PHD Chamber of Commerce and Industry on
Tuesday urged the GST Council to accord immunity and even leniency to industry
so far as compliance to GST Rules and Regulations is concerned in the first
phase of its implementation since a great deal of issues are still erupting for
seeking solutions and clarifications on GST as a whole.
The aforesaid observation was made by its Sr.
Vice President, PHD Chamber, Mr. Anil Khaitan, who was addressing a Seminar on
“GST: One Nation One Tax Regime – Benefits and Impact on Indian Economy” under the
aegis of PHD Chamber of Commerce and Industry in which the Chief Guest was
Additional Commissioner of Service Tax (Delhi-IV), CBEC, Mr. Sachin Jain here
today.
“Since GST is a major indirect tax reform of
Independent India and which to be rolled out from July 1, 2017, a large segment
of industry especially SMEs and the like are gradually gearing up to hug the
GST and therefore, the logic demands that it should be given sufficient time
for the nitty-gritty of GST regulations in the initial period and could be
through a bit of compromise on compliance front”, Mr. Khaitan argued.
He further contended that on multiple issues,
the government clarifications relating to GST rules and regulations are either
flocking up or on some front clarifications and detailing are yet to come up
and therefore, in such a situation, insistence on hundred per cent compliance
are required to be shunned in good faith so long as both the government and
industry see eye to eye as regards to compliance factor.
Responding to the argument extended by Mr.
Khaitan on the aforesaid front, Mr. Jain, however, allayed fears of the PHD
Chamber and its members on compliance factor replied categorically stating that
returns filed by industry after GST execution with malafide intent will only
attract penalties whereas those filed with bonafide intention will receive no
such threats from government functionaries.
According to him, on couple of unaddressed
minor issues that industry is currently confronting with for want of
clarifications on GST rules and regulations, series of notifications will
follow as the government is trying its best to address the pending issues
before GST is implemented.
Among others who spoke on the occasion
comprised Chairman, Young Business Leaders Forum, PHD Chamber, Mr. Saket
Dalmia; Chairman, Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain;
Partner, PWC, Mr. Amit Bhagat; Faculty & Industrial Trainer, Indirect
Taxes, Mr. S P Rao.
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