Curb GST Export Frauds, ITC and e-way bill relief, abolish import duty on masks, road tax & GST payment extension and more
Relief for the transport industry as the Government extends the validity of e-way bills. Check out all updates on #GSTThisWeek.
Government Proposes Amendments To Curb Export Frauds
Recent Investigations have found that many exporters are using fake refund claims to obtain higher ITC. To curb this situation, the Government has proposed a two-pronged approach, which will include capping the value of zero-rated supplies and by mandating repayment of refunds by exporters.
10,077 new registrations, 7,876 refund applications processed by GST authorities in 10 days of lockdown
Close to 1700 tax workers are using Virtual Private Networks to gain secure access to the GST system and continue the process of GST registration and accelerated refunds even during the lockdown. Since March 25, 2020, these officers have processed over ten thousand registrations and over seven thousand refunds.
Government extends the validity of e-way bills, defers restriction on availing input tax credit
The lockdown has led to lakhs of trucks being stranded for days on different highways across the country, and with their e-way bills moving past their validation date, most consignments are now liable to pay hefty penalties. In view to provide relief to such a situation, the Government has extended the validity of e-way bills that would have expired between March 20 and April 15 to April 30, 2020. The Government has deferred the implementation of a 10% restriction on availing input tax credit during February-August, which would then be cumulatively adjusted in September.
GSTN issues Advisory on Tracking GST Refund Application Status on GST Portal and PFMS portal
In an announcement, the Goods and services tax network (GSTN) issued an advisory on Tracking GST Refund Application Status on GST Portal and PFMS Portal. By utilizing this functionality, the taxpayers can know the stage at which the refund application is pending with the tax-officer/ taxpayer and how quickly the refund is moving to each point.
The Government may abolish import duty on ventilators, masks
In yet another measure under its fight against the Coronavirus, India is considering doing away with import duty on various medical gear like masks and devices like ventilators. The Government is also considering temporarily removing the Integrated GST on all medical and personal protection equipment.
Goods trucks seek an extension on payment of road tax, GST
With more and more truck drivers being penalized during the lockdown period, the All India Motor Association has requested an extension on payment of road tax and GST to September 30, 2020. The industry seems to be facing an average daily loss of Rs.2000 crores due to the lockdown period. The lockdown has left nearly six lakh cargo-carrying trucks stranded across the country.
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