BENGALURU: The Congress government on Wednesday tabled Karnataka Goods and Services Tax (Amendment) Bill 2023 in the Legislative Assembly. The government proposed amendments to Section 10, Section 14 Section 17, Section 18, Section 10, Section 23, Section 30, Section 37, Section 39, Section 44, Section 52, Section 54, Section 56, Section 62, Section 122, Section 132, Section 138 and also retrospective exemption to activity in transactions as specified in Schedule 3 of the Act.
It may be recalled that extracts of GST-related amendments were made in the Finance Act, 2023 and notified by the Union Government on March 31. The Bill was placed by Union Finance Minister Nirmala Sitaraman in the Lok Sabha.
The Goods and Service Tax (GST) Bill passed in the Lok Sabha came into effect in 2017. Essentially, GST is a single indirect tax on supply of goods and services from the manufacturer to consumer.
It replaced many indirect taxes such as Central Sales Tax, Value-Added Tax, Excise Duty, Service Tax, and so on.
Experts opined that after the recent Union Budget session discussed these issues, it has been decided that many amendments have to be mandatorily adopted by all states. The proposed amendments have been discussed and their adoption will only make the GST process more efficient.