Quick Summary
The Punjab Cabinet on Monday gave the approval to amend the Punjab Goods and Services Tax Act, 2017, to enable ease of doing business in the state and facilitating the taxpayers. The amendment will also help in streamlining provisions relating to refunds and rationalising those related to the furnishing of returns. This will also ensure levying of interest only on input tax credit wrongly availed and utilised, said an official release. The Punjab Cabinet held a meeting under the chairma
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FAQ :
The main purpose is to enhance the ease of doing business in Punjab and to facilitate taxpayers by streamlining provisions related to refunds and the furnishing of returns.
The amendment ensures that interest will only be levied on input tax credit that has been wrongly availed and utilised.
The Punjab Cabinet approved the withdrawal of the proposal to set up a bulk drug park at Bathinda, suggesting the land could be used for citizen-centric or other commercial projects.
Incentives are being extended to standalone bio-fuel units, provided they install boilers that use paddy straw as fuel, to promote ethanol production and attract investment.
The amendment grants exclusive ownership of 'Jumla Mushtarka Malkan Land' (common village land) to the gram panchayat, making them the sole owners.
Amendments have been approved in the Telecom Infrastructure Guidelines 2020, aligning with national rules, to enable the setting up of overground telecommunication infrastructure for 5G.
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