PANJIM: The GST Council has accepted the proposal for giving relaxation from applicability of time limit of Section 16(4) for all returns of years 2017-18 to 2020-21 if the returns are filed by November 30, 2021, informed Chief Minister Pramod Sawant.
Sawant, who attended the 53rd GST Council meeting in Delhi, said that small businessmen who had not filed their GST returns in time limit due to Covid-19 pandemic or other reasons of financial difficulties or technical issues were denied their input tax credit (ITC) claims because returns were filed late after time limit given under section 16(4) of GST Law was over.
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Around five lakh taxpayers from Goa and rest of the country are expected to get respite due to the GST council decision. Taxpayers will not be required to pay denied ITC with interest, he said adding, “Section 16(4) will be amended for allowing this ITC.
Sawant also supported the Amnesty of giving waiver of interest and penalty demanded in assessment orders under section 73 of GST Act in respect of initial three years 2017-18, 2018-19 and 2019-20 if only tax demanded is paid. This will also give relief to those businessmen who had not checked their dashboard on portal in time and did not know that notices were issued to them,” he said.
The Council also decided to suitably amend the GST law to clarify that Extra Neutral Alcohol (ENA) used for manufacture of alcoholic liquor for human consumption is not taxed under GST law. This will help the liquor manufacturers in bringing down their manufacturing cost and will boost the liquor industry. Several decisions taken by GST Council in the meeting will benefit the trade and industry and help the business and economy to grow faster.
This is Sawant’s first meeting after being nominated on the GST Council and also the first GST Council meeting of the newly elected Union government.
