Mopidevi Venkata Ramana Rao, former Minister of Andhra Pradesh and current Member of Parliament, addresses a critical problem troubling businesses in India. In a letter to Hon’ble Finance Minister Nirmala Sitaraman, he advocates for the resolution of challenges surrounding Section 16(4) of the Goods and Services Tax Act, 2017.
The Andhra Pradesh Tax Practitioners and Consultants Association, representation mentions the pressing issue of Section 16(4) in the GST Act. The same provision restricts registered individuals from claiming ITC after the deadline to file returns, directing to important repercussions for businesses all across the country.
Even after making genuine efforts numerous businesses have encountered demand notices because of negligent errors at the time of the execution stage of the GST Act.
As per the letter, the issues that the business suffered highlight the requirement for the one-time amnesty to improve the former glitches and decrease the load on the entrepreneurs. Mopidevi Venkata Ramana Rao shows the need to acknowledge the representation from the Association since it not merely provides the advantages of Andhra Pradesh but also has importance for the whole country’s business ecosystem.
Section 16(4) analysis shows the issues and the practical difficulties that the assessees suffered in complying with the provisions. The time restrictions levied via the act clashed with the procedural delays in the system of tax administration which consequence in the legal claims being disallowed.
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The association shows a persuasive argument for the government to extend relief for the business tussling with the problems of compliance u/s 16(4). They reference former cases in which the government has furnished the exemptions and amnesties to facilitate the load on assessees, underlining the requirement for an identical approach in the same case.
Closure: In a letter, Mopidevi Venkata Ramana Rao advises the Finance Minister to address the issues stated by Section 16(4) of the GST Act. The government by regarding the representation from the Andhra Pradesh Tax Practitioners and Consultants Association, can furnish much-needed relief to businesses and promote a conducive environment for economic growth.
Important: Summary of GST Section 16 Under CGST Act with Eligibility
Timely action in this case shall promote compliance as well as demonstrate the government’s dedication to helping the business community during difficult times.
