STATE TIMES NEWS
JAMMU: Traders are unhappy with new provisions of GST issued through a notification last week. The Federation of All India Vyapar Mandal (FAIVM) in a letter to Finance Minister Nirmala Sitharaman has requested to withdraw these provisions. These provisions include setting a limit of 99 per cent of the input tax credit (ITC) available to trader selling more than Rs 50 lakhs a month, claims of credit available in GSTR 2B if invoice is not deposited by the supplier. It has to be reduced from 10 per cent to 5 per cent and validity of e-way bill under CGST rules to every 200 km of transportation in a day, which was 100 km earlier. n a press statement issued here, Sanjay Bansal, President J&K FAIVM said that the provisions will increase difficulties of traders already facing cash shortages. “In this era of global pandemic small and medium traders are already facing big losses and it is increasingly difficult for millions of traders to stay in business. Despite this, the GST Council is making the situation worse for honest traders by making the rules more stringent,” he added.
The federation also demanded that an amnesty scheme like ‘Dispute to Faith’ should be launched by the Government to waive-off penalty imposed for delay in submission of Form 3B during April to December 2020. The federation expressed hope that the Government would soon give relief to traders by withdrawing provisions made in the notification issued on December 22.