Punjab GST to be amended in line with Central GST Act
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. CHS VSD MKJ