Bill Tabled in Assam Assembly to Effect Changes in GST Act








Assam Finance Minister Ajanta Neog on Monday tabled the Assam Goods and Services Tax (Amendment) Bill, 2021 following certain changes made in the GST Act which received Presidential Assent in March this year. The GST Council has requested that the requisite changes and modifications be made in the state, so that uniformity of decision and applicability is maintained, Neog said while tabling the Bill to amend the Act.

The proposed legislation seeks to amend Section 7 of the Principal Act with retrospective effect from July one, 2017 by inserting a new clause, so as to ensure levy of tax on activities or transactions involving supply of goods or sevices by any person, other than an individual, to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration. It is also proposed to insert an explanation to clarify that the person or its members or constituents shall be deemed to be two separate persons and the supply of activities or transactions shall be deemed to take place from one person to another.

Another amendment is to insert a new clause to provide that input tax credit on invoice or debit note may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note. The amended legislation will remove the mandatory requirement of getting annual accounts audited and the reconciliation statement submitted by a specified professional.

It has substituted this with filing of annual return on self-certification basis and it will further empower the Commissioner to exempt a class of tax-payers from the requirement of filing the annual return. The Act will be amended to make seizure and confiscation of goods and conveyances in transit a separate proceeding from the recovery of tax.

An explanation will be included to clarify that “self-assessed tax" shall include the tax payable in respect of details of outward supplies furnished under Section 37 but not included in the return furnished under Section 39. A new provision will be included to provide that no appeal shall be filed against an order, unless 25 per cent of the penalty has been paid by the appellant.

The Act will be further amended to empower the jurisdictional commissioner to call for information from any person related to any matters in connection with the Act. Neog in her statement said that based on various representations and suggestions received, it was felt by the GST Council that certain amendments in the GST laws need to be carried out.

Based on the recommendations of the GST Council, various decisions that require amendments had been examined by the Law Committee and consequential amendments were recommended. The GST Council approved the changes and the same were incorporated in the Finance (No 2) Bill 2021 and got the Presidential assent in March this year.

Subsequently, the GST Council requested to have the requisite changes and modifications in the state Act to maintain uniformity.



Join Our Telegram Channel for more updates:https://t.me/praveengst

Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more