Ek rupaye ka kimat: ACC Ltd asked to redeposit Rs 16.7 crore as GST, citing a difference in a rupee

The newly-introduced Goods and Services Tax (GST) is creating operational and procedural issues for companies, the most recent to fall prey to the new tax regime being cement major ACC Ltd.

ACC had paid Rs.16.70 crore to the GST Network (GSTN). Despite the amount being deducted, ACC was asked to redeposit the same amount, citing a difference of Rs. 1.

The issue was then brought in front of MoS Finance Arjun Ram Meghwal, who accepted the same and highlighted the presence of operational and procedural flaws in the GSTN.

"I have taken up the matter with the GSTN. We have directed GSTN officials to get it rectified as this will be injustice for companies like ACC if such a massive amount of money is blocked for three months,? Meghwal told reporters along the sidelines of the Annual Convention on Capital Market-Vision 2020 programme organised by the PHD Chamber.

Meghwal assured that no penalty would be imposed on ACC, since it was a technical glitch and not a delay in payment. Further, he opined stressed on the need to evolve a system of immediate refund in such cases.

"The intention of the government is to help the honest tax payers who are coming forward after facing technical issues," he said.