The Live Ahmedabad
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured

The Live Ahmedabad

  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
Gujarat

Gujarat Chamber of Commerce requests Sitharaman to cancel all pending IGST interest

by TLAteam May 6, 2023May 6, 2023
written by TLAteam May 6, 2023May 6, 2023
Gujarat Chamber of Commerce requests Sitharaman to cancel all pending IGST interest

The Gujarat Chamber of Commerce & Industry (GCCI) asked Nirmala Sitharaman, the union finance minister, to waive interest and penalties for the Integrated Goods and Services Tax (IGST) due in accordance with notification No. 54/2018 dated October 9, 2018.

Business News

The GCCI stated that it has heard from a number of its member units who claim to have received summonses, along with interest and penalty, for IGST that is due in accordance with the notification. These businesses imported goods using the advance licence programme, but because the IGST was not reflected in the Bill of Exchange (BOE), they failed to pay it when the shipment was cleared.

In a letter to Sitharaman, GCCI President Pathik Patwari said: “Many units in Gujarat were not aware of the new notification issued by the GST Council, which stated that IGST had to be paid at the time of clearance of the consignment and then claimed as a refund through Input Tax Credit (ITC), or a Letter of Undertaking (LUT) was required to be submitted for not paying the IGST. As a result, they cleared their consignments without paying IGST, assuming it was not applicable and no LUT was submitted. The Customs Department also cleared their consignments without the LUT or payment of IGST.”

The GCCI said that it believes that the units in question did not intend to deliberately evade payment of tax, but this was an inadvertent error committed on their part. Furthermore, the GST Department did not incur any revenue loss due to this transaction. As per the revised notification, the units would have paid IGST in advance and then claimed a refund through ITC, resulting in the same outcome for the GST Department in terms of revenue collection.

However, due to the accumulated interest and penalty, many of the units are unable to pay the outstanding tax amount. This could have adverse financial consequences for these units, as most of them are MSMEs, it said.

AhmedabadAhmedabad cityAhmedabad newsGujaratGujarat newslatest news
0 comment
previous post
King Charles III crowned at UK’s first coronation in 70 years
next post
BJP local functionary shot dead in Gujarat

You may also like

Gujarat’s ‘No School Bag Saturday’ Off to Slow...

July 5, 2025

Traffic Halts as Lion Pride Takes a Stroll...

July 4, 2025

60 students fall ill due to suspected food...

July 3, 2025

Gujarat High Court directs PGVCL to clear live...

July 3, 2025

Orange Alert Issued for Next Two Days in...

July 3, 2025

GU to Begin Dual Degree Admissions from July...

July 3, 2025

Youth Crushed by Truck Near Nikol Palm Hotel;...

July 2, 2025

Amarnath Yatra 2025: Sharp Drop in Gujarati Pilgrims,...

July 2, 2025

Gujarat High Court Bars Senior Advocate Over Beer...

July 2, 2025

Heavy Rain Hits Parts of Ahmedabad; Alerts Issued...

July 2, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Business News

Recent Posts

  • Toll Fee Reduced on NH Flyovers, Tunnels by Up to 50%

    July 5, 2025
  • Gujarat Schools to Set Up ‘Sugar Boards’ Amid Rising Diabetes Cases in Children

    July 5, 2025
  • AMC Proposes Hike in Stray Dog Sterilisation Cost to ₹1,650 per Dog

    July 5, 2025
  • A Salute to Student Leadership: KFS Ghatlodia Investiture Ceremony Shines Bright

    July 5, 2025
  • H&H Aluminium Pvt Ltd inaugurates India’s Largest Solar Panel Frame Plant in Rajkot, Gujarat

    July 5, 2025
May 2023
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
293031 
« Apr Jun »
The Live Ahmedabad
Footer Logo
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms of use
  • Advertise with Us
  • Work With Us
  • Contact Us

© 2021 - The Live Ahmedabad. All Rights Reserved.