You are here: Home » PTI Stories » National » News
Business Standard

Punjab GST to be amended in line with Central GST Act

Topics
Business Finance

Press Trust of India  |  Chandigarh 

The Punjab Goods and Services Tax (Amendment) Act, 2017 will be suitably amended, in line with the Central GST Act, to further promote ease of business in the state.

The state cabinet, at its meeting chaired by Chief Minister Amarinder Singh, on Monday approved the Punjab Goods and Services Tax Ordinance, 2019, to make amendments in accordance with those made to the Central Goods and Services Tax Act, 2017, a state government release said here.

The GST Council, in its 35th meeting held on June, 21, 2019, had recommended various amendments in the provisions of Central Goods and Services Tax Act, 2017.

The same were incorporated in the Finance (No. 2) Bill, 2019, and received the Presidential Assent on August 1, 2019.

Similar amendments need to be carried out in the Punjab Goods and Services Tax Act, 2017, in order to safeguard the interests of taxpayers and promote hassle-free business.

The ordinance approved on Monday by the state cabinet provides for an alternative composition scheme for supplier of services or mixed suppliers (not eligible for the earlier composition scheme), having an annual turnover in preceding financial year up to Rs 50 lakh.

It further provides for higher threshold exemption limit from Rs 25 lakh, to such an amount not exceeding Rs 40 lakhs, in case of a supplier who is engaged exclusively in the supply of goods, release said.

It also provides for furnishing of annual returns and for quarterly payment of tax by taxpayer who opts for composition levy, as well as mandatory Aadhaar submission or authentication for persons who intend to take or have taken registration.

The amendment will also empower the PGST Commissioner to extend the due date for furnishing annual return and reconciliation statement.

It will give taxpayers the facility to transfer an amount from one head to another in the electronic cash ledger, among other benefits, the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, December 02 2019. 19:35 IST
RECOMMENDED FOR YOU