CABINET CLEARS PROPOSAL FOR INTRODUCTION OF PUNJAB GOODS AND SERVICES TAX (AMENDMENT) BILL, 2020

FULFILLS DEMAND OF TAX PAYERS TO SIMPLIFY PROVISIONS AND PROCESSES FOR SMOOTH LEVY AND COLLECTION OF TAXES UNDER GST

Chandigarh, August 25: 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.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Goods and Services Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

November 2022
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930