The Goods and Services Tax (GST) Council has paved the way for several amendments to the CGST Act, including a retrospective change to reverse the Supreme Court's judgment in the Safari Retreats case, during the Budget session.
Other proposed amendments include provisions empowering the government to enforce a track-and-trace mechanism for specified evasion-prone commodities.
In a statement, the Ministry of Finance said the proposals would come into force after the amendments to the law. Many of these amendments are proposed to take effect from April 1, 2025.
At its 55th meeting in Jaisalmer on Saturday, the GST Council recommended an amendment to Section 17(5)(d) of the CGST Act, 2017 to clarify the language by replacing the phrase "plant or machinery" with "plant and machinery". This amendment will apply retroactively from July 1, 2017, ensuring a consistent interpretation of these terms as explained in the law.
Bu hikaye Business Standard dergisinin December 23, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin December 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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