GST NEWS BULLETIN
CBIC Issued SOP for Extension of Time Limit to Apply for Revocation of Cancellation of Registration.
The CBIC vide its Circular No. 148/04/2021-GST dated 18th May 2021, has provided Standard Operating Procedure (SOP) for uniform implementation of the provision of extension of time limit to apply for revocation of cancellation of registration in FORM GST REG-21 beyond 30 days.
CBIC Eases Norms on Grant of Refund, Introduced Refund Withdrawal Form
The Central Board of Indirect Taxes & Customs (CBIC) has issued Notification No.15/2021 – Central Tax, dated 18th May 2021 for notifying CGST (Fourth Amendment) Rules. The notification specifies the following major amendments :
GSTN Issues Advisory for Generation of GSTR-2B for April 2021
Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers. Notification No. 12/2021-CT and 13/2021-CT, both dated 1st May 2021 extended the Due date of GSTR-1 and IFF for April 2021 to 26th and 28th May 2021, respectively. Consequently, GSTR-2B for April 2021 will be generated after the Due dates i.e., on 29th May 2021.
Relaxation in Procurement Rules for Containment of COVID-19 Pandemic
The Government of India has exempted the public procurement of supplies required for containment of COVID-19 global pandemic from the applicability of Public Procurement (Preference to Make in India) Order, 2017. The order issued by Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry says that the aforesaid exemption shall be applicable till 30.09.2021.
GST Council to Meet on 28th May 2021
The Goods and Services Tax Council (GST) will meet on 28th May 2021 after a gap of more than six months as country is battling the ferocious second Covid-19 wave. Several states had urged Union Finance Minister Nirmala Sitharaman to convene a GST Council meeting at the earliest, to rework compensation shortfall and borrowing requirement and provide tax relief on Covid-19 related goods.