The Government of Goa on 16th February, 2024 proposed the Goa Value Added Tax (Amendment) Bill, 2024, which seeks to amend the existing Goa Value Added Tax Act, 2005, extending the timeframe for obtaining a certificate of registration. With the substitution of “192 days” for “90 days,” this legislative initiative aims to streamline tax compliance procedures and enhance regulatory efficiency in the state.
The Bill underscores the importance of aligning statutory provisions with contemporary economic dynamics. By extending the period for securing a certificate of registration, the legislation aims to provide dealers with an extended timeframe to fulfill regulatory requirements, fostering a conducive environment for tax compliance and business operations.
The financial memorandum accompanying the Bill emphasizes its minimal financial impact on the Consolidated Fund of the State, highlighting a pragmatic approach towards legislative reforms without significant financial implications. This prudent fiscal strategy underscores the government’s commitment to legislative efficiency and regulatory clarity in tax matters.
The Annexure featuring extracts from the Goa Value Added Tax Act, 2005, provides additional insights into the incidence of tax, liability frameworks for dealers, and special provisions for organizers of exhibitions or events, elucidating the intricate tax regulatory landscape in the state.
