GST amendments: How many will be there? Check number here
The amendments, among other things, provide for the modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.
Employers will soon be able to claim input tax credit on facilities like food, transport and insurance provided to employees under any law, once the proposed amendments to the Goods and Services Tax (GST) Act are approved by Parliament and the state legislatures.
The government has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws — Central GST, State GST, Integrated GST and Compensation of Sates Act.
The amendments, among other things, provide for the modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.
The government has invited stakeholders comments on the draft proposals for amending GST Laws by July 15, 2018.
Once the amendments are finalised by the revenue department, they will be moved to the GST Council for approval. After that, they will be placed before Parliament and state legislatures for amending the GST law.
As per the draft amendments, employers will be allowed to claim input tax credit (ITC) for the supply of food, beverages, health services, life insurance, travel benefits renting or hiring of motor vehicles, given to employees, provided it is obligatory for them under any law.
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Through the amendments, the government seeks to clarify that, but for the specific exemptions, ITC will not be available on the supply of food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery, renting or hiring of motor vehicles, vessels and aircraft, life insurance and health insurance.
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