Punjab to have GST in line with the Central GST; CM eyes ease of doing business

Punjab Chief Minister Captain Amarinder Singh on Monday said that Punjab Goods and Services Tax (Amendment) Act, 2017 is all set to be suitably amended, in line with Central GST Act, to furr promote ease of business in state.

State Cabinet, at its meeting chaired by Chief Minister Captain Amarinder Singh, on Monday approved Punjab Goods and Services Tax Ordinance, 2019, to make amendments in accordance with those made to Central Goods and Services Tax Act, 2017, of which it was a replica, vide Finance (.2) Bill, 2019. 

Various amendments were recommended in provisions of CGST Act, 2017

Disclosing this, an official spokesperson, however, made it clear that wording of Section 39, 44, 52, 53-A and 101-A has to be kept different in PGST Act, 2017, from relevant sections of CGST Act, 2017. Furr, amendment in Section 168 which has been made in CGST Act, 2017 is t required to be made in State Goods and Services Tax (SGST) Act, 2017. It may be recalled that GST Council, in its 35th meeting held on June 21, 2019, had recommended various amendments in provisions of Central Goods and Services Tax Act, 2017.

READ | Punjab CM Amarinder Singh writes to PM Modi asking him to review new Arms Act proposal

same was incorporated in Finance (. 2) Bill, 2019, and received Presidential Assent on August 1, 2019. Similar amendments need to be carried out in Punjab Goods and Services Tax Act, 2017, in order to safeguard interests of taxpayers and promote hassle-free business. Ordinance approved on Monday by state cabinet provides for an alternative composition scheme for supplier of services or mixed suppliers (t eligible for earlier composition scheme), having an annual turver in preceding financial year up to Rs. 50 lakhs.

READ | Punjab: Kingpin of fake job racket arrested in Phagwara

amendment will also empower PGST Commissioner

It furr provides for higher threshold exemption limit from Rs. 25 lakhs, to such amount t exceeding Rs. 40 lakhs, in case of a supplier who is engd exclusively in supply of goods. It also provides for furnishing of annual returns and for quarterly payment of tax by a taxpayer who opts for composition levy, as well as mandatory Aadhaar submission or auntication for persons who intend to take or have taken registration. amendment will also empower PGST Commissioner to extend due date for furnishing Annual return and reconciliation statement. It will give taxpayers facility to transfer an amount from one head to ar in electronic cash ledger, among or benefits.

READ | 'May approach SC if Centre fails to release GST compensation': Punjab FM

READ |  Kashmiri student to be harassed over fee, attendance in Punjab: CM Amarinder Singh