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APRIL 2021 | VOLUME 140
WEEKLY
UPDATE
...thinking of GST, think !
by
BIZSOLINDIA SERVCES PVT. LTD.
BUSINESS ADVISORY & ASSURANCE | TAXES AND REGULATORY OUTSOURCING | IT SOLUTIONS
Whastapp Update Email Website
+91 77 090 41000 corporate@bizsolindia.com www.bizsolindia.com
APRIL 2021 | VOLUME 140
Table of Content
WEEKLY UPDATE
Goods and Services Tax 03
Customs 06
Foreign Trade Policy 08
Income Tax 09
Digital Updates 11
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Update
GST
New Functionalities made available for Taxpayers on GST Portal in
March, 2021
1) Registration:
Sr. Form/Functionality Functionality made available for Taxpayers
No.
1 Assignment of new applications New registration applications of the applicants, whose previ-
of registration, in certain cases, ous application for registration were either rejected by Tax
with same PAN and in same Officer or whose GSTIN was cancelled (either suo-moto or if
State/ UT surrendered by the taxpayer), will now be assigned to the
respective authority of the State or Centre (who have earlier
rejected the same), whenever these applicants/ taxpayers apply
for registration under the same PAN and within the same
State/ UT.
2 Aadhaar Authentication enabled Persons/ applicants applying for new registration in GST,
for Persons/ applicants applying through MCA portal in SPICe -AGILE Form, can now opt for
for GST registration through Aadhaar Authentication (while applying for registration).
MCA portal in
SPICe -AGILE Form
3 Disabling entering Aadhaar The field for entering Aadhaar number has been disabled for:
number by Taxpayers/Applicants
in registration application •Taxpayers in following scenarios.
- While adding Authorised Signatory/Authorised Representa-
tive through Non- Core amendment of registration.
- While adding Promoter/ Partner through Core amendment
of registration.
•Applicants/ taxpayers adding details of Authorised Represen-
tative in New Registration application.
4 Selection of Core Business The existing taxpayers have been provided with a functionality
Activity by existing Taxpayers on on the GST portal to select their core business activity. They
the GST Portal can select one of the following categories as their core business
activity, based on their turnover:
• Manufacturer
• Wholesaler/Distributors/ Retailers
•Service Providers and others
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GST
2) Returns:
Sr. Form/Functionality Functionality made available for Taxpayers
No.
1 RESET button enabled on GST Normal taxpayers, irrespective of their filing profile (of quar-
Portal for Form GSTR-1/ IFF terly or monthly), have now been provided with a RESET
(Invoice Furnishing Facility button on the GST Portal, in Form GSTR-1/IFF. This will
enable them to delete the entire saved data, for the specific
return period, but not yet submitted or filed their Form
GSTR-1/IFF.
2 Reporting and paying interest & A person registered as OIDAR can now declare interest and
other amounts, in Form GSTR- any other liabilities in Table 6 - Interest or any other amount of
5A by OIDAR registrants their Form GSTR 5A and discharge it through Electronic Cash
Ledger.
3 Download of Table 5 data, after Registered manufacturers who are required to file quarterly
filing, enabled for Form GST Form GST ITC-04 (to furnish details of inputs or capital
ITC-04 goods, sent to a job worker without payment of tax), can now
download the data of Table 5 of Form GST ITC-04 (on the
GST Portal), after filing the Form, when there is change in the
state code, due to merger or creation of a State/ UT. This is to
download data, when there is change in State/ UT code, before
the goods are received back
3) Refunds:
Sr. Form/Functionality Functionality made available for Taxpayers
No.
1 Filing of refund application in The system earlier validated the refund amount claimed by the
Form GST RFD-01, by exporter exporter of services (with payment of tax), against the pro-
of services (with payment of tax), ceeds realised (against exports, as submitted by the claimant in
in cases of Foreign exchange form of FIRC). If the value realised mentioned in BRC/FIRC
fluctuations column, was less than the refund amount claimed, then such
taxpayers were not allowed to file their refund application on
GST Portal. This validation has now been removed and
taxpayer will be able to file refund application now in such
cases (As the value realised in BRC/FIRC may fluctuate due to
foreign exchange fluctuations and net realisation may be less
than the refund amount).
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GST
4) Audit:
Sr. Form/Functionality Functionality made available for Taxpayers
No.
1 Audit related functionalities made • All notices and report issued by tax official will be avail-
available to taxpayers able to taxpayers under ‘Additional Notices and Orders’
• Taxpayer can reply to the audit notices and can upload
document
• Taxpayer can accept/reject/pay the liabilities, discrepan-
cy-wise, as outlined in the Notice for Discrepancies or in
Addl. Notice for Discrepancies (if any) or in Audit Report
(Form GST ADT-02).
• Taxpayers can apply for Adjournment or for extension of
the date of Audit to the tax officer
5) Front Office
Sr. Form/Functionality Functionality made available for Taxpayers
No.
1 Status of Aadhaar authentication or In the Search Taxpayer functionality (both pre-login and
E- KYC verification of a GSTIN in post login), the user will now be shown status of Aadhaar
search tax payer functionality authentication or E-KYC verification of the searched
GSTIN.
2 Change in label and functionality of The label for “Search HSN / Service Classification Code Tax
HSN / Service Classification Code Rate” has now been changed to “Search HSN Code”. The
Tax Rate search functionality also has been enhanced wherein if the user
searches for an item or a HSN code, the output is displayed
systematically under the associated Chapter head, the
description of the keyed- in HSN code and also other
associated HSN codes (all hyperlinked) along with it.
(Services> User Services > Search HSN Code).
