26 October, 2019
Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019
• The Scheme has now been notified and will be operationalized from 1st September 2019.
• The Scheme would continue till 31st December 2019.
• The application for the scheme in Form SVLDRS-1 has now been made available online on CBIC portal at http://cbic-gst.gov.in
GST Revenue collection for August, 2019
• The total gross GST revenue collected in the month of August, 2019 is ₹ 98,202crore
• The total number of GSTR 3B Returns filed for the month of July up to 31st August, 2019 is 75.80lakh.
• The revenue in August, 2018 was ₹ 93,960 crore and the revenue during August, 2019 is a growth of 4.51% over the revenue in the same month last year.
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M/S Siddharth Enterprises Through Partner Mahesh Liladhar Tibdewal Versus The Nodal Officer, Gujarat High Court (C/SCA/5758/2019)
In a recent judgement, in the matter of M/S Siddharth Enterprises … v. The Nodal officer, the Hon’ble Gujarat High Court held that CENVAT credit earned under the erstwhile Central Excise Law is the property of the writ-applicants and it cannot be appropriated for merely failing to file a declaration in the absence of Law in this respect. It could have been appropriated by the Government by providing for the same in the CGST Act but it cannot be taken away by virtue of merely framing Rules in this regard. The respondents were directed to permit the writ- applicants to allow filing of declaration in form GST TRAN-1 and GST TRAN-2 so as to enable them to claim transitional credit of the eligible duties in respect of the inputs held in stock on the appointed day in terms of Section 140(3) of the Act. It is further declared that the due date contemplated under Rule 117 of the CGST Rules for the purposes of claiming transitional credit is procedural in nature and thus should not be construed as a mandatory provision.
Notification No. 38/2019 – Central Tax dated 31st August, 2019
• The Central Government, on the recommendations of the Council, notified that the registered persons require to furnish the details of challans in FORM ITC-04 under sub-rule (3) of rule 45 of the CGST Rules, 2017, read with section 143 of the said Act, as the class of registered persons who shall follow the special procedure such that the said persons shall not be required to furnish FORM ITC-04 under sub-rule (3) of rule 45 of the said rules for the period July, 2017 to March, 2019
• Provided that the said persons shall furnish the details of all the challans in respect of goods dispatched to a job worker in the period July, 2017 to March, 2019 but not received from a job worker or not supplied from the place of business of the job worker as on the 31st March, 2019, in serial number 4 of FORM ITC-04 for the quarter April-June, 2019.
Circular No. 26/2019-Customs Dated 27th Aug. 2019: IGST Export Refunds – extension in SB005 alternate mechanism and revised processing in certain cases including disbursal of compensation Cess
• CBIC circulars 05/2018 dated 23/02/2018, 08/2018 dated 23/03/2018, 15/2018 dated 06/06/2018 and 40/2018 dated 24/10/2018 wherein an alternative mechanism with an officer interface to resolve invoice mismatches was provided for the shipping bills filed till 15/11/2018
• In view of recent announcements by the Finance Minister it has been decided by the board to extend the rectification facility for all cases covered under Circular 40/2018-Customs dated 24/10/2019 to Shipping Bills filed up to 31/07/2019.
Miscellaneous News:
1. Extension of Due Date for furnishing ‘Annual Return and Reconciliation Statement’ for FY 2017-18: The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in the FORM GSTR-9C for the Financial Year 2017-18 is extended from 31st August, 2019 to 30th November, 2019.
2. State Of J&K Joins GST Regime: The President of India promulgated two ordinances, namely, the Central Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Ordinance, 2017 extending the domain of Central GST Act and the Integrated GST Act to the State of Jammu and Kashmir, with effect from 8th July, 2017.
3. CGST Delhi North Commissionerate busted a racket of issuance of fake invoices without actual supply of goods and services: Two individuals – Asrar Akhtar and Vikas Singh have been arrested in this matter and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The accused and their associates were found to be operating 19 fake firms created to facilitate fraudulent Input Tax Credit (ITC), thus defrauding the Exchequer. Prima facie fraudulent ITC of about Rs 25 crores has been detected to have been passed on using invoices involving an amount of Rs 137 crores.
For further information, please contact:
Manoj Kumar, Partner, Hammurabi & Solomon
Manoj.kumar@hammurabisolomon.com
