JAMMU: In the meeting of the Office Bearers Arun Gupta, President, Chamber of Commerce & Industry, Jammu, has appreciated the Hon’ble Union Finance Minister, Nirmala Sitharaman, for her leadership and the initiatives discussed and approved in the GST Council meeting and also removing the GST officers powers to arrest the taxpayers, aimed at simplifying the Goods and Services Tax (GST) system and providing relief to traders, small businesses, and the business community.
The GST Council’s recommendation to reduce the general penalty from ₹25,000 to ₹10,000 is a welcome and much-needed step for the trading community. This move will provide significant relief to traders, especially small businesses and MSMEs, by reducing the financial burden of GST compliance. This step aims to prevent unnecessary harassment, reduce fear among taxpayers, and promote a business-friendly environment.
Sh. Arun Gupta stated that the recommendations relating to raising the prosecution threshold, rationalising penalties, simplifying GST registration and compliance procedures, facilitating input tax credit and refunds, and introducing an optional scheme for small consumer-facing businesses are welcome steps towards creating a more business-friendly environment. These measures will help reduce compliance burdens, improve working capital, and provide greater ease of doing business, particularly for small traders and entrepreneurs.
He further appreciated the efforts to simplify GST procedures, standardize notices and proceedings, facilitate exports of services, and ensure smoother movement of goods across states. He expressed hope that these recommendations would be implemented in a time-bound manner to provide tangible relief to the trading community.
At the same time, Sh. Arun Gupta urged the Hon’ble Union Finance Minister to kindly reconsider the growing financial burden on small businesses arising from UPI transactions, as the UPI transactions above Rs. 2000 has been declared chargeable.
He pointed out that digital payments through UPI have become an integral part of daily business operations, particularly for small shopkeepers, retailers, street vendors, and other micro and small enterprises. While UPI has significantly promoted digital payments and financial inclusion, small businesses often operate on very thin profit margins and handle a large number of low-value transactions every day.
He stated that the objective of promoting a digital economy should go hand in hand with protecting the interests of small traders, who are the backbone of the Indian economy and play a vital role in employment generation and local economic development.
Sh. Arun Gupta expressed confidence that under the able leadership of the Hon’ble Union Finance Minister, the Government would continue to take progressive steps towards simplifying taxation, reducing compliance burdens, and addressing the genuine concerns of the trading community.
The other Office Bearers present in the meeting include Sh. Anil Gupta, Sr. Vice President CCI, Sh. Rajeev Gupta, Jr. Vice President CCI and Sh. Rajesh Gupta, Treasurer CCI
