GST NEWS BULLETIN

Major GST Changes Proposed in the Budget 2021-22

The Finance Minister has proposed some major changes in the Budget relating to GST which are listed below :

• Sub-section (5) of section 35 of the CGST Act is being omitted so as to remove the mandatory requirement of getting annual accounts audited and reconciliation statement submitted by specified professional.

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GSTN Enabled New Options for Quarterly Return Monthly Payment (QRMP) Scheme on GST Portal

Taxpayers filing GSTR-3B on quarterly basis under the QRMP scheme and intending to make payment for first and second months of the quarter, such taxpayers are required to select reason as Monthly Payment for quarterly return (GSTR-3B).

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GST Revenue Collection For The Month of January, 2021

Ministry of Finance declared the gross GST Revenue details on 31st January, 2021 for the month of January, 2021. The gross GST revenue for the month of January, 2021 stood at ₹ 1,19,847 crores. The GST revenues during the past 4 months have been continuously in excess of ₹ 1 lakh crore.

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DGFT Introduced Online E-Tariff Rate Quota System For Imports

The DGFT issued Trade Notice No. 40/2020-2021 dated February 04, 2021 introducing online e-Tariff Rate Quota System for Imports.

On the basis of Customs Notifications as applicable, DGFT allocates quota for import of items under the Tariff Rate Quota (TRQ) as per para 2.61 and para 2.107 of the Handbook of Procedure (2015-20). Applications for the TRQ scheme are currently being submitted through the Restricted Item Import Licencing e-Com module.

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