As per the latest development, the Punjab Goods and Services Tax (Amendment) Bill 2022 has been approved today in the Punjab Assembly, by the Bhagwant Mann-led AAP government. This law was introduced in the House by the Minister of Finance, Planning, Excise, and Taxation, Advocate Harpal Singh Cheema. Furthermore, with a thumping majority, the bill had been passed.
Furthermore, slamming the opposition for raising unnecessary ruckus in the House, Cheema asserted that previous governments didn’t make any attempts to strengthen the state exchequer’s financial situation.
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“Now, Chief Minister Bhagwant Mann led Punjab Government has plugged all the loopholes and halted the bogus billing, which will not only help the traders but also improve the financial situation of the state, increasing the revenue,” he further added.
While speaking on the ammendment, finance minister Cheema said, “Section 16 of the Act has been modified to give the State Government the authority to limit the taxpayer’s ability to claim ITC in order to combat the threat of false billing and fraudulent ITC.”
Moreover, he asserted that, to make the ease of doing business easier, the deadline for ITC claims has been pushed back to the 30th day of November following the end of the fiscal year in which the supply is made, or until the appropriate annual return is filed, whichever comes first.
Notably, the Central Goods and Services Tax Act, 2017, was revised by the Union Government through the Finance Act, 2022, at the GST Council’s advice. Similar ammendments are planned for the 2017 Punjab Goods and Services Tax Act.
According to the Finance Minister, the ammendment to Sections 37, 38, and 39 of the Act has been passed to simplify the submission of returns by taxpayers. Furthermore, in order to combat the threat of false billing and fraudulent ITCs and to increase compliance, he claimed that Section 39 had been changed to require the provision of data of outward supply as a condition for furnishing the return.
