CAIT urges FM to extend stock-filing date to March-end

Traders' body CAIT today urged Finance Minister Arun Jaitley to extend the stock filing deadline under GST till March-end, contending traders have been busy with various compliance formalities and could not devote time in compiling the list of stocks.

As per the Goods and Services Tax (GST) rules, registered dealers are required to file the details of their stock as on June 30 (as GST was introduced on July 1) by 30 September in order to claim input credit on the stock.

"Non performance of GST portal, introduction of reverse charge mechanism for first time, overlapping of other laws with GST law and absence of clarity pertaining to provisions of Act and procedure has led to a situation of confusion across the country," CAIT said in a letter to Jaitley.

Besides, it said the absence of adequate knowledge about compliance procedures, continued confusion on levy of tax rates on different items and corresponding HSN code and various compliance formalities under GST have multiplied the problems of the traders.

Since beginning of August traders were busy in preparing and filing of GSTR3B and making tax payments, CAIT said.

"Under these circumstances and having greater focus on different compliance under GST, the traders across the country could not devote time in compiling the list of stocks in prescribed manner," the traders' body said, while seeking time till March 31 for filing the stocks under GST.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)