GST Amendment Bills, 2018
Four bills that amended the Goods and Services Tax (GST) to seal any ambiguities in the prevalent laws, have been passed by The Lok Sabha. The lower House of Parliament passed the following bills on Thursday:
- The Central GST (Amendment) Bill, 2018,
- The Integrated GST (Amendment) Bill, 2018,
- The Union Territory GST (Amendment) Bill, 2018 and
- The GST (Compensation to States) Amendment Bill, 2018.
Among important amendments are:
- New tax returns approved by the GST Council
- Allowing firms to get multiple registration in the same state for different business verticals.
- The reverse charge mechanism has been done away with.
- Also the ambit of the Composition Scheme for small traders have been widened.
- The provisions will give taxpayers permission to amend their tax returns and rectify errors and
- Widen the scope for availing input tax credit.