New Delhi – The newly implemented goods and services tax from 1st July 2017 has been creating a lot of logistics issues for the companies who are supposed to file tax. By logistic we mean the operational and the procedural matters. The most recent company to fall the prey was the ACC Ltd, who is a major player in the industry.
ACC paid ₹ 16.7 crores to the GSTN (Goods and service tax network), but despite the amount being debited from the account, the company was again asked to pay the same amount. The difference in both the amounts we believe was just ₹ 1.
This issue was brought to light and Mr. Arjun Ram Meghwal, who is the MoS Finance, accepted that there are some operational issues and IT bugs that are yet to be rectified in the GSTN. He said that he had escalated the matter to the GSTN who are going to rectify this soon. This would be a massive injustice to big players like ACC as their hefty amounts would be stuck for three months, he added. He addressed the media reporters at the annual convention on capital markets vision 2020 program, which was organized by the Ph.D. chamber.
Mr. Meghwal also assured that ACC would not be penalized as it was a mere technical glitch and not a delay in the tax payment. He was also of the opinion that in such cases an immediate refund would be the best. The government has intended to help the honest tax payers who are bringing up these issues after facing technical glitches, he added.