The announcements made by Union Finance Minister Smt. Nirmala Sitharaman for the significant announcements in GST is first positive step of the newly elected Union Government and GST Council towards providing ease of doing business- said BJP MP Shri Praveen Khandelwal who is also Secretary General of the CAIT. Mr Khandelwal has complimented leadership of Prime Minister Shri Narendra Modi and FM Smt Nirmala Sitaraman for such a positive step and hope that GST taxation will be more simplified and rationalised.
Mr Khandelwal said that these reliefs will relieve traders from huge amount of financial burden and it also speaks the mindset of the Government to bring more and more steps in ensuring ease of doing business by the traders.
He further said that the recommended waivers on interest and penalties, the extension of input tax credit deadlines, and the reduction in litigation and pre-deposit requirements will provide much-needed relief to taxpayers. These measures will enhance compliance and support the business community, particularly MSMEs. The additional exemptions and recommendations to curb inflation and reduce costs for essential services demonstrate a balanced and considerate approach to economic growth and taxpayer support.
In order to reduce the cost of living for students and working professionals, the GST Council recommends certain exemptions related to accommodation services, providing relief to students and working professionals.
CAIT National President Mr B C Bhartia said that the CAIT has consistently demanded some form of amnesty or settlement for the high-pitched demands raised during the first three years of GST implementation in the country.
Mr Khandelwal said many MSMEs and traders all over the Country could not go for appeals in cases of high-pitched demands because of the mandatory requirement of pre-deposit before filing an appeal. The GST Council has now recommended reducing the quantum of the pre-deposit required for filing appeals under GST. This will provide significant financial relief to assessees.This will eliminate any uncertainty among assessees.
The GST Council recommends exempting Compensation Cess levied on imports in SEZ by SEZ Unit/developer for authorized operations from 1st July 2017. This will make SEZ products cost-competitive.