Excelsior Correspondent
JAMMU, June 24: Chamber of Traders Federation (CTF) in a review meeting complimented PM Modi and Finance Minister Nirmala Sitharaman for great financial relief to the traders.
“Announcements with regard to GST by Union Finance Minister Nirmala Sitharaman is a significant first positive step of the newly elected Union Government and GST Council towards providing ease of doing business,” Neeraj Anand , Patron CTF who is also member GST, Grievance Redressal Committee J&K besides National Vice-President CAIT said here today.
Anand complimented leadership of Prime Minister Narendra Modi and FM for such a positive step and expressed hope that GST taxation will stand more simplified and rationalized. He said that these announcements will relieve traders from huge amount of financial burden and it also reflects the mindset of the Government in ensuring ease of doing business for the traders.
He further said that the recommended waivers on interest and penalties, 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. Anand also appreciated the GST Council recommendations related to accommodation services, providing relief to students and working professionals.
CTF leader demanded that some form of amnesty or settlement for the high-pitched demands raised during the first three years of GST implementation in the country be provided as 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 assesses, he added.
The GST Councils’ recommendation of exempting Compensation Cess levied on imports in SEZ by SEZ Unit/developer for authorized operations from 1st July 2017 is also a welcome move and will make SEZ products cost-competitive, Anand said.
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