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Lauds PM Modi, FM Sitharaman for Significant Financial Relief to Traders
6/24/2024 10:02:28 PM
Early Times Report
JAMMU, June 24: In a recent review meeting, the Chamber of Traders Federation (CTF) praised Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for their substantial financial relief measures aimed at traders. Neeraj Anand, Patron of CTF and a member of the GST Grievance Redressal Committee in Jammu & Kashmir, as well as the National Vice-President of the Confederation of All India Traders (CAIT), highlighted the significance of these announcements as a positive initial step by the newly elected Union Government and the GST Council toward enhancing ease of doing business.
Neeraj Anand commended the leadership of Prime Minister Modi and Finance Minister Sitharaman for their proactive approach, expressing optimism that the GST taxation system will become more simplified and rationalized. He emphasized that these measures will alleviate the financial burden on traders, reflecting the government's commitment to ensuring ease of doing business.
Anand highlighted several key announcements, including waivers on interest and penalties, extensions of input tax credit deadlines, and reductions in litigation and pre-deposit requirements. These measures are expected to provide substantial relief to taxpayers, enhance compliance, and support the business community, particularly micro, small, and medium enterprises (MSMEs).
He further noted that the additional exemptions and recommendations aimed at curbing inflation and reducing costs for essential services demonstrate a balanced and considerate approach to economic growth and taxpayer support. The GST Council's recommendations related to accommodation services will also provide relief to students and working professionals.
Anand also called for some form of amnesty or settlement for the high-pitched demands raised during the initial years of GST implementation. Many MSMEs and traders across the country were unable to appeal against high-pitched demands due to the mandatory requirement of pre-deposit before filing an appeal. The GST Council's recommendation to reduce the quantum of pre-deposit required for filing appeals under GST will provide significant financial relief to assessees.
Additionally, Anand welcomed the GST Council's recommendation to exempt the Compensation Cess levied on imports in Special Economic Zones (SEZ) by SEZ units or developers for authorized operations from July 1, 2017. This move will make SEZ products more cost-competitive.
The Chamber of Traders Federation remains hopeful that these positive steps will continue to foster a favorable business environment, ultimately benefiting traders and the overall economy.
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