New Delhi, Oct 11 (KNN) With the Goods and Services Tax (GST) council announcing revision with regard to the filing of tax returns, the small traders along with the industry comprising of Micro, Small and Medium Enterprises (MSMEs) in the state of Punjab have expressed concern over the new revisions.

Badish Jindal, President of the Federation Of Punjab Small Industries Association in a press interview explained the situation.

Jindal said that the government’s decision of permitting taxpayers having turnover of Rs 1.50 Crore or above to file their tax returns in one month while those who are having turnover of less than Rs 1.50 Crore are required to file tax returns quarterly, is creating a lot of confusion.

Explaining the situation further he said that this multiplicity is likely to result in low business opportunities for the small and micro units and buyers will avoid purchasing the material from small units since they wouldn’t be able to take the input tax on a monthly basis.

Jindal said that the government must have introduced a single window with the provision of filing quarterly return for all the traders.

With the differential filing provision, it in a way negates the One Nation tax motto of the government with regard to the Goods and Services Tax.

He further said that at a time when the small scale industry is already suffering with the compliance issues under the new tax regime, such provisions that leads to low business for these units is going to add to the burden.

Earlier announcing a set of revisions in the GST, Finance Ministry Arun  Jaitley announced that GST Council has decided to allow tax payers with Rs 1.5 Crore to file quarterly return. (KNN/DA)