Skip to main content

No penalty for wrong entry in the first two months of GST implementation: Sitharaman

Minister assures industry of addressing its grievances under the new tax regime
COIMBATORE, JUNE 22:  
The Centre on Thursday assured the trade, industry and the public that the roll out of Goods and Services Tax (GST) will do the country good and not the other way round.
Addressing a GST sensitisation meeting here, Nirmala Sitharaman, Minister for Commerce and Industry, said that she realised the need for organising GST awareness campaigns after a meeting at Pudukottai in Tamil Nadu about 10 days ago.
“I put forth the suggestion (on the need to reach out to the people) to the Finance Minister, as also the need to rope in officials to educate the masses about the big transformation that is round the corner. We are here to hear and understand your grievances. The government believes in discussing issues with the various stakeholders,” she said appealing to all to gear up for the “one nation, one tax, one market” regime.
Many participants voiced their discontent over rate-fitment, seeking a reduction in GST rate.
Responding to their plea, Sitharaman said “GST is a business-neutral tax, which is aimed at rooting out corruption and ushering in more transparency in the system. And the GST rates were arrived at after discussing with the 18 committees by the GST Council. The Council meets from time to time to discuss various issues put forth by industry.”
When a representative from the diamond merchants association wanted to know if one could do business with a provisional ID from July 1 as some error had cropped up in the registration process, the Minister said “if an amendment is not possible, I will instruct the Commissioner to correct the technical issue,”. Responding to a suggestion for a dry run of GST before the actual roll out, she said that the Chartered Accountants Association, Cost Accountants of India or even the Chamber of Commerce could do a dry run every day to instil confidence amongst the asseessees. “All migration related issues can be done on the dry run, as the sensitisation is still not enough, particularly among the small traders.”
Sitharaman also assured the participants that “no penalty will be levied for wrong entry in the first two months of GST implementation,” and the government would consider a review of the situation after three months to see if there is a need for course-correction. She did not rule out teething problems after the roll out.

Source: http://www.thehindubusinessline.com/economy/no-penalty-for-wrong-entry-in-the-first-two-months-of-gst-implementation-sitharaman/article9733635.ece?utm_source=email&utm_medium=Email&utm_campaign=Newsletter

Comments

Post a Comment

Popular posts from this blog

Government is considering GST Relief package to reduce Covid Impact

For More related articles and updates, connect with us -  LinkedIn- https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 India is considering a goods and services tax (GST) relief package to counter the impact of Covid-19 and help prop up the economy, said people with knowledge of the matter. The package being considered could include a six-month suspension of GST payments for the worst-hit sectors such as restaurants, aviation and hospitality as well as a lower rate for the real estate sector. Other proposals include a switch to a cash-based principle of levying tax from the current invoice-based system and providing GST relief on sales for which payment is not received due to the lockdown by treating those as bad debts. These measures are expected to ease the liquidity pressure on businesses that are strapped for cash, said the people cited abov...
1 comment
Read more

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...
Post a Comment
Read more

GST officers to be soon armed with real-time data on vehicles moving without e-way bills

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading.  It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exemp...
1 comment
Read more