GST Council unveils :::

GST Council unveils draft of changes proposed to GST law:::

India has proposed a slew of changes to the year-old goods and services tax law, including an amendment to deny credit in lieu of accumulated balances of education cess, secondary and higher education cess, Krishi Kalyan cess, and additional excise duties levied on textile and textile articles.

The GST Council, the apex decision-making body for the tax, on Monday unveiled the draft of changes proposed to the GST lawbefore they are introduced in the upcoming monsoon session of parliament. India Inc.’s key demand on transfer of cess credits has been turned down, but substantial changes .

“It appears that the feedback from businesses on the need to simplify the compliance processes and streamline the input tax credit provisions is being acted upon and once these amendments are approved, there would be a considerable degree of comfort for all businesses,” said MS Mani, a partner at Deloitte India. Aimed at benefitting smaller businesses, the turnover threshold for composition dealers is proposed to be raised to Rs 1.5 crore from.`1 crore now. GST liability under reverse charge basis on procurement from unregistered vendors is proposed to be restricted to specified classes of registered persons.