New Delhi: The Parliament on Wednesday passed a bill that will raise the cap on the age limit for president and members of goods and services tax or GST Appellate Tribunals. The central GST Appellate Tribunals (GSTAT) bill was approved with a voice vote in Rajya Sabha and returned to Lok Sabha, which had passed the bill on Tuesday. Besides, Parliament also passed the Provisional Collection of Taxes Bill, 2023, which will pave the way for provisionally effect changes in customs and excise duties announced in the Budget from midnight.
In the post-lunch session, finance minister Nirmala Sitharaman moved The Central Goods and Services Tax (Second Amendment) Bill, 2023 in the Upper House. The bill seeks to raise the cap on age for president and members of the GST Appellate Tribunals (GSTAT) to 70 years and 67 years, respectively. Currently, the age limit for the president is 67 years and for members is 65 years. The bill also seeks to align the provisions of the Central GST Act in line with the Tribunal Reforms Act, 2021.
Among other changes, with the latest amendments, an advocate with 10 years of ‘substantial experience’ in litigation in matters relating to indirect taxes in an appellate tribunal would be eligible to be appointed as a judicial member of the GSTAT.
As far as the Provisional Collection of Taxes Bill, 2023 is concerned, the bill comes with a provision to refund taxes collected that have not been incorporated in the Finance Bill. It, however, repeals The Provisional Collection of Taxes Act, 1931. While moving the bill for passage on Tuesday, finance minister Nirmala Sitharaman said that the bill sought to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days.
As per the bill, while the changes in rates of income and corporate taxes, incorporated in the Budget announced on February 1, are effective from April 1 or a notified date, most of the changes in customs and excise duty rates become effective from midnight.
