: Government must provide handholding for GST compliances to industries: PHD Chamber #FinanceIndia #StockMarketNEWS Government must provide handholding for GST compliances to industries: PHD Chamber
@stockMarketNEWS Mon 26 Apr, 2021
Government must provide handholding for GST compliances to industries: PHD Chamber #FinanceIndia #StockMarketNEWS
Government must provide handholding for GST compliances to industries: PHD Chamber New Delhi, Apr 23 (KNN) Industry needs requisite guidance and handholding from the Government for facilitating Goods and Services (GST) compliances, said Bimal Jain, Chairman, Indirect Taxes, PHDCCI.
He said this during a webinar on Thursday organised by PHD Chamber on GST - GST ITC, GSTR 2A/2B, HSN/SAC Code, E-Invoicing, QRMP etc.
He further added that the industry is plagued with a myriad of issues relating to Input Tax Credit, GSTR 2A/2B, Classification of Goods & Services under HSN/Service Accounting Code, E-Invoicing, Quarterly Return Filing and Monthly Payment of Taxes Scheme (QRMP), Valuation among others. However, there is no handholding from the Government at any non-government forums to address burning issues of stated topic in GST.
The industry needs clarifications and timely hand holding by the Government on issues of concerns, but the Government officers are reluctant to address these issues at any webinars organized by the industry Chambers, he said.
The industry is passing through difficult times since last year a pandemic hit the nation. It is important to boost the morale of industry and issue clarifications on litigation prone issues. Numerous issues are raised at such forums and it is important for the Government officers to attend such events and hear out the industry concerns and issue clarifications, he added.
Jain further said that the second wave of COVID which has gripped the nation has impacted the industry very badly. It is important to extend the due dates for all compliances under GST, Companies Act and Income Tax Act, etc., to enable the industry to tide over these difficult times.
Speaking at the webinar, Sanjay Aggarwal, President, PHD Chamber, said that there are unresolved issues with Input Tax Credit, QRMP, GST Returns among others and it is important that the Government should facilitate ease of doing business.
There is a need to address the issues in the already rolled out schemes in the interest of trade and industry. he added.
Pradeep Multani, Senior Vice President, PHD Chamber said that there are ample issues of debate under GST. He felt that the rate of tax to be charged on a particular product depends on the HSN/SAC codes specified under the GST law.
Wrong classification may lead to wrong chargeability, which further leads to wrong payment of taxes. It is important to avoid mistakes of wrong classification of goods and/or services, as this may lead to disputes with the customers as well as demands from the revenue department, he said.