The two-day session of the Gujarat Assembly commenced today, September 21. The session passed amendments in Gujarat Goods And Services Tax Act (SGST) to maintain uniformity with Central Goods and Services Tax Act (CGST).
Various decisions were taken by the GST Council in its 43rd and 45th meetings. Gujarat’s Finance Minister Kanubhai Desai attended the council meetings and later, made amendments in SGST.
Some of the amendments are as follows:
- Cancellation of registration
Registration of the person paying tax under Section 10 is liable to be cancelled if the return for a financial year has not been furnished beyond three months from the due date of furnishing of the said return.
- Non resident taxable person
The non-resident taxable person shall furnish the return for a month within 13 days after the end of the month or within seven days after the last day of the registration.
- Retrospective tax
With retrospective effect from July 1, 2017; interest will be levied on input tax credit wrongly availed and utilised and to provide for prescribing manner of calculation of interest in such cases.
- Retrospective exemption
With retrospective effect from July 1, 2017 to Sept 30, 2019; exemption will be provided from State tax in respect of supply of fish meal–except for fish oil. No refund will be made in the tax which is already collected.
- Input tax credit
The registered person shall not be entitled to take input credit in respect of any invoice or debit note after 13th day of November following the end of the financial year to which such invoice or debit note pertains.