{"id":27172,"date":"2018-10-23T11:10:38","date_gmt":"2018-10-23T05:40:38","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27172"},"modified":"2018-10-23T11:10:38","modified_gmt":"2018-10-23T05:40:38","slug":"gst-small-firms-may-get-time-to-file-returns","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gst-small-firms-may-get-time-to-file-returns\/","title":{"rendered":"GST: small firms may get time to file returns"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/gst-small-firms-may-get-time-to-file-returns\/article19772835.ece\"><span style=\"font-weight: 400;\">GST: small firms may get time to file returns<\/span><\/a><span style=\"font-weight: 400;\">: (The Hindu)<\/span><\/p>\n<p><b>Context:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The union government is considering a proposal from the industry to allow small firms to file quarterly returns even as they pay taxes on a monthly basis under the Goods and Services Tax (GST) regime.<\/span><\/p>\n<p><b>Problems small firms are facing today:<\/b><\/p>\n<p><b>The small firms are facing following problems:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small firms are facing problems \u00a0regarding complying with the GST norms due to their limitations in getting professional help, lack of connectivity and technological glitches.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lack of IT infrastructure and a qualified manpower.<\/span><\/li>\n<\/ul>\n<p><b> Demand of merchant exporters:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Federation of Indian Export Organisations (FIEO) raised demands including seeking exemption for merchant exporters from GST.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Merchant exporters account for over 30% of country\u2019s exports who usually work on razor thin margins of 2-4%.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The imposition of GST has made their costing go haywire, particularly for products having higher GST rate, as they have to pay GST and seek refund after some time lag.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They also wanted the Centre to expedite GST refunds to help them tide over the liquidity crunch. <\/span><\/li>\n<\/ul>\n<p><b> Financial wherewithal<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Most of the exporters, particularly from MSME category, hardly have financial wherewithal to pay GST liabilities for three months without having refund in the meantime.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For ease of doing business especially for the MSME, provisional input tax credit period may be extended to 6 months from the current 2 months\u2019 period.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GST: small firms may get time to file returns: (The Hindu) Context: The union government is considering a proposal from the industry to allow small firms to file quarterly returns even as they pay taxes on a monthly basis under the Goods and Services Tax (GST) regime. Problems small firms are facing today: The small&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/gst-small-firms-may-get-time-to-file-returns\/\">Continue reading <span class=\"screen-reader-text\">GST: small firms may get time to file returns<\/span><\/a><\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27172","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704592451},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27172"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27172\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}