FM Assam: GST Amendment Bill 2021 for Section 7, ITC, Annual Return

On Monday the Assam goods and services tax (amendment) bill 2021 is present by the Finance minister of Assam Ajanta Neog which is held with some revisions in the GST act who has obtained the presidential assent in March in an identical year. The GST officials have urged that the amendments can be built in the state so that uniformity of decision and applicability shall be maintained.

The urged legislation asked to change section 7 of the principal act which initiates from 1st July 2017 by inserting the new clause so as to make sure that the levy of the tax upon the activities or the transactions which constitute of goods supply or the services Get to know GST provisions and rules on the free supply of goods. Also, we have included rules regarding ITC reversal on free supplies of goods and services through any individual to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration. It is urged to elaborate that the individual or its members or constituents will be deemed to be two separate individuals and the supply of the activities or the transactions will be considered to initiate from one individual to other.

The other change is to insert the new law to give that input tax credit on the invoice or on debit note might be claimed only when the information of these invoices or debit notes has been furnished through the supplier in the statement of the outward supplies and these information has been discussed to the recipient of these invoice or debit note. The important needs of obtaining the annual accounts audited the reconciliation statement shall be eliminated through the amended legislation through the particular professionals given through the specified professional.

It has been replaced through the furnishing of the yearly return on self-certification grounds and it shall moreover enable the commissioner to release a class of the assessee from the need of furnishing the yearly return. The act shall be changed to make the seizure of goods and conveyances in transit the separate proceeding from the tax recovery.

An explanation shall be engaged to clarify that “self-assessed tax” will consist of the tax payable towards the information of the outward supplies filed beneath section 37 however not contains in the return filed beneath section 39. A new act shall be engaged to give that no appeal will be furnished with respect to the order unless 25% of the penalty is paid through the petitioner.

Moreover, the section empowers the jurisdictional commissioner to ask for information via any individual concerned about any issues linked to the act. Neog in her statement states that upon the grounds of several illustrations and recommendations obtained it was felt through the GST official that specific changes in the GST laws required to be carried out.

Upon the grounds of the suggestion of the GST officials, there are several decisions that need revisions which are investigated through the law Committee and consequential amendments were suggested. The GST officials have been approved that the amendment and the same were been stated in the Finance (No 2) Bill 2021 and got the Presidential assent in March this year. The GST officials have been urged to have the necessary revisions and the changes in the state act to preserve constancy.