Odisha proposes amendment in Goods and Service Tax Act 2017

Bhubaneswar: The Odisha Cabinet on Tuesday cleared a proposal for amendment of Odisha Goods and Service Tax (OGST) Act 2017 following which a bill will be introduced in the upcoming Monsoon Session of the Assembly.

The provisions included in the proposed amendment will address fraudulent input tax credit, an extension of punishment, making the offence cognisable and non-bailable.

OGST Act shall provide certain facilities to the tax-payers and tax authorities. It includes facilities such as:
-Extend the scope of ineligibility to opt for composition scheme,

-Delink the date of issuance of debit note from the date of issuance of the underlying invoice for purpose of availing input tax credit,

-Empower proper officer to allow cancellation of registration of the registered taxpayers who have voluntarily obtained registration under section 25 (3) of the said Act,

-Grant the power to the Additional or Joint Commissioner to extend the time limit by further 30 days to file an application for revocation of cancellation of registration subject to sufficient cause being shown

-Empower the Government to specify the categories of services or supplies in respect of which a tax invoice shall be issued along with time and manner for issuance of such invoice,

-Provide that a certificate of TDS issued by the deductor of tax shall be issued in such form as may be prescribed,

-Make the beneficiary of the transactions of passing on or availing fraudulent Input Tax Credit liable for penalty similar to the penalty leviable on the person who commits such specified offences,

-Extend punishment to a person who causes to commit the offence of availing fraudulent Input Tax Credit and also to a person who retains benefit making such offences a cognisable and non-bailable offence,

-Empower the Government to prescribe the manner and time limit for: taking transitional credit, insert a new section 168A to extend due dates for various compliance.

Meanwhile, the state cabinet also approved the proposal regarding the construction of a high-level bridge over Subarnarekha river in Balasore district at the estimated cost of Rs 138.74 crore.

The draft of the Local Fund Audit Amendment Bill was also approved by the state cabinet on Tuesday.