GST’s new circular- new mechanism created, rules- applicable under section 107 and 108

GST circulars and notifications: The new circular introduces a new mechanism, which will be applicable under sections 107 and 108 of the CGST Act.

GST circulars: If you do your own business or are going to do it, then this news is very useful for you. Because GST is necessary for business and a new circular and notification related to it has been issued. A new mechanism has been described in the new circular issued by the Finance Ministry, which will be applicable under Section 107 and 108 of the CGST Act.

Know about the new circular of GST-

Giving a big relief to the industry embroiled in the cases of show-cause notice (SCN) related to GST, the central government has fixed a clear process of review, revision and appeal.

In the last two years, the sectors on which the GST Intelligence Agency (DGGI) has issued show-cause notices on a large scale are banking and insurance, e-commerce companies and real estate and FMCG sectors.

Action was taken against these companies in cases related to wrong tax classification, ITC claim and invoicing. Now these companies will have the option to give a clear and structured response to the notice and get it settled.

Important points of the circular

Under CGST section 107, the format and process of appeal against show-cause notice has now been clarified. Under CGST section 108, the role and time limit of the officer for review and revision has been fixed. This circular is mandatory for all senior GST officers of the Center and State.

Transparency and timetable will be brought in the process to increase the speed of dispute resolution and provide relief to taxpayers.

Why is this important

The industry has long been troubled by DGGI’s stringent notices and unclear legal options. This will not only increase the confidence of taxpayers but will also reduce the number of pending cases. The government has indicated that it wants to reduce litigation and adopt a cooperative attitude with the business world.

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