GSTExpertise update decoding Circular 137/07/2020 - Clarification in respect of challenges faced implementation of provisions of GST
Attached below is the GSTExpertise update decoding Circular 137/07/2020 which provides clarification in respect of the below areas:
With the above clarification there are still many concerns from the GST law perspective which roams around the Industry. Some of them are listed below:
- Adjustment of GST paid on advance receipt in case of subsequent cancellation of contract of service
- Relaxation in timelines relating to refund filing and LUT
- Extension in the due date for depositing the payment of TDS
- ITC reversal requirement if payment is not made to the supplier within
180 days due to Covid 19?
- Point of Taxation for which the approval for billing is not obtained –
Whether interest liability will be triggered for late issuance of invoice?
- Whether the due payment of TCS has also been extended similarly to
- GST treatment for post sales discounts / negotiated reduced
considerations and forfeiture of security/refundable deposits?
- GST implications in case of bad debts or liabilities written back?
- GST implications in case of goods distributed free of cost as charity/CSR
activity under the lockdown circumstances?
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