#GSTMakeItEasy: Zee Business Continues to raise GST related problems faced by businesses; Tweet and tell your issues now!
The Goods and Services Tax or GST introduced in India in 2017 has been dubbed as a landmark reform. An indirect tax regime whose objective was to reduce compliance requirements of the businesses and also bring the country under a one nation one tax structure. To its credit, the tax structure has worked with some success over the years. Yet, problems with GST remains
The Goods and Services Tax or GST introduced in India in 2017 has been dubbed as a landmark reform. An indirect tax regime whose objective was to reduce compliance requirements of the businesses and also bring the country under a one nation one tax structure. To its credit, the tax structure has worked with some success over the years. Yet, problems with GST remains.
Zee Business in its latest campaign #GSTMakeItEasy has been raising concerns that are bothering businesses. #GSTMakeItEasy – is a Zee Business initiative to raise GST related problems with the concerned authorities. The channel has been discussing issues related to GST from Monday to Friday at 5 pm. The channel is running this hashtag #GSTMakeItEasy where people can share their issues.
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In this latest edition, the channel takes up the problems being faced by businesses with regards to late fee payments. We tell you what the demands of the business are and the options that the government has for this GST related problem.
This is what Tax Expert Swapnil Munot has to say on this issue.
Watch Zee Business Tweet Video Below:
GST को लेकर कारोबारियों की क्या हैं दिक्कतें? जानें यहां#GSTMakeItEasy पर ट्वीट कर अपनी समस्या बताएं@GST_Council @nsitharaman @Anurag_Office @cbic_india@ianuragthakur @nsitharaman @PMOIndia @BrajeshKMZee @Manotswapnil pic.twitter.com/h3XtVkNaAT
— Zee Business (@ZeeBusiness) February 22, 2021
Under the GST, businesses are required to pay taxes and file returns. On late payment of GST taxes, the businesses are required to pay interests. There is also a late fee of filing late returns, he said. This late fee is very high, he further said. For every month it is Rs 10,000.
In many cases, business which have lower tax liabilities or even zero are required to pay Rs 2-3 lakhs, he informed.
The demand has been made to reduce this late fee, he added. It should be made RS 500 per month he said.
A 75-point agenda has already been submitted to the government and even the Finance Minister Nirmala Sitharaman has been apprised of this, he said. She has asked her officials to look into the matter, Munot said.
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