Published on 16/09/2020 9:15:00 AM | Source: IANS

Odisha Cabinet nod for proposal to amend state GST Act

Posted in Economy News| #Economy #GST #Odisha

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

The Odisha Cabinet on Tuesday approved a proposal to amend the Odisha Goods and Services Tax Act, 2017 to provide more facilities to taxpayers and tax authorities.

The Cabinet cleared the proposal to introduce the Odisha Goods and Services Tax (Amendment) Bill, 2020 in the Assembly and replacement of two ordinances on the issue, said Chief Secretary Asit Kumar Tripathy.

According to the proposed amendment, the scope of ineligibility to opt for the composition scheme will be extended.

The state government will also be empowered to prescribe the manner and time limit for taking transitional credit.

Besides, the government will also extend the punishment prescribed to a person who commits the offence of availing fraudulent Input Tax Credit and also to a person who retains the benefit thereto, making such offences cognizable and non-bailable.

It also approved a proposal by the Works Department for the construction of a high-level bridge over the Subarnarekha river on Haladipada (National Highway-16) in Balasore district.

The bridge costing over Rs 138.74 crore will provide a direct link between Baliapal and Bhograi blocks and also connect economically and culturally important places in the area.

The Cabinet also decided to amend the Odisha Local Fund Audit Act, 1948.