NOVEMBER 2021 (Week 4)

GST NEWS BULLETIN

CBIC issued clarification on applicability of dynamic QR Code on B2C Invoices

CBIC vide Circular No. 165/21/2021-GST dated November 17, 2021 has issued clarification on applicability of QR Code on B2C Invoices.

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GST rates amended to mitigate inverted duty structure

The GST Council’s 45th meeting was held on September 17, 2021 in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the recommendations relating to changes in GST rates to mitigate inverted duty structure. In this regard, Notification No. 14/2021- Central Tax (Rate) dated November 18, 2021 has been issued which is to be applicable w.e.f. January 1, 2022, to amend Notification No. 1/2017- Central Tax (Rate) dated June 28, 2017.

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Exemption withdrawn on supply of pure services and composite supply of goods & services where value of supply of goods is not more than 25% to a Governmental Authority/ Entity

CBIC had issued Notification No.12/2017- Central Tax (Rate), dated June 28, 2017 (“Services Exemption Notification”) related to the list of exempted supply of services under the CGST Act.

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De-activation of IECs not updated on the DGFT after January 01, 2014 w.e.f. December 06, 2021

The DGFT issued Trade Notice 25/2021-22 dated November 19, 2021 w.r.t. all Importer-Exporter Codes (“IECs”) which have not been updated after January 01, 2014 shall be de-activated with effect from December 06, 2021.

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Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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