Business Bureau ;
THERE has been a lot of similarity between GST and Corona. Just when Corona came there was lot of hue and cry. The same thing happened when the Goods and Services Tax (GST) was introduced in 2017. This was disclosed by CA Satish Sarda, Past Chairman, Nagpur Branch of ICAI, while speaking as chief guest on Finance Bill seminar ‘Indirect Taxes’ organised by Nagpur Branch of WIRC of ICAI. He said, “Just like the method of treatment under Corona has settled so are the laws getting settled in GST.
Government should have a regular system of feedback from all the stakeholders such as professionals, trade, industry and bureaucrats and the new rules should be framed based on these recommendations”. Sarda remarked that Government is trying to take all measures to ease out procedural aspects as regards compliances with indirect tax proposals are concerned. Finance Minister Nirmala Sitharaman has tried to put curbs and control checks on dealers engaged in malpractices and trying to cheat Government on GST provisions. “Restrictions on availability of ITC credit only when the same gets reflected in GSTR1 is one major step of Government in this direction,” he said.
Although the provisions related to GST are discussed and decided in GST Council, this year major changes have been proposed in Finance Bill, 2021. Abolition of GST Audit from FY 2020-21 is one such major change proposed. CA Satish Sarda welcomed Government move to clarify that interest under GST is to be charged on ‘net cash liability’ instead of ‘gross tax liability’, retrospectively. A Chartered Accountant is expected to be well versed with all changing laws at all points of time, said CA Saket Bagdia, Chairman Nagpur Branch. The provisions of GST law are now more or less settled, but laxity or ignorance in following compliances creates problems for dealers.
He pointed out that in some scenarios even the honest dealers are required to pay the price of dealing with errant dealers. “The provisions of law need to be understood and implemented with correct interpretation,” said CA Rajender Arora, New Delhi. Every change in any law creates confusions and misconceptions. But proper understanding and interpretation makes the law easier, said Arora. The session was co-ordinated by CA Kirit Kalyani, Immediate Past Chairman while Secretary CA Sanjay Agrawal proposed a formal vote of thanks. Prominently present were CA Satish D Paranjpe, CA Amit K Somani, CA Sitaram S Gupta, CA Omprakash R Agrawal, CA Deepali Bendre and others.