Goemkarponn desk
NEW DELHI: During the 53rd GST Council Meeting chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Chief Minister Dr. Pramod Sawant actively advocated for the concerns of small traders and businessmen in Goa. He highlighted the challenges faced by these individuals in filing returns on time due to the difficulties brought about by the COVID-19 pandemic.
As a result, the Council made the significant decision to grant amnesty by waiving interest and penalty for the initial three years 2017-18, 2018-19, and 2019-20 under Section 73 of the GST Act. This decision brings much-needed relief to the traders in the state.
In addition, the GST Council has extended relaxation from the time limit of Section 16(4) for all returns from 2017-18 to 2020-21 if filed on or before 30/11/2021. It is expected that numerous taxpayers who were previously denied ITC for late return filing will benefit from this decision. In Goa, approximately 120 pending Appeals in this regard will be resolved in favor of the taxpayer.
Furthermore, Sawant announced that the GST Council has proposed suitable amendments to the GST Law to clarify that Extra Neutral Alcohol used in manufacturing alcohol for human consumption will not be taxed under GST. This step aims to reduce costs for manufacturers and contribute to the growth of the liquor industry in the state, he said.
