BJP CA Cell Representation to FM for GST betterment in the Union Budget 2022

BJP CA cell has given some noticeable suggestions to Finance Minister Smt. Nirmala Sitharaman for forthcoming Budget 2022.

The following are some of the suggestions:

For the sake of ease of doing business and relief for small and medium-sized businesses

1. The number of ITC returns filed by SME should be matched quarterly, as should the payment.

2. Allow reporting B to C with PAN based reporting to resolve the issue of matching.

3. To allow for the purchase of details from B to B and B to C sales with an annual return.

4. Allow ITC to purchasers for refunds lodged by suppliers between July 1, 2017 and March 31, 2022 for the period of July 1, 2017 to March 31, 2022.

5. For amounts less than 1000, allow ITC without matching.

6. Reduce the rate of interest for SME to 12% and for all late payments to 15% for up to one year.

7. There will be no audit by the department for SME’s with a turnover of up to $5 million under the GST.

8. To offer a refund where an ITC is reversed due to a mismatch or tax paid in cash, when the ITC is authorized upon the supplier’s submission of an invoice.

9. There are less refund issues. If the taxpayer so desires, he or she may request a hearing when a refund is being considered. Otherwise, interest-bearing auto refund.

 Copy of Representation is Given below: