Punjab Newsline, Chandigarh, September 4-
To enhance tax compliance and further streamline the State Goods and Services Tax (SGST) regime, the Punjab Vidhan Sabha, led by Chief Minister Bhagwant Singh Mann, unanimously passed the Punjab Goods and Services Tax Amendment Bill, 2024, on Wednesday. The bill was introduced by Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema.
While introducing the bill, Finance Minister Harpal Singh Cheema highlighted the key amendments, including the exclusion of Extra Neutral Alcohol (ENA) used for manufacturing liquor for human consumption from the GST purview. He said that now Value Added Tax (VAT) will be charged on ENA being used for manufacturing liquor.
Announcing big relief to taxpayers, the Finance Minister said that the Taxpayers will allowed to avail the input tax credit (ITC) claimed through returns filed up to November 30, 2021, for the financial years 2017-18 to 2020-21. “Additionally, an authorized representative can now appear on behalf of the summoned person instead of personal appearance of the owner/ dealer himself as was the case previously. Further, the notice period for taxpayers has been extended from 30 days to 60 days for future adjudication, simplifying the procedures and enhancing tax compliance”, said Cheema.