- Goa Government notified the Goa Value Added Tax (Amendment) Act, 2026 to amend the 2005 VAT Act.
- The amendment strengthens the composition scheme, requiring eligible dealers with turnover below a prescribed limit to pay tax at a fixed rate, without input tax credit or tax invoices.
- Dealers must maintain separate accounts for multiple business classes, and turnover for eligibility excludes GST-covered goods.
- Settlement applications must be filed by June 30, 2026, with a ₹10,000 fee; late applications will not be accepted.
- Appeals against settlement orders can now be filed before the Tribunal.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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