Here is a short overview of the 7 CBIC circular issued issued by CBIC in order to give effect to the 47th GST Council meeting.

Circular 1:

It provides for correct disclosure aspects in respect of reversals in GSTR 3B and how to use 2b as base for filing returns

Circular 2:

This circular is in respect of levy of penalty and recovery for persons involved in fake invoice transactions

Circular 3:

This circular has provided clarity on following aspects:

a. Non applicability of section 17 for ITC availed as recipient of Deemed exports

b. Interpretation of section 17(5) explanation

c. Reiterating the earlier clarification that perquisites provided in the course of employment to employees is outside the preview of GST

d. Defining in what circumstances ITC in Electronic credit ledger can be availed for payment of Tax and in what cases it cannot be utilized. 

Circular 4:

It is on clarification that Inverted refund is allowed for same inputs if we have sold as such at concessional rate because of underlying notification

Circular 5:

It is applicable only for erroneous refund received for select refund claims and if you want to apply for recredit of the amount debited in ECL at the time of refund application Manually through pmt03A until the functionality is online

Circular 6:

It provides for Refund mechanism for electricity exports through Other category refunds and subject to decelerations specified in the circular

Circular 7:

It is on withdrawal of earlier circular in respect of refund of tax paid on Inward supply of goods at outlets in international airports.