JSA
Relaxations provided on compliances under Goods and Services Tax (May 01, 2021)
In view of the deteriorating situation of COVID-19 in the country, the Central Board of Indirect Tax and Customs has provided certain relaxations in relation to compliances to be undertaken under the Goods and Services Tax (“GST”) Law.
For further details, please refer to the below document.
Indirect Tax Newsletter – March 2021 Edition
This edition of the Newsletter covers some important rulings and clarifications under the erstwhile Service Tax, GST and Customs Laws.
For details, please click here.
This Newsletter has been prepared by JSA’s Indirect Tax Team. For further details, please contact [email protected].
Keeping in line with the concept of ‘Aatmnirbhar Bharat’ and ‘Make in India’, the proposals on customs duties in the Union Budget aim at boosting domestic manufacture in various sectors such as renewable energy, electronics, mobile phones, textiles and Agri products.
To this extent, the exemptions currently available under multiple notifications have been rationalised and a revised customs duty structure is proposed to be put in place with effect from 1 October, 2021. While the withdrawal of exemptions may result in increase in the cost of manufacturing in the short-run, the same may be benefit once capacities are created in the domestic market, leading to import-substitutions.
To cater to the need for improving the agricultural infrastructure and funding the same, it is proposed to introduce Agriculture Infrastructure and Development Cess (“AIDC’) on import of select goods. Suitable amendments in the rates of Customs duties have been made to ensure that AIDC does not result in increase in prices for the consumers.
JSA Viewpoint by Manish Mishra.
In the backdrop of improving GST collections, the GST proposals contained in the Union Budget presented today, largely focus on easing the compliance burden for the assesses and strengthening the penal provisions in case of defaults.
Doing away with the requirements of submission of Audited financial and reconciliation statements should avoid delays in discharge of annual compliances and bring simplicity. However, this would increase the onus on the assesses to ensure proper disclosures in the Annual Returns, which now need to be filed on self-certification basis.
Among other changes, giving retrospective effect to the provisions for charging of interest on net cash liability provides much-needed clarity and will avoid litigation.
Proposal to limit the option of effecting zero-rated supplies with payment of tax, only to specified class of goods and services or taxpayers could be restrictive and need to be analysed in greater detail, once appropriate notifications are issued in this regard.
JSA Viewpoint by Manish Mishra.
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