Tightening the rules on GST tax credit will increase the hassle of traders: CAT

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MUMBAI: A budget proposal to tighten the rules attached to the Goods and Services Tax (GST) tax credit will make it difficult for taxpayers to get their tax credit. According to the Confederation of All India Traders (CAT), GST input tax

According to the new proposal, if a trader delays in filing GSTR-2 after filing GSTR-1 on the return of supply, the tax credit will appear in his account but the trader cannot use it in paying tax. "Taxpayers who pay their taxes on time will have to bear the brunt of irregular traders," said Shankar Thackeray, Kate's top official.

The new restrictive rule on credit has raised concerns among traders.

However, tax experts say this is a far-reaching step. The purpose of this rule is to bring discipline on traders in filing returns on time and regularly. An earlier waiver has been withdrawn.

Another proposal is that if multiple business firms have registered for GST on the same pen card, the merchant will be able to pay his second generation tax from the amount left in his ledger. Kate also claimed in a press release that this would ease the hassle of traders. The decision to extend the use of the tax credit is also welcomed by CAT. This time limit has been extended from 30th September to 30th November.

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