ET Year-end Special Reads
“The faceless GST audit system, by using technology and ensuring anonymity, will reduce compliance costs. A faceless system will streamline procedures allowing MSMEs to focus on growth and innovation,” said Pankaj Chadha, chairman, of EEPC India.
EEPC India in its pre-budget recommendation has also proposed that Reverse Charge Mechanism (RCM) related liabilities should be eligible for the Amnesty scheme. Some RCM issues, such as foreign bank charges and foreign business services, pose challenges for exporters who may be unaware of the charges or services provided. Since these issues are not fraudulent, they should fall under Section 73, which addresses genuine compliance concerns.
“Exporters should be granted relief under the amnesty scheme, even if Show Cause Notices (SCNs) are issued under Section 74,” Chadha said.
Many of the EEPC India members have informed that they have received Show Cause Notices related to RCM; hence, an amnesty scheme is urgently needed for such issues.
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