The industrial units based in Gujarat’s GIDC estates are opposing the levy of goods and services tax (GST) on transfer of GIDC plots.
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According to chartered accountants, there are cases where micro, small and medium enterprises (MSMEs) have a higher GST liability that 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 now allowing input tax credit (ITC) against it.
Read more at : THE TIMES OF INDIA
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