GST has brought equality among stakeholders: CAIT

"Earlier, different verticals of trade & industry were getting different advantages and the domestic level playing field was unequal but now under GST everyone is on the same page and once GST is established as a stable taxation system, it will bring ease of doing business for even small businesses and on the other hand the tax net will become widen yielding more revenue to the Government-said both leaders who expected that in its real terms, the GST shall be a stable taxation system from April 1,2018," said CAIT in a press release.

"Based on the one month feedback on GST received from traders across the country, it is felt that a major campaign by the government for direct interaction with the traders at district levels is need of the hour to dispel confusions and providing authentic answers to their queries to facilitate easy and correct compliance of GST procedures. It will be pertinent if GST committees are formed at each district comprising of tax officials and representative of trade to monitor GST adoption at respective district level," said president BC Bhartia and secretary general Praveen Khandelwal. "At the same time, a similar committee at national and state level will prove to be a real catalyst between traders and the government."

Bhartia & Khandelwal also opined that since first GST return will be submitted on September 5, 2017, it is more important to educate traders about filing of return to minimise the scope of filing wrong returns. On the other hand, the government should bring out a policy to support adoption of digital technology by those traders who have remained aloof so far. GST is a technology based taxation system and as such empowerment of technology is key to success of GST in India.

"Besides other issues, the implications and application of HSN Code, Reverse Charge & Input Credit are the core burning issues of the traders. Issuance of different invoices for different activities is yet another area where traders are absolutely ignorant. Maintenance of accounts & records, accruing liability to pay tax, procedure of advance ruling etc are some of the other areas under GST where traders are needed to be educated," according to Bhartia & Khandelwal. (RR)

Fibre2Fashion News Desk – India