Allahabad traders clueless about billing procedures
ALLAHABAD: The first day of implementation of GST on Saturday was marked by confusion as many traders and shops were clueless about billing procedures and making day-to-day entries in accounts books. Many wholesale shops dealing in stationary items, hardware, garments, cement and building material remained closed in market areas like Chowk, Johnstanganj and Zero Road to sort out the confusion.
Even the shops which were open had few customers. Most of the people were busy trying to work out the new prices of items based on GST. Majority of traders pointed out that they were not clear about the methodology to be adopted for making day-to-day entries. “We are still clueless on how to manage accounts under this new tax regime,” said Raj Soni, a jeweller.
A stone sculptor near Baluaghat crossing pointed out that the GST on marble inlays was now 28 %. “This is going to affect our business . I have already relieved two of my assistants as I’ll not be able to afford their salary,” he said. State president of Confederation of All India Traders (CAIT) Mahendra Goel said the confusion over GST is because of lack of information. It was the responsibility of Vyapar Mandals to organise awareness campaigns about the new tax regime. “A trader with an aggregate annual turnover of Rs 20 lakhs is not required to register under GST. However, he will have to maintain purchase register and monthly bank account statement. A trader having an annual aggregate turnover of Rs 20 lakhs or above will have to register under GST. After which they would go on compounding and the government would realize 1% tax on their total turnover. These traders will have to submit quarterly sales figures,” he explained.