The Coimbatore Tirupur District Micro and Cottage Entrepreneurs Association’s joint head Maheshwaran and VP, Puviyarasu participated in the Post-Budget Discussion of the union Budget 2022 and submitted a set of demands from the industries to the union finance Minister.
Coimbatore: The Coimbatore Tirupur District Micro and Cottage Entrepreneurs Association’s joint head Maheshwaran and deputy Head, Puviyarau participated in the Post-Budget Discussion of the Union Budget 2022 and submitted a set of demands from the industries to the union finance minister.
A post budget discussion meeting on the Union Budget chaired by Union Finance Minister Nirmala Sitharaman was held in Chennai on Monday, 28.02.2022. The meeting was attended by J. Maheshwaran, Joint President and the Vice President J Puviyarasu was also present.
1. The GST levied by the central government for job work entrepreneurs on the basis of labour charge has to be reduced from 12 per cent to 5 per cent and the present penalty for late payment of GST be completely eliminated.
2. Withdrawal of order that the customer cannot take the GST paid by him as ITC in case the seller of a product does not file their GST by 11th of every month.
3. Entrepreneurs who are willing to pay 0 taxes to resume their business by paying only their GST dues without any interest or penalty. This will increase the country's tax revenue and domestic production and employment opportunities will also increase. An entrepreneur is stipulated to pay GST by 20th of every month but it takes 90 to 180 days before a small entrepreneur can get the payment from his customers when he bills for the work he does. They are thus forced to get usury, loans, leading to reduction in investments.
4. The GST tax rate is high for raw materials while producing certain goods and the GST tax rate for the sale of manufactured goods is also very difficult for entrepreneurs.
If an entrepreneur who is not filing or paying a GST return, he has to pay full arrears within 30 days of freezing his GST account. He is then forced to pay the arrears with fine imposed by the officers without deducting his ITC and pay the entire amount along with interest. He can renew his GST account now by appealing further with the paid document only after the judgment is received and continue to do their business It takes at least three months to do so.
A GST account number that does not file a monthly payment is disabled by the authorities. But the same is being done only if the GST account number is paid across taxes and appealed for re-input, leading to delays and causing a crisis for entrepreneurs. A microentrepreneur gets goods from his client through E way bills, transforms it on job work basis, and repeats.
When returning to customers, you should use the same share bills received from the customer to help them return the goods, which will be helpful for entrepreneurs who have a lathe, 2 lathe, computer and no understanding of e6 bills.
“The Hon’ble Union Finance Minister has taken into consideration, reviewed and fulfilled the demands of the small entrepreneurs to make sure that if there is anything wrong after filing their accounts and filing an online return, the mistake in the account can be rectified only next month and the facility to be rectified immediately is taken into consideration, reviewed and fulfilled by the Honble Union Finance Minister.”
A post budget discussion meeting on the Union Budget chaired by Union Finance Minister Nirmala Sitharaman was held in Chennai on Monday, 28.02.2022. The meeting was attended by J. Maheshwaran, Joint President and the Vice President J Puviyarasu was also present.
1. The GST levied by the central government for job work entrepreneurs on the basis of labour charge has to be reduced from 12 per cent to 5 per cent and the present penalty for late payment of GST be completely eliminated.
2. Withdrawal of order that the customer cannot take the GST paid by him as ITC in case the seller of a product does not file their GST by 11th of every month.
3. Entrepreneurs who are willing to pay 0 taxes to resume their business by paying only their GST dues without any interest or penalty. This will increase the country's tax revenue and domestic production and employment opportunities will also increase. An entrepreneur is stipulated to pay GST by 20th of every month but it takes 90 to 180 days before a small entrepreneur can get the payment from his customers when he bills for the work he does. They are thus forced to get usury, loans, leading to reduction in investments.
4. The GST tax rate is high for raw materials while producing certain goods and the GST tax rate for the sale of manufactured goods is also very difficult for entrepreneurs.
If an entrepreneur who is not filing or paying a GST return, he has to pay full arrears within 30 days of freezing his GST account. He is then forced to pay the arrears with fine imposed by the officers without deducting his ITC and pay the entire amount along with interest. He can renew his GST account now by appealing further with the paid document only after the judgment is received and continue to do their business It takes at least three months to do so.
A GST account number that does not file a monthly payment is disabled by the authorities. But the same is being done only if the GST account number is paid across taxes and appealed for re-input, leading to delays and causing a crisis for entrepreneurs. A microentrepreneur gets goods from his client through E way bills, transforms it on job work basis, and repeats.
When returning to customers, you should use the same share bills received from the customer to help them return the goods, which will be helpful for entrepreneurs who have a lathe, 2 lathe, computer and no understanding of e6 bills.
“The Hon’ble Union Finance Minister has taken into consideration, reviewed and fulfilled the demands of the small entrepreneurs to make sure that if there is anything wrong after filing their accounts and filing an online return, the mistake in the account can be rectified only next month and the facility to be rectified immediately is taken into consideration, reviewed and fulfilled by the Honble Union Finance Minister.”