RETURN NON-FILERS WILL BE UNABLE TO GENERATE E-WAY BILLS AFTER AUGUST 15
From August 15, taxpayers who have not filed a GST return for two months or quarters prior to June 2021 will be unable to create e-way bills. Because delayed GST returns are scheduled to be filed in August, it will aid in increasing GST collections. During the COVID pandemic last year, the Central Board of Indirect Taxes and Customs (CBIC) temporarily suspended the banning of electronic way (e-way) bill creation for non-filers to provide them with compliance relief.
As a result, from August 15, 2021, the system will monitor the status of returns submitted in Form GSTR-3B or statements filed in Form GST CMP-08 (for composition taxpayers filing quarterly returns) and limit the generation of EWB for non-filers. After August 15, any taxpayer who has not filed two or more GSTR-3B returns or two or more GST CMP-08 statements for the quarters ending in April or June 2021 will not be able to produce a waybill. To make use of the EWB Portal’s ongoing EWB generation feature, the taxpayer should file their pending GSTR 3B returns/ CMP-08 Statement as soon as possible.
NEW BILLS ARE INTRODUCED IN THE LOK SABHA FOR THE AMENDMENT IN VARIOUS ACTS
Nirmala Sitharaman, the Union Finance Minister, will introduce the Tribunals Reforms Bill, 2021, in the Lok Sabha. The Bill intends to abolish tribunals or agencies established under various laws to streamline the justice delivery system by modifying numerous legislation. The Cinematograph Act, the Copyright Act, the Customs Act, the Patents Act, the Airport Authority of India Act, the Trade Marks Act, and the Trademarks Act and the Geographical Indications of Goods (Registration and Protection) Act.
Many tribunals, according to the administration, simply add another layer of litigation. Seven tribunals were abolished or merged in 2017 due to functional overlap. Anurag Thakur, minister of state for finance, has already introduced the bill during the Budget Session. However, because the bill failed to clear the House, an ordinance was enacted.
Sitharaman will also introduce the General Insurance Business (Nationalisation) Amendment Bill, 2021, to alter the 1972 General Insurance Business (Nationalisation) Act. The insurance measure is part of the government’s bigger divestment policy, which includes selling holdings in five state-run firms and speeding up its privatization effort to attract foreign investment.