GST Amendment for Project Completion:
The Central Government, acting on the Council's recommendations, introduces amendments to the GST notification related to project completion.
Clarification on Liability:
A crucial modification is made in the first paragraph, emphasizing that the liability to pay GST rests with the person to whom it applies.
Timeframe for Tax Liability:
The amendment specifies that the tax liability should be addressed not later than the tax period in which the completion certificate for the project is issued or its first occupation date, whichever comes earlier.
Effective Date:
The updated notification becomes effective from June 2, 2021, ensuring clarity and compliance with the revised regulations.
Official Notification Source:
The changes are officially communicated through the Gazette of India, Extraordinary, maintaining transparency and accessibility for the concerned stakeholders.
Government's Commitment to Clarity:
The amendment showcases the government's commitment to providing clear directives in the evolving landscape of GST regulations, promoting ease of understanding for businesses.
Administrative Note:
The notification is signed by Rajeev Ranjan, Under Secretary to the Government of India, reaffirming the government's commitment to streamlined communication and governance.