The Department of Legal and legislative Affairs, Punjab on October 21, 2022 notified the Punjab Goods and Services Tax (Amendment) Act, 2022, to further amend the Punjab Goods and Services Tax Act, 2017. It has come into force on October 21, 2022.
The amendments are as follows:-
• Under the section 16 of the act that provides for eligibility and conditions for taking input tax credit.
(a) In sub-section (2),
(i) After clause (b), the following clause shall be inserted, namely: -
“(ba) the details of input tax credit in respect of the said supply communicated to such registered person under section 38 has not been restricted;”
(ii) in clause (c), the words, figures and letter “or section 43A” shall be omitted;
(b) in sub-section (4), for the words and figures “due date of furnishing of the return under section 39 for the month of September”, the words “thirtieth day of November” shall be substituted.
• Under section 34, that states, “Credit and debit notes” in sub-section (2), for the word “September” and the words “the thirtieth day of November” shall be substituted.
• Under section 41, that states, “Claim of input tax credit and provisional acceptance thereof” the following section shall be substituted, namely:––
(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger.
(2) The credit of input tax availed by a registered person under sub-section (1) in respect of such supplies of goods or services or both, the tax payable whereon has not been paid by the supplier, shall be reversed along with applicable interest, by the said person in such manner, as may be prescribed:
Provided that where the said supplier makes payment of the tax payable in respect of the aforesaid supplies, the said registered person may re-avail the amount of credit reversed by him in such manner, as may be prescribed.
• The sections 42, 43 and 43A shall be omitted.
• Under section 50 that states, “Interest on delayed payment of tax" for sub-section (3), the following sub-section shall be substituted and shall be deemed to have been substituted with effect from July 01, 2017, namely:–
“(3) Where the input tax credit has been wrongly availed and utilised, the registered person shall pay interest on such input tax credit wrongly availed and utilised, at such rate not exceeding twenty-four per cent, as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner, as may be prescribed.”
Disclaimer: To view further amendments refer the document given in the link above.
[Notification no. No.18-Leg./2022]
