Amendment to Schedule II of the Central Goods and Services Tax Act
Section 131 of the amendment addresses changes to Schedule II of the Central Goods and Services Tax Act. Specifically, in paragraph 4, the phrase "whether or not for a consideration" is to be removed from both places it appears. This amendment is retroactive, meaning the removal of these words is considered to have taken effect from July 1, 2017. This change may impact how certain transactions are classified under the Act, particularly those that previously might have been considered taxable even if no consideration was involved. By removing this phrase, the law clarifies that only transactions involving consideration are relevant for the purposes described in Schedule II.
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Amendment to Schedule II.
131. In Schedule II to the Central Goods and Services Tax Act, in paragraph 4, the words “whether or not for a consideration,” at both the places where they occur, shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2017.
