Punjab GST Amendment Bill 2020 Proposal Approved by the Cabinet

On August 25, 2020 the proposal of introducing the Punjab Goods and Services Tax (PGST) (Amendment) Bill 2020 was approved by the Punjab Cabinet. The cabinet is also simplifying the provisions and process to impose and collect the taxes as per the Punjab Goods and Services Tax (PGST).

As per a source from the Chief Minister’s Office, the introduction of the Punjab Goods and Services Tax Amendment Bill Punjab cabinet at its meeting chaired by chief minister Amarinder Singh approved an amendment to the GST incentives notified under its Industrial and Business Development Policy-2017. Read More 2020 will make provisions and processes simple for taxpayers but it will also make it user-friendly.

He further added that “the said bill has been introduced with an aim to provide changes to make the levy and collection of revenue/tax under the GST more effective and easier for the taxpayers”.

As per sources, most of the simplifications involve provisions associated with the composition levy, cancellation of registration, tax invoice, eligibility and conditions for taking Input Tax Credit A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read more, revocation of cancellation of registration, tax deduction at source, penalty & punishment for some offences and transitional arrangements for Input Tax Credit.

Just wanted to mention here that Goods and services tax was imposed in the country from July 1, 2017. It brought various changes, made the procedure simpler and tax collection effective and due to the benefits it was then considered as the biggest economic reforms in the indirect taxation system of our country.