GST NEWS BULLETIN
Advisory for taxpayers regarding generation of E-way bill where the principal supply is supply of services
CBIC has issued an advisory dated 16-09-2021, for the taxpayers on generation of E-way bill in case of composite supplies where the principal supplies are of supply of service. In this regards CBIC has advised as follows: -
Facility deployed on GST portal for fetching of data related to Bill of entry from ICEGATE portal
CBIC has issued an advisory dated 17-09-2021, regarding a functionality deployed on GST portal to help the importer of goods and recipients of supplies from SEZ to search Bill of Entry details, which did not auto-populate in GSTR-2A. GSTN has deployed a self-service functionality on the GST Portal that can be used to search such records in GST System and fetch the missing records from ICEGATE.
Deactivation of IEC’s not updated on the DGFT after January 01, 2005 w.e.f. October 06, 2021
The DGFT (Directorate General of Foreign Trade) has issued trade notice dated 20th September 2021 regarding deactivation of IEC’s (Import Export Code) not updated on the DGFT portal. Earlier it was mandated by DGFT for all IEC holders to ensure that details in their IEC is updated electronically every year during April-June period (for which no user charges would be applicable on the IEC holder), the period of updation was initially extended up to 31st July 2021 and subsequently to 31st August 2021 for F.Y. 21-22.
CBIC Issues Clarification Regarding Extension of Time Limit to Apply for Revocation Of Cancellation Of Registration
CBIC has issued clarification vide Circular No. 158/14/2021-GST dated September 06, 2021, regarding extension of time limit to apply for revocation of cancellation of registration following the Notification No. 34/2021-Central Tax dated August 29, 2021.
Ease In Average Export Obligation for EPCG Authorisation for The F.Y. 2019-20 & 2020-21
The DGFT issued Policy Circular No. 37/2015-2020 dated September 10, 2021, w.r.t. relief in Average Export Obligation in terms of the para 5.19 of Handbook of Procedures (“HBP”) of Foreign Trade Policy (“FTP”) 2015-20.
Government Ends Exemption on Import Duty Rate Benefit on Sunflower Oil, Soya Oil etc.
Government vide Notification No. 43/2021-Customs dated September 10, 2021, has rescinded the exemption notification issued for exempting goods such as on sunflower oil, soya oil etc. From now onwards such goods shall be taxable w.e.f. 11th September 2021.