MSMEs in Coimbatore seek disparity between the fine percentages of GST
Coimbatore, Feb 20 (KNN) The Micro Small and Medium Enterprises (MSMEs) in the city have said that the disparity between the fine percentages should be eliminated, ahead of the implementation of new GST format in April this year.
The GST council approved a new simplified return format in its 27th Council meeting where it was also decided that that the new return filing system will be implemented from April 2020. The new GST return aims at enhancing transparency and accuracy of the return filing process.
As per the media reports, the businessmen said that if the government delays GST refund, they pay it with 6% interest, but if assesses pay GST late, they are asked to file it with 18% interest.
Citing, businessmen that they will take time to get used to the new format, State vice-president of Laghu Udyog Bharati S Surulivel said, “So, it would be better if the interest rate for delay in paying the tax is 6 per cent.”
At an interactive session held recently in the city, several members of the association represented the issue to GST officials and requested them to conduct more sessions to create awareness.
Apart from these, other MSME associations have also been representing issues they face with GST.