GST & Foreign Trade Update February 2021

The Provisions of The CGST Act, 2017 in relation to Aadhar Authentication for GST Registration will not apply to the following class of persons -

Not a Citizen of India.
Department or Establishment of Central Government or State Government.
Local Authority.
Statutory Body.
Public Sector Undertaking.
Specialised Agency of United Nations Organisation or Multilateral Financial Institution.
Organisation notified under United Nations (Privileges and Immunities) Act, 1947.
Consulate or Embassy of Foreign countries.
Any other person(s) notified by commissioner under Sec 25(9).

Due date for furnishing GST Annual Return for the Financial year 2019-20 is extended till 31 March 2021.

For Clarification on applicability of Dynamic Quick Response (QR) on B2C invoices -

* Feature to furnish Letter of Undertaking (LUT) for Financial Year 2021-22 is enabled on GST portal.

Application process for IEC (Importer-Exporter Code) and updation in IEC is completely online.

An IEC holder has to update details in IEC electronically every year during April-June period. When there is no change in details of IEC, same is to be confirmed.

If IEC is not updated within the prescribed time, it shall be de-activated and activated only when it is updated.

IEC shall be de-activated if it is flagged for scrutiny and risks flagged by the system are not timely addressed by the IEC holders.

Image Credit - https://depositphotos.com/

Pages