The Punjab Cabinet on Tuesday approved the proposal for the 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 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 simplifications 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 and punishment for certain offences and transitional arrangements for Input Tax Credit.
Notably, the Goods and Services Tax was introduced in the country with effect from July 1, 2017 as the biggest economic reforms in indirect taxation system of country.