Saturday, December 9, 2023

Jamshedpur traders give 10-point suggestion to Finance minister

Jamshedpur, Jan 29: Trader’s body Singhbhum Chamber of Commerce and Industry has given 10 suggestions to Union finance minister N. Sitharaman for the forthcoming annual budget.

The chamber has suggested for constitution of an expert committee comprising GST expert, legal advisors, law makers and government representatives for simplification of GST provisions.

The SCCI has claimed that certain GST provisions are too complicated causing burden on the traders and not increasing revenue for government.

The 10 point suggestion include, assimilation of IGST, CGST and SGST into GST, provision for rectification of GST returns, charging of late fines only if the returns are filed very late and interest should also be in line with bank rates and not charge interest and late fines at the same time, notice should be issued only if the annual returns are compared for mismatch based on bills taking the GST numbers into account, definition of turnover should be same for all laws, instead of filing for refund claims there should be provision of auto refund soon after filing returns, giving enough time for traders to file his clarification before initiating action, government should stop using traders to collect information and datas, the government should consult the expert committee of traders and tax experts before bringing any new taxes and introducing any new provisions, GSTIN network should be made simple and effective.

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