

8. Taxpayers are advised to modify/update only those documents where the details auto-populated from e-invoices are not as per the actual invoice issued.

9. Taxpayers are required to add details of supplies made in respective tables of GSTR-1, other than those auto-populated from e-invoices.

10. An additional facility of consolidated download of all documents auto-populated from e-invoices is available in GSTR-1 dashboard. For this, one can use ‘Download details from e–invoice (Excel)’ button on GSTR-1 dashboard

11. The excel file downloaded from GSTR-1 dashboard page will have details of all the e-invoices received from Invoice Registration Portal (IRP) including cancelled invoices.

12. Following additional information relating to such e-invoices will also be available:

i. Invoice Reference Number (IRN) – 64 string hashii. Date of Invoice Reference Number (IRN date)iii. e-invoice Status – Valid/ Cancellediv. Date of auto-population/ deletion (in case of cancelled IRN) will be the date when the e-invoice details are auto-populated in GSTR-1 or when the IRN was cancelled. Any subsequent modifications made to the auto-populated documents (in GSTR-1 tables) would not be reflected in this excel file.v. GSTR-1 auto-population / deletion status (either of the following): Auto - populated, Deleted, Auto-population failed, Deletion failed

[Advisory on Advisory on auto-population of e-invoice details into GSTR-1, dated 12th January,2021]

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• Whenever CBIC issues any circular, MGSTD ( Maharashtra Goods and Service Tax department), on its examination, would issue a separate circular regarding its applicability for the implementation of the MGST Act 2017.

It is against the principles since CBIC issued the clarification only after recommendation of GST Council and no one is authorised to change. Therefore, trade and industry association has taken up the matter with PMO office. [Trade Circular No. 01T of 2021, dated 12th January,2021]

UpdateForeign Trade Policy

• DGFT has authorised M/S all India Plastics Manufacturers Association, Gurugram to issue certificate of Origin (Non Preferential). [Public Notice 37/2015-20, dated 8th January,2021]

• United Kingdom (UK) is being added as a country of Export on the Electronic filing and Issuance of Preferential Certificate of Origin (e-COO) Platform

under Generalised Scheme of Preferences (GSP).[Trade Notice No. 37/2020-21, dated 11th January,2021]

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...thinking of GST, think !

UpdateIncome Tax

• The government has introduced the Faceless Penalty Scheme 2021 which will digitise issuing of penalties on assesses under the faceless taxation regime. Scheme specifies the setting up of national faceless penalty centres, regional penalty centres, penalty units and review units for execution of penalty proceedings, such that a penalty order is issued correctly and undergoes review before being issued to an assesses. All communication between units and assesses will be done either via email or through mobile app, while physical hearing will be allowed only with approval from CBDT. [Notification No. 02 /2021, dated 12th January, 2021] [Notification No. 03 /2021, dated 12th January, 2021]

• CBDT has lunched the facility on e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets. The facility allows for filing of complaints by persons who are existing PAN/Aadhaar holders as

well as for persons having no PAN /Aadhaar. After an OTP based validation process (mobile and/or email), the complainant can file complaints in respect of violations of the Income tax Act, 1961, Black Money (Undisclosed Foreign Assets and Income) Imposition of Tax Act, 1961 and Prevention of Benami Transactions Act (as amended) in three separate forms designed for the purpose. [Press Release, Dated 12th January,2021]

• There are many representations received for extension of income tax return filing due dates, but government has already extended the due dates earlier by considering the COVID 19 situation. Hence all the representations for further extension of due dates have been rejected. Based on such order, Hon Gujarat High Court have only recommended to have the liberal view on penalties for late filing the returns and dismiss the petition

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UpdateIncome Tax

filed for extending the due dates of income tax return after going through detailed statistics of filing the returns only on due dates.

[Order under section 119 of Income Tax Act, 1961, Dated 11th January,2021]

UpdateCustoms

• Board has decided to extend the exemption from requirement of furnishing of Bank Guarantee by the carriers for carriage of EXIM cargo for transhipment through foreign territories of Sri Lanka and Bangladesh subject to specified conditions. [Circular No.01/2021-Customs]

• NO updates in SEBI and Companies Act, 2013.

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"...thinking of GST, think !

Sanjo Jendayi

“Greatness is sifted through the grind, therefore don’t despise the hard work now for surely it will be worth it in the end.”

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