Union Budget Amplifies GST with Track and Trace Mechanism

The Union Budget introduces various GST law amendments, notably the Track and Trace Mechanism for goods prone to evasion. A definition for Unique Identification Marking, significant for this mechanism, is established. Experts see these changes as a move towards enhanced digitisation and supply chain oversight.

The recent Union Budget has unveiled several amendments to the GST law, prominently featuring the Track and Trace Mechanism aimed at mitigating tax evasion for susceptible goods.

This development includes introducing a new clause in the Central GST law, offering a definition for Unique Identification Marking, essential for implementing the Track and Trace Mechanism.

These markings encompass unique, secure, non-removable digital stamps or marks. According to AMRG & Associates' Senior Partner Rajat Mohan, penalties under new sections like 122B and 148A signify a decisive shift towards digitisation and improved supply chain management.