Source: GSTN
• SYSTEMS AND DATA MANAGEMENT, BENGALURU
has issued the advisory No. 03 dtd 06-04-2021 w.r.t.
Issuance of SCN based on Order-in-Review & Call Book.
• MINISTRY OF LAW AND JUSTICE (Legislative Department) has issued
the corrigendum and for amendment in the FINANCE ACT, 2021 (13
OF 2021), as published in the Gazette of India, Extraordinary, Part II,
Section 1, dated the 28th March, 2021, Issue No. 15:
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GST
Page No. Line(s) No. For Read
27 26 “from receipt of such money by” “from such receipt by”
28 17 “asseet” “asset”
34 31 “Zone” “Zones”
47 18 “1st February, 2021” “1st day of February, 2021”
69 02 “who-time” “whole-time”
102 38 “be notification” “by notification”
115 33 “on the income” “on income”
121 18 “income-tax; and” “income-tax;”
121 26 “income-tax; and” “income-tax;”
121 29 “income-tax;” “income-tax; and”.
Update
Customs
• Central Government has introduced Customs (Verification of Identity
and Compliance) Regulations, 2021. These regulations apply to
importers, exporters and custom brokers who are newly engaging in
import or export activity after commencement of this regulation.
• Person who is newly engaging in import or export activity after the
commencement of these regulations shall furnish below documents not
later than thirty days of engaging in import or export activity:
1. Document of incorporation, in case of persons other than individuals
shall be the following, namely:-
a) in case of partnership firm, partnership deed or agreement;
b) in case of Limited Liability Partnership, Certification of
Registration issued by Registrar and LLP Agreement;
c) in case of company, Certificate of Registration issued by
Registrar and Memorandum of Understanding and Articles of
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Customs
Association;
d) in case of trusts/foundations, Certificate of Registration and
Memorandum of Understanding and Articles of Association;
e) in any other case, any document evidencing constitution.
2. Document evidencing appointment of authorised signatories, if
applicable.
3. Permanent Account Number
4. GST Identification Number
5. Document such as bank statement, Income Tax Return etc. evidencing
financial standing of the person
• The Commissioner of Customs may select any existing importer or
exporter and demand such documents as mentioned above. These
documents are to be submitted within 15 days of intimation.
• On furnishing of documents or information stipulated every individual,
karta, managing director, whole time director, partners, member of
managing committee of association, board of trustees, authorised
representative, authorized signatory, shall, within the prescribed time
limit, undergo on the Common Portal-
(i) authentication of Aadhaar; and
(ii) verification of Permanent Account Number
[Notification 41/2021 – Customs (NT) dated 5th April 2021]
• Anti-dumping duty is imposed on the following pending investigation:
S. Sub- Description of Country of Country of Producer Duty Curren- Unit
No. heading group origin export amount cy
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1 3907.20 Flexible Slabstock Polyol of Saudi Any Sadara 150.06 USD MT
molecular weight 3000- Arabia Chemical
4000 Company
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Customs
2 3907.20 Flexible Slabstock Polyol of Saudi Any Any other 235.02 USD MT
molecular weight 3000- Arabia than at
4000 Sl. No
1 above
3 3907.20 Flexible Slabstock Polyol of Any Saudi Any 235.02 USD MT
molecular weight 3000- country Arabia
4000 other than
country
attracting
antidumping
duty
4 3907.20 Flexible Slabstock Polyol of UAE Any Any 101.81 USD MT
molecular weight 3000-
4000
5. 3907.20 Flexible Slabstock Polyol of Any UAE Any 101.81 USD MT
molecular weight 3000- country
4000 other than
country
attracting
antidumping
duty
Notification No. 20/2021 -Customs dtd 5th April 2021
Update
Foreign Trade Policy
• New address of Regional authority, Ahmedabad is notified through the
Public Notice.
[Public Notice 52/2015-20 dated 31st March 2021]
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Income Tax
• CBDT revised Form 3CD and Rule 6G. Now assesse can revise Form
3CD which is necessitated by recalculation of disallowance under
Section 40 or Section 43B. [Notification no.28/2021 dated 1st April 2021]
• Agreement between India and Iran for the avoidance of Double Taxation
and the prevention of Fiscal evasion with respect to taxes on Income has
been notified. [Notification no.29/2021 dated 1st April 2021]
• Following amendments has been made in Rule 10DA and Rule 10DB
• The information and document specified under Rule 10DA(1) of
Income tax rules shall be furnished to the Joint Director (earlier
it was Commissioner) referred to in rule 10DB(1), in Form No.
3CEAA on or before the due date for furnishing the return of
income as specified under sub-section (1) of section 139.
• Where there are more than one constituent entities of an
international group required to file the information and
document under Rule 10DA (2), the Form No. 3CEAA may
be furnished by any one constituent entity. The condition of
constituent entities Resident in India has been taken away.
• The income-tax authority for the purposes of section 286 shall
be the Joint Director (earlier it was Joint Commissioner) as may
be designated by the Principal Director General of Income-tax
(Systems) or the Director General of Income-tax (Systems), as
the case may be.
• The total consolidated group revenue of the international group
has been changed to six thousand four hundred crore rupees
from five thousand five hundred crore rupees for the purpose of
Section 286(7) of Income Tax Act.
• The words Resident in India has been omitted from the heading
of Appendix II in Form No.3CEAB.
[Notification no.31/2021 dated 5th April 2021]
...thinking of GST, think ! 9" APRIL 2021 | VOLUME 140
Eleanor Roosevelt
"If life were predictable it
would cease to be life, and be
without flavor."
10
...thinking of GST, think !APRIL 2021 | VOLUME 140
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