The industry has requested the government for more handholding to clear tax-related confusion and GST filing. A tax compliance deadline extension has also been requested.
WHAT ARE THE REQUESTS?
The finance ministry has been approached by the industries to provide clarity, speed up the processes, and also provide more handholding on the numerous tax issues. With the sudden economic changes and all the uncertainty, the major industry bodies have approached the ministry to ease tax issues and request more handholding. They have also requested an extension of the deadline for filing income tax and other GST filings under the Income Tax act. “Unresolved Issues with the Input Tax credit, QRMP, and GST return prevail, and it is important that the government facilitates industries in doing business. The importance of addressing these issues with the ministry in the interest of Trade and Industry cannot be overstated” said Sanjay Agarwal, President, Ph.D. Chamber, stated. (Source: moneycontrol)
WHY IS IT SO IMPORTANT?
Incorrect records may lead to erroneous taxation, causing major discrepancies among companies. These codes, though in use earlier, the compulsion to adhere to them during tax inflation has led to the growth of this confusion. No clarity from the government on which code applies for which product/service may lead to disputes and penalties.
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