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Business EconomyPosted at: Feb 1 2025 4:04PM


Govt proposes changes in GST amendments; Budget 2025-26 prioritises trade facilitations

New Delhi, Feb 1 (UNI) The Government has proposed changes in the Goods and Services Tax (GST) laws for ensuring trade facilitations. These changes will be brought into effect from a date to be notified in coordination with States, as per recommendations of the GST council.
Presenting the Union Budget 2025-26, Union Finance Minister Nirmala Sitharaman said the proposed amendments in the GST laws include:
Provision for distribution of input tax credit by Input Service Distributor in respect of inter-state supplies on which tax has to be paid on reverse charge basis, with effect from 1st April, 2025.A new clause to provide definition of Unique Identification Marking for implementation of Track and Trace Mechanism.Provision for reversal of corresponding input tax credit required in respect of a credit-note, if availed, for the purpose of reduction of tax liability of the supplier.10% mandatory pre-deposit of penalty amount for appeals before Appellate Authority in cases involving only demand of penalty without any demand for tax.Provision for penalties for contraventions of provisions related to the Track and Trace Mechanism.Provision in Schedule III of the CGST Act, 2017 stating that the supply of goods warehoused in a Special Economic Zone or in a Free Trade Warehousing Zone to any person before clearance for exports or to the Domestic Tariff Area shall be treated neither as supply of goods nor as supply of services. Also no refund of tax already paid will be available for such transactions. This will be applicable with effect from 01.7.2017.Inclusion of definitions of 'Local Fund' and 'Municipal Fund' used in the definition of "local authority".Certain conditions and restriction for filing of return to be included.
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