Cabinet clears proposal for introduction of Punjab Goods & Services Tax Bill: The Punjab Cabinet on Tuesday approved the proposal for introduction of the Punjab Goods and Services Tax (Amendment) Bill, 2020 thus paving the way for simplification of provisions and processes to levy and collect taxes under PGST.
According to a Spokesperson of the Chief Minister’s Office, the introduction of the said bill would not only ensure simplifications of provisions and processes but also make it more user friendly. He said that the Punjab Goods and Services Tax (Amendment) Bill, 2020 envisioned to provide changes so as to make the levy and collection of taxes under the GST, which would be effective and easier for the taxpayers.
These simplification involve provisions related to composition levy, eligibility and conditions for taking Input Tax Credit, cancellation of registration, revocation of cancellation of registration, tax invoice, tax deduction at source, penalty und punishment for certain offences and transitional arrangements for Input Tax Credit.
Notably, the Goods and Services Tax (hereinafter referred to as GST) was introduced in the country with effect from July 1, 2017 as a biggest economic reforms in indirect taxation system of country.