Retail SMEs approach Fin Min seeking two months extension for GST compliance

New Delhi, May 2 (KNN) With the expected dates of the implementation of the GST regime nearing, different industry bodies have been approaching the GST council and the Finance Ministry requesting extension window.

The retail SMEs have written to Arun Jaitley, Finance Minister and the Chairman of GST council demanding extra time to comply with the GST citing the complexities.

Retail chains including Max Standard Retail Pvt Ltd, Vmart Retail Ltd, SRS Group, Ginesys, etc.in the letter also highlighted the key challenges the retailers are anticipating.

Citing section 31 of the CGST bill regarding the invoice rules that mandates tax invoice to be issued in the case of supply of taxable goods, whereas bills of supply is to be issued for exempted goods. The letter says that it would be difficult for issuing separate invoices for taxable and exempted goods as classification would be a difficult task for the retailers.

Also the letter states that as per the GST requirements, CGST and SGST are required to be shown separately on the invoice, which will result in added burden on the retailers.

The Retail groups have expressed that for the retail sector to be ready, it is important that the operators of the sector get adequate knowledge to comply with the GST provisions. Considering the complications and the need to be capable enough before adapting to the change in tax regime, the retailers have requested for an extension of two months for the GST compliance. (KNN/ DA)