Business leaders discuss GST integration of petrol and diesel, among other pressing concerns.
A delegation from the Singhbhum Chamber of Commerce and Industry met with Central GST Commissioner Binod Kumar Gupta to address significant GST-related issues ahead of the upcoming council meeting.
JAMSHEDPUR – Led by General Secretary Manav Kedia, a delegation from the Singhbhum Chamber of Commerce and Industry, including Vice President Rajiv Agarwal and Secretary Anshul Ringasia, engaged in a crucial meeting with Central GST Commissioner Binod Kumar Gupta in Jamshedpur.
This meeting aimed to tackle several important issues in anticipation of the 53rd GST Council Meeting scheduled for June 22, 2024.
Commissioner Binod Kumar Gupta assured the business leaders that no negative orders under Section 16(4) of the GST Act would be issued until an official notification is released.
One of the primary topics of discussion was the inclusion of petrol and diesel in the GST framework. The delegation advocated for this change, highlighting that it could streamline the tax structure and lower consumer costs by eliminating cascading taxes. They emphasized the need for cooperation between the Central and State Governments to make this integration successful, which they believe will lead to greater economic efficiency and fairness across regions.
The delegation also supported the GST Council’s recommendation to waive interest and penalties for demand notices under Section 73 for the fiscal years 2017-18, 2018-19, and 2019-20, provided the full tax amount is paid by March 31, 2025.
They further requested that this waiver be extended to cases under Section 74, particularly those involving denied Input Tax Credit (ITC) due to non-existent suppliers. Additionally, they called for a suspension of all ongoing Section 73 proceedings until the Finance Department issues relevant notifications, ensuring that taxpayers are not unfairly penalized during this period.
Regarding ITC, the delegation appreciated the extension of the time limit for availing ITC under Section 16(4) for the fiscal years 2017-18 to 2020-21, with amendments effective from July 1, 2017.
They urged the suspension of all pending ITC disallowance cases under Section 16(4) until the Finance Department issues the necessary notifications, advocating for transparency and fairness in tax regulations that affect businesses.
The business leaders stressed that these measures are vital for supporting businesses and ensuring compliance with GST regulations.
They expressed optimism that continued collaboration between stakeholders and the government will yield positive outcomes for the business community, fostering economic growth and stability.
