CAIT has also tied up with HDFC Bank for providing requisite finance to the traders those who want to avail the finance.
As per NSSO 2013 there are about 5.77 crore small businesses in the country and if these businesses are brought in the main stream of taxation, the GST landscape could be much wider generating unimaginable hopes for the government to garner revenue. However, nearly 60 per cent of these small businesses have yet to adopt technology and since the GST is a technology based taxation system, it seems to be a gigantic task. Therefore, preparedness for this huge transition is concerned. However, this is a key prerequisite to the seamless and successful implementation of GST in the country but an area where there is still work to be done.
CAIT has been actively involved in promoting computerisation among this section but it is important that the government actively owns this initiative and provides a policy push to the faster adoption of digital technologies if GST has to be an unqualified success, said the association in a press release.
In this context, a mega sensitisation campaign for trade associations across the country could be a game changer. However, this level of preparation from the trading community, many of whom are not used to operating in a digital tax environment could take quite some time.
Given the absolute criticality of taking the trading community along on the road to GST, the association has urged the government to declare period beginning July 1, 2017 to March 31, 2018 as 'interim period' to enable the trading community to make the transition to a more sophisticated digital tax framework.
Given the enormity of the impending change, quite naturally, there could be some lapses in the initial phase (trial period). Thus, CAIT has requested the government and the tax authorities to waive prosecution and penal liabilities stemming from the law in this period.
GST facilitation centres also need to be opened across the country to help the traders in their conversion to GST regime. CAIT has offered offices of Trade Associations across the country for making facilitation centre. (KD)
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