Chandigarh, Dec 2 (IANS) The Punjab Goods and Services Tax (Amendment) Act, 2017, is all set to be suitably amended in line with the Central GST Act to further promote ease of business in the state, an official said on Monday.
The state cabinet, at its meeting chaired by Chief Minister Amarinder Singh here, 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 of 2017.
An official spokesperson, however, made it clear that the wording of Sections 39, 44, 52, 53-A and 101-A have to be kept different in Punjab Goods and Services Tax (Amendment) Act from the relevant sections of the Central GST Act.
Further, amendment in Section 168 which has been made in Central GST Act is not required to be made in State Goods and Services Tax (SGST) Act.
The GST Council, in its 35th meeting held on June 21, had recommended various amendments to the provisions of the Central GST Act.
Similar amendments need to be carried out in the Punjab Goods and Services Tax Act in order to safeguard the interests of taxpayers and promote hassle-free business, the spokesperson told IANS.
The Ordinance approved 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 amount not exceeding Rs 40 lakh, in case of a supplier who is engaged exclusively in the supply of goods.
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.