Traders urge Finance minister, GST council to change new GST notification

Image Source : FILE Traders urge Finance minister, GST council to change new GST notification Trading neighborhood on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax (GST) Council to withdraw sure provisions of the brand new GST notification issued a number of days again. The authorities had notified sure modifications to the GST Rules on December 22 and a number of the guidelines are set to be relevant from January 1 subsequent 12 months. In a memorandum, Federation of All India Vyapar Mandal- a nationwide physique of small merchants – advocating for a single-point GST assortment, urged for sure modifications within the not too long ago issued GST notification. “Scrap Rules 86B and 36(4), to be effective from 1st January 2021. These provisions are against the fundamental spirit of GST as it obstructs seamless input tax credit,” affiliation normal secretary V Okay Bansal stated. The Central Board of Indirect Taxes and Customs (CBIC) has launched Rule 86B in GST Rules, to be relevant from January 1, 2021, which restricts use of enter tax credit score for discharging GST legal responsibility to 99 per cent. This means companies with month-to-month turnover of over Rs 50 lakh should mandatorily pay no less than 1 per cent of their GST legal responsibility in money, the letter to the minister stated. Rule 36(4) restricts declare of Input Tax Credit (ITC) in respect of invoices/debit notes not furnished by the suppliers which has now been lowered from 10 per cent to five p.c of the credit score accessible in GSTR 2B. Latest Business News