The Punjab GST Department vide Notification No. 9-Leg./2024 dated September 19, 2024 notifies The Punjab Goods And Services Tax (Amendment) Act, 2024 (Punjab Act No. 9 of 2024).
Introduction and Short Title: The document is the Punjab Goods and Services Tax (Amendment) Act, 2024, which received the Governor’s assent on September 13, 2024. It further amends the Punjab GST Act of 2017, and different provisions of the amendment will come into force on dates specified by the Punjab Government.
Key Amendments:
- The definition of “Input Service Distributor” has been revised to clarify the distribution of input tax credit among distinct entities.
- Amendments have been made to various sections, including sections 2, 9, 10, 13, 16, and 17 of the principal Act, to provide clarity on the taxation of certain goods, the issuance of invoices, and the eligibility for input tax credit under different circumstances.
New Provisions Introduced: A new section, 11A, has been introduced, empowering the government to exempt the recovery of GST that was not levied due to a general prevalent practice.
Revised Penalties and Compliance Requirements:
- Section 74A has been added to address the determination of tax-related issues for the financial year 2024-25 onwards. It outlines the procedures for handling cases of tax not paid, short-paid, or erroneously refunded.
- Penalties have been revised for failing to register machines used in the manufacture of goods under special procedures, with specific fines and seizure provisions.
Retrospective and Additional Amendments:
- The Act includes provisions for retrospective application and clarifies certain terms and procedures related to tax credit distribution, refunds, and compliance requirements for various tax periods.
The Complete Notification can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/Final_Gazette_Report.pdf