The Cabinet, headed by Prime Minister Narendra Modi, has cleared the Goods and Services Tax (GST) laws amendments, as approved by the GST Council. The amendments include hiking threshold limit for availing composition scheme for dealers to Rs 1.5 crore.
In all, there are 46 amendments, which among other things, will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees under any law. It also provides for modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.
The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament. Besides, as many as 46 amendments were cleared by the GST Council, chaired by Union Finance Minister Piyush Goyal, at its meeting on July 21.
