GST Council proposes Amendment to section 17(5)(d) of CGST Act, 2017
The CBIC chairman has made it clear that it was a drafting error and that ‘and' was supposed to be used instead of ‘or ‘
The Finance Minister, while addressing the nation through the press conference, informed that amendments would be brought to Section 17(5)(d) of the Central Goods and Service Tax Act ( CGST ) 2017. It is to be noted that this amendment has been made due to the important and landmark decision of the apex court in the Safari Retreat case. The Council has suggested amending section...
The Finance Minister, while addressing the nation through the press conference, informed that amendments would be brought to Section 17(5)(d) of the Central Goods and Service Tax Act ( CGST ) 2017.
It is to be noted that this amendment has been made due to the important and landmark decision of the apex court in the Safari Retreat case.
The Council has suggested amending section 17(5)(d) of the CGST Act, 2017 to replace the phrase "plant or machinery" with "plant and machinery.". It will act retroactively and will be effective from July 1, 2017, in order to bring the provisions of the section into line with its intention.
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The key highlights on this matter released by the Press Information Bureau have stated that this particular amendment will allow the phrase to be interpreted in accordance with the explanation at the end of Section 17 of the CGST Act, 2017.
The CBIC chairman has made it clear that it was a drafting error and that ‘and' was supposed to be used instead of ‘or ‘.
Thus, the amendment that will be made to Section 17(5)d of the CGST Act will be acting retrospectively and not prospectively.
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Other important decisions include that the lifesaving drugs will be fully exempt from GST and that the fresh green and black peppers, when supplied by the agriculturists, will be exempt from GST.
It should be mentioned that the nation was kept waiting for the meeting because it was delayed by almost forty minutes.
The government's goal to improve the GST system and fortify its international commitments is portrayed during the 55th GST Council meeting.
ADG PIB spoke at the news conference at first.
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