Traders urge Finance Ministry to review GST-related issues

By: |
Mumbai | Published: June 28, 2018 6:02:39 PM

As the goods and services tax (GST) approaches one year of implementation, traders have requested the finance ministry to review issues like filing of multi-returns, refunds from the department, awareness about the unified tax regime and its compliances.

GST ,Goods and Services Tax, GST India, GST related issues, CAIT, The Confederation of All India Traders, GST act, gst act india, gst act and rulesAs the goods and services tax (GST) approaches one year of implementation, traders have requested the finance ministry to review issues like filing of multi-returns, refunds from the department, awareness about the unified tax regime and its compliances. (PTI)

As the goods and services tax (GST) approaches one year of implementation, traders have requested the finance ministry to review issues like filing of multi-returns, refunds from the department, awareness about the unified tax regime and its compliances.

The Confederation of All India Traders (CAIT), in a letter written to the ministry today, has suggested that instead of monthly returns, quarterly returns should be prescribed on Form 3B to make return filing simpler.

Asking for the refunds to be automatically credited to traders’ bank accounts, it has called for one registration number for traders to be allowed across India, instead of taking registrations in every state for doing business.

Further, the body suggested that the HSN Code should be made applicable only on the manufacturers and not traders. It has also appealed for assistance to traders to equip them with computers, in order to encourage e-compliance.

“A comprehensive incentive scheme should be given to traders who adopt digital payments for complying tax obligations and use digital payment in their day to day business by allowing rebate in tax,” it further said.

Also, it is necessary that pending amendments in GST Act should be done as early as possible, the letter read.

Other suggestions include no input credit should be denied on pretext of invoice matchmaking, traders should be allowed to edit the returns, the classifications of goods should be made easier, inter-state supplies should be allowed in composition scheme and a GST Lokpal should be constituted for fair and transparent redressal of grievances.

CAIT has also said that reverse charge mechanism should be deferred till March next year. It has also urged the ministry to constitute a joint committee of traders and senior officials at district level to take GST down the line.

The GST, which was implemented on July 1, 2017, replaced over a dozen indirect taxes levied by the Centre and state governments.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition