Search for:
  • Home/
  • India/
  • Bill to align some provisions of CGST Act with Tribunal Reforms Act passed by Lok Sabha | India News – Times of India

Bill to align some provisions of CGST Act with Tribunal Reforms Act passed by Lok Sabha | India News – Times of India

[ad_1]

NEW DELHI: A bill to align certain provisions of the Central Goods and Services Tax Act, 2017 with the Tribunal Reforms Act, 2021 was passed by the Lok Sabha on Tuesday. The House also passed the Provisional Collection of Taxes Bill, 2023.
Replying to the debate on Central Goods and Services Tax (Second Amendment) Bill, 2023, Finance Minister Nirmala Sitharaman said that provisions of the Central Goods and Services Tax Act are being aligned with the Tribunal Reforms Act to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals at the earliest.
The Bill allows advocates with at least 10 years of experience to be appointed as the judicial member. They must have substantial experience in matters relating to indirect taxation. The minimum age to be appointed as a member or president of the Tribunal will be 50 years.
The Bill also advocates to increase the age limit for the president of the Tribunal from 67 to 70 years and for members from 65 to 67 years.
The Tribunal will comprise of president, a judicial member, and two technical members.
The Provisional Collection of Taxes Bill, 2023 provides for giving immediate effect for a limited period to provisions in Bills relating to the imposition or increase of duties of customs or excise, with or without change in tariff classification. The Bill also provides for the repeal of the Provisional Collection of Taxes Act, 1931.
It aims to obtain the authority from the Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days.
“This Bill proposes to replace the erstwhile Provisional Collection of Taxes Act, 1931 with a minor change that is technical in nature,” Sitharaman said.
“The provisions of the Bill empower collection provisionally, during the period between the introduction and enactment of the Bill the increased customs or central excise duty where such duty rate is increased beyond the statutory rate approved by Parliament or where such duty is newly imposed. Sometimes, you will have to bring it immediately, and not wait for 75 days, or wait for the session to pass the Bill and so on. So you want immediate relief to be given, when prices (of something) are going up, you need to moderate it, speculation in the market, and also for revenue considerations,” she added.



[ad_2]

Leave A Comment

All fields marked with an asterisk (*) are required