Economy

Kerala urges GST Council to check profiteering by traders

Kerala urges GST Council to check profiteering by traders”

GSTN Chairman Ajay Bhushan Pandey and GSTN Chief Executive Officer Prakash Kumar assist the GoM in addressing the technical glitches, which have affected filing of returns by the traders since the new indirect tax regime was launched on July 1. In the first month of GST, that is July, Telangana received Rs 850 crore under state GST, Rs 690 crore from petroleum products which are not under GST, Rs 500 crore from the sale of liquor, and from other taxes Rs 150 crore.

Subromaniam conveying that the Finance Ministry has received the latest amendments to the GST Act, the amendments are likely to be tabled in the Dewan Rakyat later this October.

The council could extend the quarterly filing facility to small businesses with a turnover of up to Rs 1.5 crore.

Currently, regular businesses have to file three monthly returns, in addition to one annual return.

For the month of July, as many as 52 lakh dealers have filed their returns, but the detailed GSTR1 has been filed by only 33.43 lakh dealers.

Keeping this is mind, the council may come up easily in filling process, especially for the MSMEs and other small businesses.

"If the Council approves, registration for the composition scheme will be open till March 31, 2018".

Under the scheme, traders, manufacturers and restaurants can pay tax at 1, 2 and 5 percent, respectively. ITC credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount. "There is a drop in returns filed for August". Last month, the Council made a decision to reopen registration for the scheme from September 17. "As on September 20, only 15.29 lakh returns were filed but in the next 24 hours as many as 13 lakh returns were filed".

"This govt needs to go otherwise (we) will have to pay for WhatsApp and every time we breathe in Malaysia we will be taxed also", he said. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST.

However, Ind-RA added, "Their working capital requirements have increased during the transition due to their dependence on MSME vendors, since input credit availability under the GST depends on matching the input invoices for ITC claim with those uploaded by vendors for output tax payment".

"Businesses are getting affected by RCM".



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