The government introduced four GST amendment Bills

The government introduced four Bills seeking to amend the Goods and Services Tax GST laws that will make return forms simpler and raise the turnover threshold for availing composition scheme to Rs. 1.5 crore. The amendment Bills the Central GST (Amendment) Bill, the Integrated GST (Amendment) Bill, the GST (Compensation to States) Amendment Bill and the Union Territory GST (Amendment) Bill — were primarily aimed at helping the MSME sector and small traders. The amendments will allow employers to claim input tax credit on facilities such as food, transport, and insurance provided to employees. It also provides for separate registration of companies having different business verticals, cancellation of registration, and issuance of consolidated debit or credit notes, covering multiple invoices. According to the amendments, e-commerce companies will not have to seek registration under the GST if their annual turnover is less than Rs 2 million. The Bill to amend the Compensation Act will enable the Centre and the states to distribute the unutilized compensation fund equally between themselves. download our android app

  • The government introduced four Bills seeking to amend the Goods and Services Tax (GST) laws that will make return forms simpler and raise the turnover threshold for availing composition scheme to Rs. 1.5 crore.
  • The amendment Bills the Central GST (Amendment) Bill, the Integrated GST (Amendment) Bill, the GST (Compensation to States) Amendment Bill and the Union Territory GST (Amendment) Bill — were primarily aimed at helping the MSME sector and small traders.
  • The amendments will allow employers to claim input tax credit on facilities such as food, transport, and insurance provided to employees.
  • It also provides for separate registration of companies having different business verticals, cancellation of registration, and issuance of consolidated debit or credit notes, covering multiple invoices.
  • According to the amendments, e-commerce companies will not have to seek registration under the GST if their annual turnover is less than Rs 2 million.
  • The Bill to amend the Compensation Act will enable the Centre and the states to distribute the unutilized compensation fund equally between themselves. download our android app