GST in Monsoon Session may see return of retrospective amendments
The proposed amendment seeks to explicitly exclude cesses levied in a pre-GST regime from allowable transitional credit that can be claimed by companies, said the report, adding that under the transitional credit provision, companies were allowed to claim tax credit against levies such as value added tax and service tax on stock purchased before implementation of GST for a limited period.
In the upcoming monsoon session of Parliament beginning 18 July, the government is likely to retrospectively amend laws governing the goods and services tax (GST). Image source: Reuters