In the PWC report, it is written that due to the COVID-19 government might think to permit India Inc to deposit GST through cash to assist them to flow over the liquidity. The report also says that in the next phase to the industry the government can also think to refuse to take GST from selected sectors in the COVID-19 period.
“The government has announced a timely budgetary support scheme in line with the relief packages of various developed nations. Despite these steps, much ground remains to be covered,”
Fundamental problems that need critical consideration of the government before taxpayers get involved in endless prosecution which involve eligibility of Input Tax Credit (ITC) 
A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on expired stock, quick solutions along with low price policies said the report.
“The government should consider issuing clear guidelines around these critical issues, keeping in mind the evolving international taxation principles and business models prevalent in the trade and industry,”
There is a facility to deposit the GST in the depository along with the suspension of GST for the particular sectors and the disbursement of credit reversal on the expired stock.
“The government can consider introducing a scheme under the GST regime for voluntary disclosure of tax payments before the taxpayer undergoes GST audits. The GST law has evolved over the past three years and the government has clarified several provisions after its introduction. Therefore, a one-time scheme to clear previous irregularities can be considered, which will help the industry in clearing past baggage and reduce litigation,”
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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
“We now need a ‘white paper’ articulating what is the form of GST we want in the next few years. The regime requires more stability, simplicity, and transparency. The report provides some food for thought as we reimagine the new and much improved GST regime,”
