Laghu Udyog Bharti Ravindra Vaidya - Latest News Update, Information, Photos & Videos on Laghu Udyog Bharti Ravindra Vaidya at Lokmat Times

Recovery orders from July 1, 2017, amount to thousands of crores, poses a significant burden on entrepreneursChhatrapati Sambhajinagar: Thousands of entrepreneurs in Maharashtra are facing financial burdens after the Maharashtra Industrial Development Corporation (MIDC) neglected to include Goods and Services Tax (GST) in demand notes. The Central GST department is now demanding the unpaid GST, along with interest, starting from July 1, 2017.MIDC's failure to include GST in demand notes has led to entrepreneurs facing additional financial burdens. Recovery notices are being issued, demanding payment for unpaid GST, along with interest and other charges. Entrepreneurs must make a lump sum payment by month-end, exacerbating their financial challenges. Entrepreneurs argue that they have already paid the entire amount mentioned in the demand notes issued by the MIDC for various facilities. They believe that since the MIDC neglected to include GST, they should not be held responsible for the recovery of unpaid taxes, and certainly not be charged interest. Entrepreneurs are urging the MIDC administration and the GST council, through the industries department of the State government, to intervene and address this issue.Notice effects 57,024 industries in the stateThis development affects around 57,024 industries operating in the MIDC's across Maharashtra. Entrepreneurs and industrial organizations are expressing their dissatisfaction and protesting against the MIDC, stating that it is impossible for them to pay such a substantial amount, including interest, in one lump sum. Moreover, given the current global recession and the resurgence of Covid, entrepreneurs are already facing numerous challenges and cannot bear the burden of the MIDC's errors.Will oppose the decisionPresident of Laghu Udyog Bharti Ravindra Vaidya said that the organisation has been following up with the MSME department and the State and the Central government to resolve the issue through government channels. General secretary Bhushan Marde said that the organisation is mobilizing industrial organizations across Maharashtra to unite against the injustice faced by entrepreneurs. It is crucial for the government to consider the demands of entrepreneurs and find a solution.Region wise GST share:District GST (In percent)Chhatrapati Sambhajinagar 18Kokan 25Pune 27Nashik 16Nagpur 7Amravati 5Mumbai 2

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Aurangabad :MIDC faces backlash over GST and interest burden on entrepreneurs

Recovery orders from July 1, 2017, amount to thousands of crores, poses a significant burden on entrepreneurs Chhatrapati Sambhajinagar: ... ...