FinMin backs new GST rule, says it’s not for MSMEs, certain I-T payers

Asserts that the move to ask companies above a threshold to pay one per cent of GST liability in cash targets fake invoicing

The Finance ministry today defended the recent move of asking companies above a threshold to pay at least one per cent tax liability through cash under the goods and services tax system, on the grounds that it will impact only risky or fly-by-night operators. Earlier a section of traders cried foul over the new rule, sayin it would apply to just 40,000-45,000 taxpayers, representing 0.37 per cent of the total GST base.

Last week, the Central Board of Indirect Taxes and Customs (CBIC) had inserted a rule under the Central GST Act that businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least one per cent of their GST liability in cash. The rule will become effective on January 1.

Reacting to the rule, trader body CAIT wrote to finance minister Nirmala Sitharaman to defer its implementation. Finance ministry sources in the know of the matter explained that the new provision applies to those whose annual turnover is more than Rs six crore and large number of exemptions and exclusions have been provided.

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