Tuesday, June 22, 2021

Covid-19: CAIT demands financial package from state, central govts

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Jamshedpur, May 27: On the eve of much awaited GST Council meeting scheduled to be held tomorrow virtually, the Confederation of All India Traders (CAIT) today sent a communication to Union Finance Minister Nirmala Sithraman and urged her to extend the date of filing of various GSTR returns till August, 2021, under the GST Act and Rules,  without late fee and interest. The CAIT has also urged that  the rate of GST on all the medical and surgical equipment required for covid and black fungus pandemics may also be reduced considerably. The CAIT has also demanded a financial package for the traders and a moratorium of six months on loans taken from Banks and other financial institutions.

Sonthalia said that the CAIT has urged Sitharaman and Finance Ministers of all States who will be meeting virtually tomorrow, the late fee for filing returns; penalty for depositing tax late; interest for depositing tax late should be waived for the entire pandemic period. 
Sonthalia further demanded that all authorities in the country should be directed to not to stop vehicles on hyper technical grounds or errors in the e way bills as long as the gst no of the recipient is mentioned, tax invoice is carried and the tax is charged. These instructions should remain at least till December 2021. 
Talking about the need of a financial package for the traders, Sonthalia said that though this issue has no relevance with GST but keeping in view of the fact that Finance Ministers of all the States are members of the GST Council and since it is the only joint forum of both Central and State Government and welfare of the traders is the joint responsibility of both Central and State Governments, there is an immediate need of a financial assistance to traders since their shops and markets are closed for last more than a month and there is no inflow of money whereas the outflow of money continues in terms of meeting family and establishment expenses like salary of the employees, electricity bills , water bills , property tax and various other incidental expenses,  the CAIT has requested FM Sithraman and other members of the GST Council to grant a comprehensive financial package to traders to assist them in recovering their business.

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