Review GST regulation, taxation policies concerning MSMEs: FCIK

Representational Picture
Representational PictureFile

Srinagar: Federation Chamber of Industries (FCIK) held an interaction with Session with the Commercial Tax Department in which Dr Rashmi Singh, Commissioner State Taxes Department, Manzoor Ahmad Bhat Additional Commissioner State Taxes, Danish Gill Deputy Commissioner CGST and other officers of the Commercial tax department were also present.

FCIK team was led by President Shahid Kamili including Ovees Qadir Jamie Secretary-General and Daniyal Qureshi Secretary FCIK.

As per the statement, FCIK Secretary-General Ovees Qadir Jamie said there is a need to review and revisit all GST regulation and taxation policies concerning MSMEs with due consultation of stakeholders.

He said the clean slate for VAT regime should be provided as the benefits of tax exemption were being extended to the industry and no tax was collected by them. Before the introduction of the GST regime, the industry was promised a clean slate for the VAT regime.

"Moreover, Amnesty in the renewal of all obligatory certificates be announced and any penalty for any default be waived off. Moreover, all disputes of pre-GST i.e. may be in terms of non-filling of returns under the VAT Regime must be put under amnesty and penalties, and interest levied by the State Tax Department should be withdrawn. The VAT arrears should be granted amnesty so that all registered Units will be out of this stress. Further, Amnesty for all defaults for the pre-GST period be announced and any recovery process in this regard should be dropped till March 2023."

Jamie said a mechanism for the reimbursement of SGST should be made, so the tax amount should be set off without depositing the amount in cash and should be set off for SGST reimbursement portion amount.

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