CAT said, relief in GST is a big positive step, business will get a boost

New Delhi, June 23 (HS). The Confederation of All India Traders (CAT), an organization of traders, said that the important announcements made in the Goods and Services Tax (GST) are a big positive step by the Central Government and the GST Council towards providing ease of doing business. That is, providing ease will further boost business.

CAT National General Secretary and BJP MP Praveen Khandelwal on Sunday said that the important announcements made in the GST Council are a positive step by the Central Government and the GST Council towards providing ease of doing business. He praised the leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this. He expressed hope that GST taxation will be made more simple and rational. He said that these reliefs will relieve traders from heavy financial burden.

Khandelwal said it also reflects the government's thinking of taking greater steps to ensure ease of doing business. He said waiver of interest and penalty, extension of input tax credit timelines and reduction in litigation and pre-deposit requirements will provide much-needed relief to taxpayers. These measures will boost compliance and support the business community, especially MSMEs. He said additional exemptions and recommendations to reduce the cost of essential services and control inflation reflect a balanced and thoughtful approach towards economic growth and taxpayer support.

CAT General Secretary said that MSMEs and traders across the country could not go for appeal in cases of high demands, as there was a mandatory requirement of pre-deposit before filing an appeal. The GST Council has now recommended reducing the amount of pre-deposit required to file an appeal under GST. This will provide significant financial relief to taxpayers and eliminate any uncertainty. He said that the GST Council has recommended exemption of compensation cess levied on imports by SEZ unit / developer for authorized operations from July 1, 2017. This will make SEZ products cost-competitive.

It is noteworthy that in the 53rd GST Council meeting chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, along with changes and exemptions in GST rates, some relief has also been provided to the businessmen.