Good news! Cabinet OKs GST tweak to allow ITC benefit to employers on food, transport, insurance

By: | Updated: August 1, 2018 4:55 PM

The Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things.

The Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 croreThe Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore.

The Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things. The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament. “GST laws amendments have been cleared,” an official source said after the Cabinet meeting chaired by Prime Minister Narendra Modi.

In all, there are 46 amendments, which among other things, will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees under any law. It also provides for modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.

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