Panaji, Goa Chief Minister Pramod Sawant attended the 53rd GST Council meeting in New Delhi on Saturday and raised the issue of small traders who were denied their input tax credit claims due to the late filing of returns, an official said.
He raised the issue of late filers of GST returns due to the COVID-19 pandemic, as well as financial and technical issues, according to a CMO statement issued here.
"These taxpayers were denied their input tax credit (ITC) claims because the returns were filed late after the deadline under section 16(4) of the GST Act was over. Sawant addressed this issue at the meeting of the GST Council today on behalf of Goa and requested to give relaxation of applicability of time limit of Section 16(4) for all returns from 2017-18 to 2020-21 if their returns are filed on or before November 2021 "says the statement.
After a discussion, the GST Council accepted this proposal, he added.
"Due to this decision of the GST Council, not only the small businessmen of Goa but collectively around 5 lakh taxpayers across India will benefit. Taxpayers will not be liable to pay ITC with disallowed interest," the CMO.
The CM also supported the amnesty of granting waiver of interest and penalty demanded in assessment orders under section 73 of the GST Act in respect of the initial three years, 2017-18, 2018-19 and 2019-20, if Only the required tax is paid, said.
"This will also provide relief to those businessmen who did not check their dashboard on the portal in time and were not aware that notices had been sent to them," according to the CM statement.
The GST Council also decided to appropriately amend the law to clarify that extra neutral alcohol (ENA) used for manufacturing liquor for human consumption is not taxed under the GST law, which will help the sector reduce manufacturing costs and It will also increase the liquor industry, he said.
He raised the issue of late filers of GST returns due to the COVID-19 pandemic, as well as financial and technical issues, according to a CMO statement issued here.
"These taxpayers were denied their input tax credit (ITC) claims because the returns were filed late after the deadline under section 16(4) of the GST Act was over. Sawant addressed this issue at the meeting of the GST Council today on behalf of Goa and requested to give relaxation of applicability of time limit of Section 16(4) for all returns from 2017-18 to 2020-21 if their returns are filed on or before November 2021 "says the statement.
After a discussion, the GST Council accepted this proposal, he added.
"Due to this decision of the GST Council, not only the small businessmen of Goa but collectively around 5 lakh taxpayers across India will benefit. Taxpayers will not be liable to pay ITC with disallowed interest," the CMO.
The CM also supported the amnesty of granting waiver of interest and penalty demanded in assessment orders under section 73 of the GST Act in respect of the initial three years, 2017-18, 2018-19 and 2019-20, if Only the required tax is paid, said.
"This will also provide relief to those businessmen who did not check their dashboard on the portal in time and were not aware that notices had been sent to them," according to the CM statement.
The GST Council also decided to appropriately amend the law to clarify that extra neutral alcohol (ENA) used for manufacturing liquor for human consumption is not taxed under the GST law, which will help the sector reduce manufacturing costs and It will also increase the liquor industry, he said.
