Confusion in GST leaves trade bodies in lurch

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Appealing to Prime Minister Narendra Modi to immediately intervene and set right the confusion in the GST regime, which had led to a virtual standstill in normal transactions across many States, the Tamil Nadu Chamber of Commerce and Industry has urged to allow the lawful claim of the ITC (Input Tax Credit) to the trade and industry.

In a press release issued here on Saturday, senior president S. Rethinavelu and president N. Jegatheesan said that due to IT related glitches, lakhs of traders were not able to access the facility online.

Despite representations to the Union Finance Minister in January seeking extension of the deadline for filing the TRAN-1 form, the Ministry had not relented to the pleas.

Under such circumstances, when traders approached the court, it had directed the authorities concerned to give relief. However, the Union government had not given relief or taken the order from the court.

Instead, the Central Board of Indirect Taxes had extended deadline only to those persons (assesses) who had actually filed but could not complete it in Dec 2017, to fulfil the procedure before April 30.

Hence forth, only such traders would get the ITC, leaving lakhs of traders in the lurch.

The glitches faced by the assesses were not heard by the officials in the Ministry of Finance would lead to huge losses to the trade and industry.

Hence, the Prime Minister should intervene and give relief to the traders thus making the GST regime a fruitful experience, they pleaded.

What is TRAN-1?

Form TRAN-1 has to be filed by every person having ITC on their closing stock and those who have migrated to GST from VAT, Service Tax, or Central Excise.

Read more at: http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/confusion-in-gst-leaves-trade-bodies-in-lurch/article23552399.ece

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