I. Today's Headlines:                        

i) CBIC allowed companies to file GSTR-1 & GSTR-3B through electronic verification code till 31st May, 2021

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ii) UN releases Practice Manual on Transfer Pricing for Developing Countries

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iii) Detailed analysis on amendments proposed in IFRS 21for accounting on Lack of Exchangeability

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iv) MSMEs seek easing of NPA, compliance rules

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II. Useful Updates on GST:

[Contribution by : CA. Bimal Jain Ji]

i) SC: Power of provisional attachment under GST is draconian

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ii) Repair services provided to fulfil warranty obligation involving supply of parts to be classified as composite supply of services

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iii) Supply of medicines, food, room on rent etc. to in-patients is a composite supply of healthcare service

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iv) Supply of license of pre-developed or pre-designed software amounts to supply of goods covered under heading 8523

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iv) Allowed use of Form-C to purchase Petroleum, Natural Gas and Liquor products post GST

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