FICCI raises Industry Challenges & Development in GST during COVID-19
Buzzing Chandigarh , May 13, 2020
FICCI organized an online panel session with Mr. Sanjay Malhotra, Practicing Company Secretary and Dr. Baljit Singh Khara, IRS, Assistant Director- NACIN. The session was organised to enabling industry a platform to raise issues pertaining to Goods & Services Tax (GST) and discuss developments during COVID-19.
Goods & Services Tax (GST) has witnessed various developments during the course of COVID-19. The panel session covered various aspects and received participation of business-owners, finance/accounts/GST heads and consultants from various industrial sectors across India.
Mr. Sanjay Malhotra, Practicing Company Secretary followed with his insight rich presentation on recent developments. GSTR-1 and GSTR-3B return due date, extension of certain compliances and actions, interest rate applicability, GST rates on job work, declaration for composition scheme were some of the topics that were simplified before Mr. Malhotra meticulously went over industry issues and explained the intricacies one at a time.
Mr. GB Singh, Regional Head-FICCI opened the session by welcoming the participants and apprising them on the agenda. He pointed out GST refund as a critical concern for industry and shared that a number of requests were submitted to FICCI, especially by MSME, for taking the matter with Government authorities for resolution.
Dr. Baljit Singh Khara, IRS, Assistant Director-NACIN assured industry that changes were been constantly made in the tax framework for best interest of stakeholders.