Priyanka Kumari | Dec 1, 2023 |
Punjab Govt expects major hike in GST Revenue
With the approval of the Punjab Goods and Services Tax (Amendment) Bill, 2023, the Punjab government aims to see an increase in revenue because when Punjab residents buy goods in other states, including UT Chandigarh, the revenue will be added to the Punjab government’s Integrated GST collections.
The idea, which was sponsored by Punjab, was recently approved by the GST Council, according to AAP chief spokesperson Malvinder Singh Kang.
He also urged Punjab residents to utilize the code ’03’ when shopping outside, because inhabitants of other states may identify their states when buying goods in Punjab.
Many individuals from neighboring districts of Punjab buy in the Punjab’s capital, Chandigarh, and, likely, they will now identify their home state while deciding to buy. The GST Amendment Bill will raise Punjab’s revenue while making it easier for citizens to shop outside the state.
“When Punjab residents use the ’03’ code to buy goods beyond the state, the tax is paid directly to the Punjab government,” he explained.
According to an official, bills issued by traders will soon have an address column, and the IGST collected will be sent to the state exchequer of the buyer’s home state.
Finance Minister Harpal Singh Cheema presented the issue at the 50th meeting of the GST Council in July, requesting an amendment to Section 10 of the IGST Act.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"