BUDGET 2025-26 PRIORITISES TRADE FACILITATION: GST AMENDMENTS PROPOSED

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....UDGET 2025-26 PRIORITISES TRADE FACILITATION: GST AMENDMENTS PROPOSED <br>Budget<br>Dated:- 1-2-2025<br><BR>DISTRIBUTION OF INPUT TAX CREDIT IN RESPECT OF INTER-STATE SUPPLIES FROM 1ST APRIL, 2025. NEW CLAUSE TO DEFINE UNIQUE IDENTIFICATION MARKING FOR TRACK AND TRACE MECHANISM PROVISION TO REDUCE SUPPLIER TAX LIABILITY The Union Budget 2025-26 was tabled by the Union Minister for Finance and C....

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....orporate Affairs, Smt Nirmala Sitharaman in the Parliament today. The Budget proposes changes in GST laws for ensuring trade facilitation. These proposed amendments include: * Provision for distribution of input tax credit by Input Service Distributor in respect of inter-state supplies on which tax has to be paid on reverse charge basis, with effect from 1st April, 2025. * A new clause to prov....

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....ide definition of Unique Identification Marking for implementation of Track and Trace Mechanism. * Provision for reversal of corresponding input tax credit required in respect of a credit-note, if availed, for the purpose of reduction of tax liability of the supplier. * 10% mandatory pre-deposit of penalty amount for appeals before Appellate Authority in cases involving only demand of penalty ....

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....without any demand for tax. * Provision for penalties for contraventions of provisions related to the Track and Trace Mechanism. * Provision in Schedule III of the CGST Act, 2017 stating that the supply of goods warehoused in a Special Economic Zone or in a Free Trade Warehousing Zone to any person before clearance for exports or to the Domestic Tariff Area shall be treated neither as supply o....

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....f goods nor as supply of services. Also no refund of tax already paid will be available for such transactions. This will be applicable with effect from 01.7.2017. * Inclusion of definitions of &#39;Local Fund&#39; and &#39;Municipal Fund&#39; used in the definition of &quot;local authority&quot;. * Certain conditions and restriction for filing of return to be included. These changes will be b....

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....rought into effect from a date to be notified in coordination with States, as per recommendations of the GST council, states the budget.<BR> News - Press release - PIB....