Latest Notification and Circular Updates in GST by Vishwanath Bhat

Latest Notification & Circular in GST Vishwanath Bhat Cost Accountant Treasurer SIRC , I C A I 9448357102

Notification from 1/4/2020 Date Particulers N0 42/2020 5/5/2020 Seeks to extend the due date for furnishing FORM GSTR-3B, Jan-March, 2020 returns for the taxpayers registered in Ladakh. 41/2020 5/5/2020 Seeks to extend the due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 30th September, 2020. 40/2020 5/5/2020 Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020. 39/2020 5/5/2020 Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process .

Notification from 1/4/2020 N0 Date particulers 38/2020 5/5/2020 Seeks to make fifth amendment (2020) to CGST Rules. 37/2020 28/4/2020 Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017. 36/2020 3/4/2020 Seeks to extend due date for furnishing GSTR-3B for supply made in the month of May 2020. 35/2020 3/4/2020 Seeks to extend due date of compliance which falls during the period from 20th March 2020 to 29th June 2020 and the validity of the e-way bills.

Notification from 1/4/2020 Date Particulers N0 34/2020 3/4/2020 Seeks to extend due date of furnishing GST CMP-08 for the quarter ending March 2020 and GSTR-4 fr the FY 2019-20. 33/2020 3/4/2020 Seeks to provide relief by conditional waiver of late fee for delay in furnishing outward statement in GSTR-1 for tax periods of February 2020 to April 2020. 32/2020 3/4/2020 Seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in GSTR-3B for tax periods of February 2020 to April 2020. 31/2020 3/4/2020 CGST Rules (Fourth Amendment) to allow more time for opting into Composition Scheme for FY 2020-21 and cumulative application of condition in rule 36(4). 30/2020 3/4/2020 CGST Rules (Fourth Amendment) to allow more time for opting into Composition Scheme for FY 2020-21 and cumulative application

Circulars From 1/04/2020 Date Particulars SlNo 138/08/2020 06/05/2020 Seeks to clarify 'issues in respect of challenges faced by the registered persons in implementation of provisions of GST Laws'. 137/07/2020 13/04/2020 Circular clarifying issues in respect of challenges faced by registered persons in implementation of provisions of GST issued - Reg 136/06/2020 03/04/2020 Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) - Reg

E-invoicing: Date for implementation of e-invoicing extended from 01.04.2020 to 01.10.2020.

Refunds: ITC refund will not be allowed in respect of invoices not uploaded by the Vendor. Going forward, invoice copies would not be entertained by officials for processing the refund application where, supply details are not uploaded. GST refund received for export of goods needs to be repaid in case export proceeds are not realised within a period of 9 months or such extended period from the date of export. (Where the sale proceeds are realised in full or part, after the amount of refund is recovered and evidence of realisation is produced within 3 months from realisation, amount of refund to the extent of realisation, would be refunded to the exporter provided, sale proceeds are realised within extended period)

Refunds: Meaning of turnover of zero-rated supply of goods amended to restrict the export turnover value to 1.5 times of value of like goods supplied domestically by same or similarly placed supplier. Refund claims pertaining to different financial years can be clubbed and single application can be filed for the same. Refund claimed in respect of tax paid wrongly or paid in excess shall be refunded / re-credited to the applicant in the manner and in the proportion in which such amount was paid provided such refund is found admissible. Before this amendment, such refunds were entirely paid in cash.

Refunds: Refund claimed in respect of tax paid wrongly or paid in excess shall be refunded / re-credited to the applicant in the manner and in the proportion in which such amount was paid provided such refund is found admissible. Before this amendment, such refunds were entirely paid in cash. Advance Authorisation holders or EOU / STP units availing exemption only from Basis Customs Duty and paying IGST and Compensation Cess can export on payment of IGST and claim refund of the same.

ITC 110 % As per the existing provision, the amount of input tax credit availed on invoices / debit notes in the return (GSTR-3B) shall be restricted to 110% of the ITC available in the GSTR-2A. Considering the relaxation provided for filing GSTR-1 to suppliers, Government has relaxed the above condition for March, April, May, June, July and August 2020. However, while filing GSTR-3B for September 2020, the ITC shall be restricted to 110% of the ITC available in GSTR-2A on cumulative basis.

Relaxation towards stamp paper. Relaxation notarised stamp paper. Instead, undertaking needs to be given on the importers letter head signed by authorised commitment should be given that notarised stamp paper would be given on or before 07.05.2020. from furnishing of bond on signatory. Also,

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