GST Amendment Bill passed by Lok Shabha

GST Amendment Bill passed by Lok Shabha Tags:lok sabha passes gst amendment bill, GST Amendment Bill passed by Lok Shabha, The Lok Sabha pas

CA Deepak Gupta

Aug 10, 2018

Last update on Aug 10, 2018

GST Amendment Bill passed by Lok Shabha The Lok Sabha passed four bills that seek to amend GST laws which, among other things, seek to simplify the return filing process and increase the upper limit of turnover for opting for composition scheme from Rs 1 crore to Rs 1.5 crore, among others. The Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, Union Territory GST (Amendment) Bill and GST (Compensation to States) Amendment Bill were tabled in the lower House of Parliament on Tuesday. Finance Minister Piyush Goyal informed that provision of quarterly returns has been made for businesses with turnovers up to Rs. 5 crore. The Reverse Charge Mechanism has also been kept in abayance for one year till September 2019. He added that several other changes have been incorporated to enhance ease of doing business for small enterprise owners. Goyal said that acknowledging the need to simplify return filing process, a committee was set up to study return forms which came up with a single-page return. To Download Bill Copy Click Here You May Also Like: Things to know about GST Audit

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