NEW DELHI: Employers will soon be able claim input tax credit on facilities like food, transport and insurance provided to employees under any law, once the proposed amendments to the GST Act are approved by Parliament and the state legislatures.
The Government has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws — Central GST, State GST, Integrated GST and Compensation of Sates Act.
The amendments, among other things, provide for modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.
The Government has invited stakeholders comments on the draft proposals for amending GST Laws by July 15, 2018. (AGENCIES)