THE due date for filing GSTR 9 and 9C for FY 2020-21 is December 31, 2021 but since there are some important issues in GST that need immediate attention of the Government for issuing clarifications, amendments and circulars which will provide ease of doing business, better compliance and reduce litigation the due dates need to be extended demanded, Chamber of Small Industry Associations (COSIA) Vidarbha.
CA Julfesh Shah, Chairman COSIA Vidarbha said that Audit Report filing date under Income-Tax Act for FY 2020-21 is January 15, 2021 and audit process of many entities is still going on. Hence, without finalisation of Audit Report how can one be able to file GSTR returns before due date i.e. December 31, 2021.
Also denial of ITC to the recipient u/s 16(2)(c) which provides that no registered person should be entitled to the credit of any input tax in respect of supply of goods or services or both to him unless the tax charged on the supply has actually been paid to the Government either in cash or through utilisation of ITC.
“It is unfair to burden genuine buyers and the section be amended to provide the remedy for the genuine buyers,” Shah added.
CA Preetam Batra, Convener of Indirect Tax Forum, COSIA suggested that if a new row is inserted in GSTR-3B to report earlier ITC, it would be useful, both for taxpayer and department during reconciliation.
Vaibhav Agrawal, Vice Chairman of COSIA said that provisions relating to ITC on immovable property needs to be amended in order to reduce cascading effect and to reduce cost of production/transaction on goods or services used in construction of immoveable property be allowed, seamless credit being the very basis of GST law.
Sahaj Patel, Core Committee Member of COSIA said that payment of GST under Reverse Charge Mechanism (RCM), the recipient has to pay tax under RCM from the cash ledger and is not allowed to set off from the credit ledger.“Instead, he should be allowed the adjustment from the balance available in the credit ledger,” he said.
Sudarshan Shende,Vice Chairman suggested that the rate of interest under GST law should be rationalised and be reduced to 12% or lower.
Pranav Ambaselkar, Secretary, COSIA Vidarbha said that it is necessary to allow ITC in latest Amnesty Scheme.