GST rules: From the new year, new GST rules have made small traders sleepy, now property will be attached without notice.

GST Rules From 1st January

According to the notification, if the trader does not provide the details of the sale in his monthly return, the buyer's tax credit will be suspended.

New GST Rules From 1st Jan-2021

In the new year, GST is going to be tightened with several GST rules, which will have a direct impact on traders. Now it will be difficult for traders to get an input tax credit. Not only that, if there is any mistake in filing the return, the tax officer can also knock on their door. Not only that, to challenge the wrong assessment of the tax officer, the first 25% penalty has to be deposited in advance. Small traders have been deprived of sleep following three strict GST laws that will come into effect from January 1. The government is bringing these rules with the objective of preventing activities including GST theft and bogus bills. This was announced in the budget this year. In this regard, MSME traders say that the new bill will increase harassment as well as encourage corruption.

... Then the buyer's input tax credit will stop

According to the now announced notification, if the seller does not enter the details of the sale in his monthly return, the input tax credit of the buyer will be suspended. Secondly, in the case of cobblestones in GSTR1 and 3B, the officer will get the right to recover without giving notice. Also, if a trader wants to challenge the wrong assessment of the tax officer, he has to deposit a 25% penalty amount in the department. According to tax experts, this law is against the justice of nature.

The difficulty of small traders will increase

The new law will increase the hassle of small traders filing quarterly returns. This is because it will be necessary to file a return every month to get the input tax credit. Once the return is messed up, it won't even get a chance to improve. Traders have therefore appealed to the government and the GST Council to reconsider these rules.

New Announcement on GST

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification regarding GST refund, penalty, tax deposit rules. This rule will come into force from January 1, 2022. As such, refunds claimed by traders who did not link the GST number with Aadhaar Card will be stopped. A trader cannot even apply for resumption of his / her registration is canceled for any reason. This requires that the GST number be linked to the Aadhaar card.

Property can be attached without notice

In case of non-payment of tax or underpayment, a long notice process has to be processed to attach the bank account or property. This process will now be finished. Earlier bogus companies used to cut a lot of bills and disappear by paying less tax. Many times merchants showed lower sales and paid lower taxes. This cannot happen now. Now the tax officer can attach the property without giving notice. Brokers, accountants, and others who assist in bogus billing can now also be prosecuted.

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