Industry seeks clarity on sections of GST
Raising concerns over the model GST law, industry chambers on Friday sought more clarity on various issues like dual administrative control, discretionary power of tax authorities and taxation of electricity.
At a meeting with revenue secretary Hasmukh Adhia, representatives from chambers suggested that terms like ‘location of suppliers’, ‘location of recipient’, ‘intra- state and inter-state sales’ should be clearly defined.
During the meeting attended by industry bodies FICCI, CII and Assocham, participants expressed fears that temporary non-inclusion of petroleum products could jack up costs as the industry will not be able to claim tax credit.
“Some of the issues raised by FICCI include dual administrative control vested with both the Centre and states, wide discretionary powers given to tax authorities and potential of probable disputes due to separate valuation mechanism prescribed for related party transactions,” it said.
Also, provisions relating to mandatory pre-deposit for filing appeals and restrictions imposed on availing input tax credit were flagged by FICCI.
The chamber suggested that provisions which may lead to unwarranted disputes in future may be given a re-look before finalising the law. The meeting is part of the exercise by the revenue department to consult stakeholders and fine-tune GST legislation. The government plans to roll out the new tax regime from April 1, 2017.
All India Organisation of Employers urges government to apply amended Payment of Bonus Act, 1965 pro...
Indian, Israeli companies join hands for ‘Make in India’
Time to take proactive approach towards Bio-Defence preparedness
Implementation of Insolvency and Bankruptcy code will help in debt recovery, says survey