GST Exemptions by FM Will Help Common Man: PHD Chamber

The PHD Chamber of Commerce and Industry has applauded the government's efforts towards providing relief to small taxpayers by way of the amnesty scheme whereby they can file their pending returns and avail benefits of schemes.

Sanjay Aggarwal, President, PHD Chamber, stated that small and medium businesses have been severely impacted due to the pandemic and by allowing them to file pending returns with reduced late charges, will encourage them to file returns and ease their compliance burden.

The government's decision to make the annual returns filing for the year 2020-21 optional for small businesses with a turnover of less than Rs 2 crores is much appreciated, he said.

Aggarwal mentioned that small GST Taxpayers will benefit from the rationalization and reduction of the late GST Fees.

The PHD Chamber appreciates the government's measure to retain the same formula for the GST compensation cess as that of last year. "The government will have to borrow Rs. 1.58 lakh crore and pass it on to states due to this move," Aggarwal said.

The government's move to exempt certain Covid-19 relief material from IGST till August end is a step in the right direction and would help in the fight against the Coronavirus pandemic. "The GST council's decision to exempt vital drugs used to fight the black fungus is also much appreciated," said Aggarwal

PHD Chamber hopes that the 10 oxygen generation plants being imported by PHD Chamber for donation to charitable hospitals shall also be exempt from 12% CVD, added Aggarwal.