(MENAFN- KNN India) Private security industry asks govt to immediately implement reverse charge mechanism for GST payment
New Delhi, July 19 (KNN) The owners and employees of private security industry have demanded streamlining of GST rules for the sector with regards to which they staged a protest in the national capital today.
The Central Association of Private Security Industry (CAPSI) has asked the government to immediately implement 'reverse charge mechanism' for GST payment.
Under the reverse charge mechanism, the payment of GST is done directly by service receiver to the government.
In a statement, CAPSI, owners and employees of private security industry, majority of whom are retired Armed forces officers and personnel, informed that they first laid wreath at the Amar Jawan Jyoti at India Gate in respect of martyrs and then staged the protest in support of their demands.
Similar protests were organised in all state capitals across the country by CAPSI members, it said.
"We have made several representations to the Finance Ministry and to the GST Commissioner demanding streamlining of the GST mechanism for our industry.The major issue, which is forcing owners to close down their companies, is the methodology of depositing GST."
"The GST has to be deposited by the security agencies on Month 20 in which the bill has been raised," the statement quoted CAPSI chairman Kunwar Vikram Singh as saying.
Singh said, however, the payment of these bills is received by these agencies only after 60-90 days or more.
"Thus, the cash flows of this low-margin Industry gets impacted seriously due to 2-3 months delay in getting payments.We have to carry this huge back-breaking burden," Singh said
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