Insights
The constitution of the GSTAT is a crucial milestone for alleviating the burden on writ courts and ensuring an effective operation of the dispute resolution mechanism under GST. The appointment of Justice [Retd.] Sanjay Kumar Mishra as President of GSTAT
Scheme for waiver of interest and penalty –Section 128A of the Central Goods and Service Tax Act, 2017
Personal taxation
• A relaxation in tax rates is proposed under the new tax regime under section 115BAC. The proposed slab rates as applicable under the new tax regime as against the current slab applicable rates is as under is tabulated below:
Goods and Services Tax (GST) Legislative Changes
[These shall come into effect from the date of assent to the Finance (No.2) Bill, unless specified otherwise]
Exclusion of un-denatured extra-neutral alcohol or rectified spirit from the purview of GST [Section 9 of the Central Goods and Services Tax Act, 2017 (“CGST Act”), Section 7 of the Union Territory Goods and Services Tax Act, 2017 (“UTGST Act”) and Section 5 of the Integrated Goods and Services Tax Act,2017 (“IGST Act”)]
