SCCI discusses GST issues with Central GST Commissioner Jamshedpur

Mail News Service

Jamsedpur, July 18:A delegation from Singhbhum Chamber of Commerce and Industry, led by Manav Kedia, General Secretary, along with Rajiv Agarwal, Vice President, and Anshul Ringasia, Secretary, met with Binod Kumar Gupta (IRS), Central GST Commissioner, Jamshedpur. The meeting focused on various issues ahead of the 53rd GST Council Meeting scheduled for 22nd June 2024. Commissioner Binod Kumar Gupta assured the delegation that no adverse order under Section 16(4) of the GST Act would be issued until the official notification is released.

Discussions centred on critical matters including the inclusion of petrol and diesel under the GST regime. The delegation strongly supported the Central Government’s intention to integrate these fuels into GST, citing potential benefits such as simplified tax structures and reduced consumer prices by eliminating cascading taxes. They urged the Central Government to collaborate with State Governments to achieve consensus on this move, emphasizing its potential to enhance economic efficiency and equity across states.

The delegation also welcomed the GST Council’s recommendation to waive interest and penalty for demand notices under Section 73 for FY 2017-18, 2018-19, and 2019-20, provided the entire tax is paid by 31st March 2025. They further requested an extension of this waiver to proceedings initiated under Section 74, particularly cases involving denied Input Tax Credit (ITC) due to non-existent suppliers. Additionally, they proposed a stay on all pending proceedings under Section 73 until relevant notifications are issued by the Finance Department, ensuring taxpayers are not penalized during this period.

Regarding Input Tax Credit (ITC), the delegation appreciated the extension of the time limit for availing ITC under Section 16(4) for FY 2017-18 to 2020-21, along with proposed amendments effective from 1st July 2017. They urged for a suspension of all pending proceedings related to ITC disallowance under Section 16(4) until necessary notifications are issued by the Finance Department, advocating for clarity and fairness in tax regulations affecting businesses.

The delegation emphasized that these measures are crucial for supporting businesses and ensuring compliance with GST regulations. They expressed optimism that collaborative efforts between stakeholders and the government would lead to favourable outcomes for the business community, promoting economic growth and stability.