Punjab GST will be modified in accordance with the GST Central Law
Chandigarh, December 2 () The Punjab Goods and Services Tax (Amendment) Act of 2017 will be appropriately amended, in accordance with the GST Central Law, to further promote the ease of business in the state.
The state cabinet, at its meeting chaired by Chief Minister Amarinder Singh, approved on Monday the Punjab Taxation of Goods and Services, 2019, to make amendments in accordance with those made to the Central Goods and Services Tax Law, 2017, A statement from the state government said here.
The GST Council, at its 35th meeting held on June 21, 2019, recommended several amendments in the provisions of the Central Goods and Services Tax Act, 2017.
They were incorporated into the Finance bill (No. 2), 2019, and received presidential consent on August 1, 2019.
Similar amendments are necessary in the Punjab Goods and Services Tax Act, 2017, to safeguard taxpayer interests and promote uncomplicated business.
The ordinance approved on Monday by the state cabinet establishes an alternative composition scheme for the mixed service provider or providers (not eligible for the previous composition scheme), which has an annual turnover in the previous fiscal year up to Rs 50 lakh.
In addition, it establishes an upper threshold exemption limit of Rs 25 lakh, at an amount not exceeding Rs 40 lakhs, in the case of a supplier dedicated exclusively to the supply of goods, the statement said.
It also provides for the filing of annual returns and the quarterly tax payment by the taxpayer who opts for the composition lien, as well as the mandatory presentation or authentication of Aadhaar for people who intend to take or have registered.
The amendment will also empower the PGST Commissioner to extend the due date to provide annual declaration of declaration and reconciliation. It will give taxpayers the possibility of transferring an amount from one head to another in the electronic cash book, among other benefits, according to the statement. CHS VSD MKJ