10% Share in Total GST Revenue Than the Freebies to Dealers: Chamber of Chd Industries

The Chamber of Chandigarh Industries on Wednesday sent a written recommendation to Trade and Industry Administration, Chandigarh in general and MSMEs, in particular, stressing on extending 10% share in the gross revenue collection to dealers, businesses rather than giving freebies (relaxations) to the taxpayers, amid the corona crises. The statement also included the extension of GST return filing dates View the revised due dates of GST return filing forms of GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, etc. The dates are according to the Indian Government announcement.

Naveen Manglani (president of the Chamber) wrote that the harm to economic activities caused due to the sudden outbreak of the Covid-19 pandemic will no doubt lead MSMEs to either postpone their operations or close them. Right now, the government can take over the situation and reach out to help revive the Trade and Industry. One of the recommendations made by the Chamber of Chandigarh Industries in the favor of Trade and Industries was that the government should allow the businesses to hold back 10% of the total amount of monthly GST output for FY 2020-21.

Read Also: Due Dates of GST Payment with Penalty Charges on Late Payment Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment with interest

As the industries are undergoing a huge financial loss due to stagnant business and monetary outgo in the form of interest, wages, electricity bills, and other fixed costs. Extension in the deadline for filing GST returns was also demanded by the organization. The due date is expected to fall in between the lockdown period and should be extended to 4 weeks for taxpayers across the nation without any additional interest, penalty, or fine.

The Chamber also recommended that the goods that fall under the 18% GST slab should be brought under 12% GST slab. Affirming that this will not have a huge impact on GST collection as the goods that are taxed at 18% will witness the downfall in demand. It was also asked that the government should process all the Value Added Tax (VAT) and CST assessments under deemed or summary assessments. As there is no need to invest in labor for VAT and CST assessments in the GST era, the government must prioritize reviving the economy and shaping it for the post-COVID-19 deals.