Cabinet Allows ITC Benefit To Employers On Food, Transport, Insurance

The Cabinet today okayed 46 GST law amendments and of these one of the amendments now allows employer to claim input tax credit in relation to facilities extended to employees such as meals, transportation and insurance among other such similar services being part of any of the law.

The law also now provides for separate registration for companies that are engaged in different business domains, new return filing provisions and rules, GST registration cancellation, issuance of consolidated credit or debit noted to cover multiple invoices.

Also, the maximum limit to avail of the composition scheme under the GST law has been now on increased to Rs. 1.5 crores. A source after the conclusion of meeting chaired by Prime Minister said, "GST laws amendments have been cleared".

Now in the monsoon session that is still underway, the government will table amendments in respect of the CGST or central GST, IGST or integrated GST and compensation cess law.

Goodreturns.in