Amending ISD Provisions Bodes Well For Industry: Experts

New Delhi: The 55th GST Council meeting has unveiled a series of pivotal recommendations designed to deliver targeted relief, streamline compliance processes, resolve industry ambiguities and promote trade facilitation, experts said on Sunday.

Among the key proposals is a retrospective amendment to the blocked credit provisions, which now replaces the term ‘plant or machinery’ with ‘plant and machinery’ in line with the Supreme Court’s ruling in the Safari Retreats case.

“This distinction clarifies the eligibility for ITC based on the usage of the two terms. Furthermore, the amendment to the ISD provisions will incorporate inter-state RCM transactions, providing much-needed clarity within the ISD framework,” said Krishan Arora, Partner, Grant Thornton Bharat.