Bring petrol and diesel under GST: KASSIA

KASSIA feels that bringing the two commodities under GST will help check their soaring prices.   | Photo Credit: File photo

Trade body KASSIA (Karnataka Small-Scale Industries Association) has said the GST Council meeting scheduled to be held on Friday should consider bringing petrol and diesel under the ambit of GST to check the soaring prices of these commodities in the country.

The trade body also insisted that the authorities should restore the VAT regime system of Monthly Return and Quarterly Payment, since MSMEs payments are routinely delayed beyond 90 days.

It has also recommended an increase in turnover limit of composition tax from present ₹1.5 crore to ₹3 crore or up to ₹5 crore, as this could increase revenue collection by 200-300% for the tax department.

Further, the trade body called for minimising tax rates i.e. lowest slab for essential items like food items, highest slab for sin goods as well as luxury goods and said all other goods must be put under one slab of 15%.

“Frequent changes in the documentation or software system is only ending up in harassment of the small entrepreneur and benefiting software and accounting professionals,” KASSIA noted.

“Any change notified should compulsorily be cost-free to the assesses and the proposed changes should at least be on the portal of GST in a beta mode for a period of not less than one year and should also be simpler than the existing procedures,” it demanded.

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Printable version | Oct 21, 2021 1:37:07 AM | https://www.thehindu.com/news/national/karnataka/bring-petrol-and-diesel-under-gst-kassia/article36506179.ece

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