Retail traders happy with GST relaxation
Traders say the relief measures will simplify GST and encourage faster adoption of the tax system.
Retail traders have welcomed the relief measures granted by the GST Council but demanded setting up of joint committees of government officials and trade bodies at the central, state and district levels in order to address issues and for effectively implement the GST regime.
Traders say the relief measures will simplify the GST and encourage faster adoption of the tax system among the trading community, but there are many more issues which are to be addressed, for which these committees could be very useful.
Speaking to this news- paper, Confederation of All India Traders (CAIT) secretary general Praveen Khandelwal said these committees will ensure that the decisions taken by the government are percolated at the lowest level which will benefit both the government and the trading community and make the implementation simpler. “There is a need to have an effective communication system for this purpose,” he said.
He said there are still many issues which will carry on till the time new regime gets stabilised. “There is the issue of applicability of HSN code. It is a new concept and many traders have no idea about it. Also there is no clarity about nine types of invoices. There is no nodal authority from where we can get credible information. The government should take us on board in order to address these issues,” he said.
“Enabling composition of dealers to make inter-state sales is a bold decision and will enable small traders to remain competitive. Increase in composition scheme upto Rs 1 crore, deferment of E Way Bill and Reverse Charge Mechanism will boost business sentiments in the country,” said CAIT president B.C. Bhartia.
The council, headed by Finance Minister Arun Jaitley, tweaked the GST regime to provide relief to thousands of small firms and exporters and reduced the tax burden on 27 goods including food items such as namkeens which will turn cheaper. It also raised the turnover threshold from Rs 75 lakh to Rs 1 crore for businesses to avail of the composition scheme that allows them to pay 1-5% tax without going through tedious formalities of filing detailed returns. Telangana Chief Minister K. Chandrasekhar Rao (KCR) is immensely satisfied with the slash in GST (Goods and Services Tax) rate on public works taken up by the state government, a decision taken by the GST Council meeting in Delhi on Friday. This has been a long time demand of KCR for the past three months. Telangana officials put the estimated relief to government works at Rs 8,000 crore.
Apart from Telangana, the decision to reduce tax slab from 12% to 5% on government works would substantially benefit at least another nine states—Uttar Pradesh, Bihar, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Andhra Pradesh and Orissa. These states have raised the issue of cutting rates on public works at the last GST Council meeting in Hyderabad on 9 September.
As a result of the GST Council decision, the Telangana government would benefit on around half a dozen major
People look on as boats participating in the Clipper Round the World Yacht Race leave Punta del Este harbour in Uruguay on Wednesday.
Union Finance Minister Arun Jaitley, along with other GST council members, during the 22nd GST Council meeting, in New Delhi on Friday.