CAIT supports GST Council relief for small businesses
today Sep 23, 2019
The Confederation of All India Traders has praised some of the decisions made by the Goods and Services Tax Council at its 37th review meeting on Friday and believes that relaxing the GST timeline for smaller businesses will bring relief to traders.
CAIT praised the Minister of Finance Nirmala Sitharaman for her decision to allow businesses with a turnover of less than Rs 2 crore ($282,000) a year to have relaxed regulations for filing GST returns over the last two years, ET Bureau reported. The GST Council meeting, which took place in Goa on September 20, addressed 20 recommended changes to the current GST regulations spanning a number of industries including fashion and jewellery.
"It’s a proactive approach of the government which will bring relief to about 50 lakh traders across [the] country," CAIT’s secretary general, Praveen Khandelwal, said about the decision to relax GST return regulations for smaller businesses.
CAIT did still have some suggestions for the GST Council. Khandelwal said that the GST returns form is very complicated to fill out and suggested that it should be simplified, especially to allow traders in rural areas to fill the form out themselves. Other GST procedures Khandelwal suggested for simplification include the GST returns schedule, positing that it should be filled out quarterly instead of monthly.
Khandelwal also opined that GST rates on a number of raw materials should be brought down. "The basic fundamental tax on raw material should not be higher than finished products," said Khandelwal.
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