Important changes in GST law explained by experts at PHDCCI webinar

No.PR-64 May 11, 2020 New Delhi Important changes in GST law explained by experts at PHDCCI webinar Chandigarh : 9 May, 2020: PHD Chamber of Commerce and Industry ( PHDCCI) organised a webinar on ‘Recent Developments & Burning Issues under GST’ here today. Introducing the two experts Mr. Bimal Jain, Mentor, Indirect Taxes Commitee, PHDCCI and Advocate Pawan Pahwa, Chair, Taxation Committee, Punjab State Chapter, Mr. Pradeep Multani, Vice President of PHDCCI said that today’s webinar is being organised to update the participants regarding the latest changes in GST laws. Mr. Multani mentioned that Covid-19 crisis has crippled the economy and a strong government stimulus is required for industry to survive this difficult phase. He welcomed the GST relief package offered in the 39th GST Council meeting and hoped the same would assist to counter the impact of Covid-19. Mr. Bimal Jain offered clarification on various GST provisions with the help of case studies. Mr. Jain informed that wrongly availed GST credit can be reversed without levy of any interest if it is not utilised. He further informed that as per Delhi High Court judgement in Bharti Airtel case, the payee has the right to correct the GSTR3 manually to adjust the available GST credit. Mr. Jain advised that the payees should pay interest only on the net liability amount where full GST has not been paid as recommended by the GST Council in its 31st and 39th meetings although they are yet to be accepted by the government. Mr. Jain also informed that the Delhi High Court has ruled that a payee can avail the CENVAT credit of pre GST regime within the extended time limit where they were unable to avail the same due to system glitches. However, the Orissa High Court has disallowed M/s Nalco Ltd to avail the same because they had not initiated the process within the initial due date. As regards due date for availing the GST credit for FY 2018-19, Mr. Jain informed that the same can be availed up to 30 September, 20 provided the previous year return has not been finalized. Mr Bimal Jain stated that the Orissa High Court has ruled that the GST credit can be availed on payment of contract for construction of immovable property. However, the judgement has been challenged in the Supreme Court. He said that it is advisable to avail the available credit for 2019-20 within the due date but wait for the Supreme Court judgement before utilizing the same to avoid payment of penal interest and at the same time comply with the due date. Speaking during the webinar, Advocate Pawan Kumar Pahwa, Chair, Punjab Taxation Committee, PHD Chamber of Commerce and Industry apprised the participants on the recent measures taken by the Government providing relaxation in GST compliances amid the Covid-19. He further apprised the industry on the recent key amendments in GST undertaken based on the decisions taken in 39th GST Council meeting which could have far reaching impact on the industry. Thanking the speakers Mr. Mohit Jain, Chair of Haryana State Chapter of PHD Chamber of Commerce and Industry hoped that this webinar would help the participants in better compliance of GST Rules. Ends. Media Division PHD Chamber of Commerce and Industry