The industrial units based in Gujarat’s GIDC estates are opposing the levy of goods and services tax (GST) on transfer of GIDC plots.
According to chartered accountants, there are cases where micro, small, and medium enterprises (MSMEs) have a higher GST liability than their profits because they transferred the plots to other companies in a short time due to the business being unviable. Some industry associations are planning to file a petition in the high court because the GST department is charging GST on GIDC land transfer but not allowing input tax credit (ITC) against it.
Source a2ztaxcorp
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