WTC Mumbai submits Memorandum for GST related Issues Redressal

The MVIRDC World trade Center in Mumbai has submitted a memorandum to address the 12 issues that commerce and industry face in complying with GST. The memorandum has been presented to the CBIC and the GST Council.

This memorandum outlines the industry’s rising difficulties or concerns and makes appropriate suggestions to solve these challenges.

It also describes some of the existing gaps or inconsistencies in the GST laws that apply to export shipments. By fixing these gaps or ambiguities, the Indian government may be able to help the exporter community, which is now suffering as a result of the global recession.

In a statement, Vijay Kalantri, Chairman, MVIRDC WTC Mumbai, explained the rationale behind the policy memorandum, saying, “The government and the CBIC are actively responding to the concerns and challenges of the industry by making necessary amendments, issuing clarificatory circulars, advisories, and adding new functionalities in the GST portal in response to the needs of the industry. However, there are numerous outstanding concerns and new difficulties facing the sector that demand urgent response from the CBIC and the field formation.”

The memorandum outlines the problems confronting the industry and exporters in terms of cargo interception or inspection in transit, as well as compliance with specific legislative regulations such as CGST Rule 96B.

It also requests clarity on the GST obligation on Employee Stock Open (ESOP), the addition of a facility in the GST portal to file numerous and supplemental claims, and the facilitation of real-time data migration from Bill of Entry to GSTR 2B.

The memorandum suggests that the government issue clarification on a number of issues, including the eligibility of input tax credit against IGST paid via TR-6 challan, the eligibility of input tax credit against countervailing duty (CVD) and special additional duty (SAD) paid for pre-GST transactions, and so on.