The Government of Punjab on September 11, 2026, issued the Punjab Goods and Services Tax (Amendment) Act, 2026, further to amend the Punjab Goods and Services Tax Act, 2017.
The following has been amended, namely:
• The amendment provides that post-supply discounts will be excluded from the value of supply where the supplier issues a credit note and the recipient reverses the attributable input tax credit (ITC) in accordance with Section 34. Section 34 has accordingly been amended to expressly cover credit notes issued for such discounts.
• Further, Section 54 has been amended to clarify refund processing provisions, including refunds of unutilised ITC covered under the relevant proviso to Section 54(3). It also provides that the restriction under Section 54(14) will not apply where a refund of tax is claimed in respect of goods exported out of India with payment of tax.
[Notification No. – 14-Leg./2026]
