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New provisions of GST going to harm traders 12/28/2020 11:17:48 PM Early Times Report Jammu, Dec 28: Traders are angry with the provisions of a notification issued last week by the government regarding GST. The Federation of All India Vyapar Mandal (FAIVM) in a letter to Finance Minister Nirmala Sitharaman has requested to withdraw these provisions. These provisions include setting a limit of 99% of the input tax credit (ITC) available to the trader selling more than Rs 50 lakhs a month, claims of credit available in GSTR 2B if the invoice is not deposited by the supplier. It has to be reduced from 10% to 5% and the validity of the e-way bill under CGST rules to every 200 km of transportation in a day, which was 100 km earlier. Sanjay Bansal, President - Jammu and Kashmir (Federation of All India Vyapar Mandal) said that these provisions will increase the difficulties of traders already facing cash shortages. He says that in this era of global pandemic small and medium traders are already facing big losses and it is increasingly difficult for millions of traders to stay in business. Despite this, the GST Council is making the situation worse for honest traders by making the rules more stringent. After the lockdown imposed to overcome the corona, the government had announced a relief package for many sectors, but the government did not take any steps to provide relief to the retailers and traders. Prime Minister Narendra Modi also praised the efforts made by traders to continue supplying essential items during the lockdown. The federation has also demanded an amnesty scheme like 'Dispute to Faith' from the government to waive the penalty imposed for delay in submission of Form 3B during April to December this year. The federation has expressed hope that the government will soon give relief to traders by withdrawing the provisions made in the notification issued on 22 December. Failure to do so could create an employment crisis for traders and the millions associated with them. A copy of this letter has also been sent to the Prime Minister's Office, key ministries of the Central Government and members of the GST Council.   Share This News with Your Friends on Social Network     Comment on this Story

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