As per the traders’ body, the move will burden traders with compliance and more financial obligation.
India looking for opportunities amids Ukraine war challenges(Photo: AFP)
Traders’ body Confederation of All India Traders (CAIT) in a letter the Finance Minister Nirmala Sitharaman on Friday urged to defer the implementation of ‘Rule 86-B’ in GST, scheduled to be implemented from January 1, 2021.
CAIT in its letter said that the recent notification of the Goods and Services Tax (GST) incorporating ‘Section 86-B’ which levies a mandatory payment of 1 per cent tax to be deposited, where the monthly turnover is more than Rs 50 lakh is a counterproductive step.
Advertisement
As per the traders’ body, the move will burden traders with compliance and more financial obligation.
Advertisement
Along with this, CAIT also urged the finance minister to extend the last date for filing GST and ‘Income Tax Audit’ returns from December 31 to March 31, 2021.
Any amendment in any tax law should be implemented from the beginning of fiscal year instead of “amending again and again during the in-between period of the year”, said CAIT Secretary General Praveen Khandelwal.
It also warned of strict action against alleged tax evaders but said that “everyone should not be subject to harsh provisions” as it is against the principle of natural justice.
Advertisement
