CBIC has appointed 1st June 2021 as the date on which Section 112 of the Finance Act 2021 shall come into force. This section seeks to amend Section 50 of the Central Goods and Services Tax Act, 2017 which relates to Interest on Delayed Payment of GST.
In pursuance of the decision of the GST Council at its 43rd meeting on 28 May 2021, a Group of Ministers has been constituted to examine the issue of GST concessions/ exemption to COVID relief material. GoM will be submitting its report by June 08, 2021.
The GST Council has made recommendations relating to changes in GST rates on the supply of goods and services and changes related to GST law and procedure in the 43rd GST Council Meeting.
The Central Board of Indirect Taxes and Customs has released the Central Goods and Services Tax (Fourth Amendment) Rules, 2021, under which, new changes have been notified for Refund under GST.
Taxpayers willing to file FORM GSTR-3B for April 2021 before GSTR-2B generation may do so on self-assessment basis. Notification No. 13/2021-CT dated 01.05.2021 prescribes a cumulative limit under Rule-36(4) for ITC claimed in periods April & May 2021.
Finance Minister Smt. Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021.
In view of Notification No. 14/2021 dt. 01.05.2021, the timeline for filing the 'Application for Revocation of Cancellation' has been extended to 180 days from 90 days which will be valid up to 15th June 2021.
CAIT, on 7th May 2021, sent a letter to FM Nirmala Sitharaman demanding an extension of dates for GST & Income Tax compliances till 31st August & a six month moratorium on payment of Bank EMI, interest and loans etc.
FM Nirmala Sitharaman responded to Smt. Mamata Banerjee's letter seeking exemption from GST/Customs duty and other duties and taxes on some items and COVID related drugs via 15 tweets.
Smt. Mamata Banerjee has written to PM Shri Narendra Modi for providing an exemption from all taxes on oxygen concentrators, cylinders, cryogenic storage tanks. tankers & tank containers and COVID related drugs.
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