New amendments to the Goods and Services Tax (GST) law will come into effect from November 1, the Union Finance Ministry has said in an official gazette notification.
The changes follow decisions taken at the 57th meeting of the GST Council, held in Delhi on October 8 under the chairmanship of Union Finance Minister Nirmala Sitharaman. The Council had approved a new framework aimed at reducing inconsistencies in GST.
Officials expect the move to reduce the number of notices issued to taxpayers by streamlining procedures. The notified amendments relate to sections 153 to 155 of the GST law.
According to the notification, the changes are expected to make processes easier in areas such as adjusting taxable value by accounting for post-sale discounts, issuing credit notes, and enabling eligible businesses to claim a refund of 90% of unutilised input tax credit.
The amendments are also expected to simplify export-related tax refunds by removing certain limits, the report said.
