Gujarat govt brings ordinance to align state GST law with Centre's 2025 amendments
The move seeks to synchronise the state's indirect tax framework with recent amendments enacted by the Finance Act, 2025, following recommendations of the 55th GST Council meeting.
As the state legislature is not in session, the ordinance was promulgated under Article 213 of the Constitution, allowing the state to push through urgent legislative updates. One of the standout provisions is the introduction of a new Section 148A, which empowers the government to implement a track-and-trace mechanism for certain categories of goods.
This system will require specific items to carry unique identification markings and allow for real-time electronic monitoring across the supply chain. To ensure compliance, a newly inserted Section 122B lays out stringent penalties for violators -- Rs 1 lakh or 10 per cent of the tax due, whichever is greater. The measure is expected to boost supply chain transparency and act as a deterrent to tax evasion.
Apart from this, the ordinance introduces technical and procedural updates to key areas of the Act. These include modifications to Input Tax Credit (ITC) rules, credit note regulations, appeals, and several definitional clauses.
Amendments have been made to Sections 2, 12, 13, 17, 20, 34, 38, 39, 107, 112, and Schedule III of the Act. In some cases, the changes carry a retrospective effect from July 1, 2017, the date GST was rolled out nationwide.
Officials say the amendments are part of a broader effort to harmonise state and central GST provisions, reduce litigation, and improve administrative efficiency.
The ordinance will remain in effect until it is ratified by the Gujarat Legislative Assembly in the next session.
The Gujarat GST (Second Amendment) Ordinance, 2025, is significant as it aligns the state's tax framework with national GST reforms introduced by the Finance Act, 2025, ensuring legal uniformity and operational consistency across jurisdictions.
By introducing a track-and-trace mechanism for certain goods and enforcing electronic traceability, the ordinance aims to curb tax evasion, boost supply chain transparency, and modernise compliance systems.
Additionally, retrospective amendments and updates to key sections streamline procedures related to input tax credit, appeals, and credit notes, enhancing administrative efficiency and reducing disputes, making it a crucial step in strengthening Gujarat's tax governance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
5 minutes ago
- Economic Times
US stock market: US Stock Market on Monday, August 18: What to expect for S&P 500, Nasdaq, Dow Jones?
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs As US Stock Market eyes the trading week ahead with cautious optimism, Monday, August 18, looms as a pivotal day for capturing investor sentiment. Last Friday's pullback—marked by modest declines in the S&P 500 (‑0.29%) and Nasdaq (‑0.40%), offset by a slight gain in the Dow—reflects a market digesting soft consumer sentiment and semiconductor sector weakness. A contraction in chip stocks, led by a sharp drop in Applied Materials, and a decrease in the University of Michigan's consumer sentiment index to 58.6 signal wary consumer confidence amid inflation S&P 500—currently near its all-time highs, with a recent closing benchmark at approximately 6,450—stands at a crossroads. Strategists remain divided: while UBS and Deutsche Bank expect easing inflation and anticipated Fed rate cuts starting in September to reignite upside momentum, contrarian voices like Stifel's Barry Bannister warn of a possible 14 per cent pullback in the index before the end of 2025, potentially driving the S&P down to around 5,500. For August 18, markets will likely pivot on whether the recent retreat proves temporary or signals broader slowdown Jones, buoyed by strength in heavyweight names like UnitedHealth (which added notable points to the index last week), posted gains even as broader indices slipped. Meanwhile, the Nasdaq remains under scrutiny: AI-led enthusiasm continues to bolster mega-cap tech players, but investors are increasingly wary of stretched valuations. Morgan Stanley projects an 8 per cent rise in the S&P over the next year—assuming forward-looking factors like better earnings revisions and a weaker dollar optimism around AI-driven earnings persists, numerous clouds are gathering. Core inflation remains sticky, job creation has faltered, and geopolitical policy risk—particularly around tariffs and central bank independence—looms large. Analysts are suggesting defensive positioning: Bank of America flags small- and mid-cap stocks as pockets of value amid overvaluation in large caps, while strategic voices recommend diversifying with dividend payers, Treasuries, and quality value names to hedge near-term eyes are on Monday's open to determine if recent volatility is a bump in the road or the start of a meaningful correction. If inflation data and Fed commentary reinforce expectations for September rate cuts, the S&P 500 could push back toward new highs, potentially testing 6,500. Conversely, persistent softness could bolster bearish scenarios pointing to deeper pullbacks. For the Dow and Nasdaq, strength in defensive sectors or renewed tech buying could drive outperformance—especially if volatility abates. Overall, August 18 may serve as the litmus test for whether AI optimism or macro caution will dominate the next chapter in this enduring market narrative.A1. Top three indexes of US stock Market are S&P 500, Dow Jones, Nasdaq.A2. Two top stock markets are New York Stock Exchange, and Nasdaq.
