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of <h1>Finance Bill 2021 amends GST Act retroactively, clarifying non-individual entities and members as distinct taxable persons under Section 7.</h1> Clause 99 of the Finance Bill, 2021, amends section 7 of the Central Goods and Services Tax Act, 2017, retroactively from July 1, 2017. It introduces clause (aa) in sub-section (1), stipulating that transactions or activities by a non-individual entity to its members or constituents, or vice-versa, for cash, deferred payment, or other consideration, are taxable. The amendment clarifies that such entities and their members are considered separate persons, and the supply of activities or transactions between them is treated as occurring between distinct persons.
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