The Goa Chief Minister Pramod Sawant, who also holds the charge of the finance ministry, on February 6th presented the budget for the financial year 2020 in the Goa state assembly. The Total budget size for 2020-21 is projected at Rs21,056 crore. The changes proposed to the Goa budget 2020 Goods and Service Tax (GST) Act are as follows:
- Proposal to provide an alternative composition scheme for the supplier of services or mixed suppliers (not eligible for the earlier composition scheme) having an annual turnover in preceding financial year up to rupees fifty lakhs.
- Proposal to provide for higher threshold exemption limit from rupees twenty lakhs to such amount not exceeding rupees forty lakhs in case of the supplier who is engaged exclusively in the supply of goods.
- Proposal for mandatory Aadhaar submission or authentication for persons who intend to take or have taken registration under the said Act in such manner as may be notified by the Government on the recommendations of the Council.
- Proposal to make it mandatory for suppliers to provide the facility for digital payments to his recipient.
- Proposal to provide for the furnishing of annual returns and for quarterly payment of tax by the taxpayer who opts for composition levy and to provide for certain another category of taxpayers, an option for quarterly and monthly payments under the proposed new return filing system.
- Proposal to empower the Commissioner to extend the due date for furnishing Annual
- return and reconciliation statement.
- Proposal to provide a facility to the taxpayer to transfer an amount from one head to another in the electronic cash ledger.
- Proposal to provide for charging interest only on the net cash tax liability, except in those cases where tax is paid subsequent to initiation of any proceedings under section 73 or 74 of the GST Act.
- Proposal to empower the Commissioner to extend the due date for furnishing of the monthly and annual statement by the person collecting tax at source.
- Proposal to provide for the transfer of amount in the electronic cash ledger between the Centre and States as a consequence of the new facility given to the taxpayer under section 49.
- Proposal to empower the State Government to transfer the refund amount disbursed to the taxpayers by the Central Government in respect of a refund of State taxes.
- Proposal to insert the National Appellate Authority in the definition of Advance Ruling.
- Proposal to consider National Appellate Authority for Advance Ruling constituted under section 101A of Central Goods and Services Tax (CGST) Act as deemed to be the National Appellate Authority for Advance Ruling under Goa GST Act, wherein it is provided for constitution, qualification, appointment, tenure, conditions of services and manner of removal of the President and Members of the National Appellate Authority for Advance Ruling.
- Proposal to empower the National Appellate Authority to rectify its advance ruling.
- Proposal to provide that the advance ruling pronounced by the National Appellate Authority shall be binding on the applicants, being distinct persons and all registered persons having the same Permanent Account Number and on the concerned officers or the jurisdictional officers in respect of the said applicants and the registered persons having the same Permanent Account Number (PAN). It also provides that the ruling shall be binding unless there is a change in law or facts.
- Proposal to provide that advance ruling pronounced by the National Appellate Authority shall be void where the ruling has been obtained by fraud or suppression of material facts or misrepresentation of facts.
- Proposal to provide the National Appellate Authority with all the powers of a civil court under the Code of Civil Procedure, 1908 for the purpose of exercising its powers under the Act.
- Proposal to provide the National Appellate Authority with the power to regulate its own procedure.
- Proposal to empower the Authority to impose penalty equivalent to ten percent. of the profiteered amount.