News18
5 minutes ago
- News18
Israels growing frustration over war in Gaza explodes in nationwide protests
Jerusalem, Aug 17 (AP) Israeli police blasted crowds with water cannons and made dozens of arrests on Sunday as thousands of protesters demanding a deal to free hostages in Gaza aimed to shut down the country with a one-day strike that blocked roads and closed businesses. Groups representing families of hostages organised the demonstrations as frustration grows in Israel over plans for a new military offensive in some of Gaza's most populated areas, which many fear could further endanger the remaining hostages. Fifty hostages remain, and 20 of them are believed to still be alive. 'We don't win a war over the bodies of hostages," protesters chanted in one of the largest and fiercest protests in 22 months of war. Even some former Israeli army and intelligence chiefs now call for a deal to end the fighting. Protesters gathered at dozens of places including outside politicians' homes, military headquarters and on major highways. They blocked lanes and lit bonfires. Some restaurants and theaters closed in solidarity. Police said they arrested 38 people. 'The only way to bring (hostages) back is through a deal, all at once, without games," former hostage Arbel Yehoud said at a demonstration in Tel Aviv. Her boyfriend Ariel Cunio is still being held by Hamas. One protester carried a photo of an emaciated Palestinian child from Gaza. Such images were once rare at Israeli demonstrations but now appear more often as outrage grows over conditions there for civilians after more than 250 malnutrition-related deaths. Netanyahu opposes any deal that leaves Hamas in power An end to the conflict does not seem near. Israeli Prime Minister Benjamin Netanyahu is balancing competing pressures including the potential for mutiny within his coalition. 'Those who today call for an end to the war without defeating Hamas are not only hardening Hamas' position and delaying the release of our hostages, they are also ensuring that the horrors of Oct 7 will be repeated," Netanyahu said, referencing the Hamas-led attack in 2023 that killed some 1,200 people and sparked the war. The last time Israel agreed to a ceasefire that released hostages earlier this year, far-right members of his cabinet threatened to topple Netanyahu's government. Finance Minister Bezalel Smotrich on Sunday called the demonstrations 'a bad and harmful campaign that plays into Hamas' hands, buries the hostages in the tunnels and attempts to get Israel to surrender to its enemies and jeopardize its security and future." The new offensive would require the call-up of thousands of reservists, another concern for many Israelis. Another 17 aid-seekers killed in Gaza Hospitals and witnesses in Gaza said Israeli forces killed at least 17 aid-seekers on Sunday, including nine awaiting UN aid trucks close to the Morag corridor. Hamza Asfour said he was just north of the corridor awaiting a convoy when Israeli snipers fired, first to disperse the crowds, then from tanks hundreds of meters (yards) away. He saw two people with gunshot wounds. 'It's either to take this risk or wait and see my family die of starvation," he said. The Gaza Humanitarian Foundation, which runs the Israeli-backed and US-supported distribution points that have become the main source of aid since they opened in May, said there was no gunfire 'at or near" its sites, which are located in military-controlled areas. Israel's military did not immediately respond to questions. Israel's air and ground war has displaced most of Gaza's population and killed more than 61,900 people, according to Gaza's Health Ministry, which does not specify how many were fighters or civilians but says around half were women and children. Two children and five adults died of malnutrition-related causes Sunday, according to the ministry, which is part of the Hamas-run government and staffed by medical professionals. The UN and independent experts consider it the most reliable source on casualties. Israel disputes its figures but has not provided its own. The United Nations has warned that levels of starvation and malnutrition in Gaza are at their highest since the war began. Most aid has been blocked from entering Gaza since Israel imposed a total blockade in March after ending a ceasefire. Deliveries have since partially resumed, though aid organisations say the flow is far below what is needed. Fears of the coming military offensive It is not clear when Israel's military will begin the new offensive in the crowded Gaza City, Muwasi and what Netanyahu has called the 'central camps" of Gaza. The military body that coordinates its humanitarian aid to Gaza, COGAT, this weekend noted plans to forcibly evacuate people from combat zones to southern Gaza 'for their protection." Designated 'safe zones," however, also have been bombed during the war. War-weary Palestinians on Sunday insisted that they won't leave, arguing that there is 'no safe place" in Gaza. 'There are no humanitarian zones at all," said Raghda Abu Dhaher, who said she has been displaced 10 times during the war and now shelters in a school in western Gaza City. Mohamed Ahmed also insisted that he won't move south. 'Here is bombing and there is bombing," he said. Airstrike on power plant in Yemen Israeli airstrikes hit Yemen's capital Sunday, escalating strikes on the Iran-backed Houthi rebels, who since the war in Gaza began have fired missiles at Israel and targeted ships in the Red Sea. The Houthi-run Al-Masirah Television said the strikes targeted a power plant in the southern district of Sanhan, sparking a fire and knocking it out of service. Israel's military said the strikes were launched in response to missiles and drones aimed at Israel. While some projectiles have breached its missile defences — notably during its 12-day war with Iran in June — Israel has intercepted the vast majority of missiles launched from Yemen. Its military later Sunday said it had intercepted another. (AP) RD RD (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 18, 2025, 00:00 IST News agency-feeds Israels growing frustration over war in Gaza explodes in nationwide protests Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
5 minutes ago
- Business Standard
GST reforms: Suggestions to boost ease of doing business and reduce costs
There should be no restrictions on taking input tax credit (ITC), on the essential principle that once tax is paid, it should either be refunded or go into the ITC chain TNC Rajagopalan Listen to This Article In his Independence Day speech, Prime Minister Narendra Modi made many announcements, but the one that caught the attention of the businesses — small and big — was the promise of a Diwali gift by way of next generation goods and services tax (GST) reforms. Daily-use articles will become cheaper and facilities will increase for small businesses and entrepreneurs, he said. His announcement has raised expectations of rationalisation and reduction of tax rates, especially on goods and services of everyday consumption. On reforming some other aspects of the GST regime, here are some suggestions. There
