New Delhi: Chief Minister Arvind Kejriwal has taken a big decision in the interest of traders of Delhi. Now, the traders will get direct benefits from the amendments made in the GST by the Kejriwal Government. Let us know more about it.
Exemption from yearly GST audit
Earlier traders used to get the GST audit done every year. After the amendments made by the Kejriwal Government in the Delhi Assembly, the yearly audit of the GST will no longer be required. Traders were very upset with the GST audit and there was a huge financial burden on them. Millions of traders will be relieved with the abolition of the mandatory GST audit.
No interest is to be paid on the entire output if GST is filed late
Before this GST amendment, the interest was charged on the entire output tax if there was a delay in the filing of GST (3B). Upon which, Kejriwal Government amended Section 50 of the Goods and Services Bill. Now, only the interest on Net Cash Liability is to be paid. Earlier there was a provision to pay tax along with a fine in case of confiscation of goods, but with the amendments made by the Kejriwal Government, relief has been given to traders and transporters.
Creation of bogus firms to become more difficult
With the new amendments made in the GST Bill, all the necessary steps have been taken to circumvent the creation of bogus firms. Now, strict actions will be taken against the masterminds who try to loot through the creation of bogus firms. Earlier, action was taken against the owner of the bogus firm, and taking advantage of this, the masterminds used to form firms in the name of poor people. This further helped the masterminds to escape through any legal action whenever their bogus firm got exposed. Kejriwal Government took stock of this and furthur introduced new amendments in the GST Bill 2021.
Lakhs of traders of Delhi are benefited
Lakhs of traders living in Delhi are benefited from the GST (Amendment) Bill 2021. Delhi traders are delighted with this decision and have thanked the Finance Minister of Delhi for bringing in such amendments. Representatives of trade unions of various markets of Delhi have met Delhi’s Deputy Chief Minister, Manish Sisodia to express their gratitude.