MSMEs seek time to pay GST

 








The Micro, Small and Medium-scale Enterprises (MSMEs) here have appealed to the State government to take up with the Union government the need for time for the units to pay GST this month and next month.

The Commercial Taxes and Registration Minister P. Moorthy held a meeting here on Monday with members of trade and industry.

It is impossible for the units to pay both, GST and Income Tax before the due dates in July/August. Hence, the last date for payment of taxes should be extended. The late fees applicable on delayed filing of GSTR 1 should be waived off. The interest and penalty on GST due dates during April 2021 to July 2021 should be completely waived, said the Coimbatore District Small Industries Association in a memorandum submitted to the Minister.


Its president M.V. Ramesh Babu said the pending GST refunds should be released immediately and a centralised counter should be opened at the office of the joint commissioner of Sales Tax to receive all communications related to refund, grievances, etc., he said.


The Indian Chamber of Commerce and Industry, Coimbatore, has said the threshold limit for registration for those who deal exclusively in supply of Services or who deal in both Goods and Services should be increased to ₹ 40 lakh.


Further, there should not be interest on the amount credited in electronic cash ledger and it should be considered as tax paid because the amount is paid only in government account, said the Chamber president C. Balasubramanian.

The Federation of Coimbatore Industrial Associations said that engineering job work units were exempted from Value Added Tax. Now, the units pay 12 % GST. This has resulted in financial crisis for micro units. The units should come under the 5 % GST slab, it said. Every tax payer should be given an assigning circle / assessment officer. Even now there is no clarity for tax payers on which circle they belong to, it said.

The Coimbatore and Tirupur District Micro and Cottage Entrepreneurs Association said the condition that the receiver of goods cannot claim input tax credit if the seller does not file the monthly data. This should be set right, the Association said.



Join Our Telegram Channel for more updates:https://t.me/praveengst








Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the opti
Read more

Income Tax Return or ITR for FY20 Can Be Filed Till May 31

Image
  n the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday. “In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today," the ministry of finance said in a statement. The move is aimed at mitigating “the difficulties being faced by various stakeholders," it further added. The “relaxations are the latest among the recent initiatives taken by the government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times," it mentioned in a notification. “It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave
Read more