Registered entities will be like blue eyed boy for Govt under GST: Seth

Source: The Hitavada      Date: 25 Jun 2017 10:41:17


 

Business Bureau,

“Under the goods and services tax (GST) regime, all registered traders, dealers, manufacturers and service providers will be blue eyed boys for the Governmnet while those who are un-registered will be treated as orphnas,” said Shailesh P Seth, a well known chartered acountant and leading tax practitioner from Mumbai. He was speaking at a state level seminar organised here by the Builders Association of India (BAI) on Saturday.


Seth said that nobody would deal with the un-registered business entities as the goods and services availed from them would attract tax laibilities on the registered entities.
Seth observed that the Gst would bring down prices of most of the goods and services but it would widen the base of income tax payers thereby generating more revenue for the Governmnet.


Seth said tha the concept of GST is far better than the existing tax system which is not uniform. “But while adopting the new tax system, the tax payers will have to bring lot of changes in their style of doing businesses.


Seth asked the builders and developers to take utmost care of their suppliers. “You will have to maintain proper records of goods and services as invoice is the ‘heart’ of new tax regime,” he said. The construction sector among others would see lot of changes in coming days with the introduction of GST. There would be new challenges for the builders and contractors, he added.


Other issues like the RERA Act, e-tendering, terms and conditions of the tenders, costing of cement, secondary minerals licensing and related problems, ESIC, EPF and BOCW expenses were also disussed.
Rajendra Athawale, Maharashtra State President of Builders Association of India and other office-bearers were present on the occasion.


Members of Butibori Centre, Jayant Khadatkar, P N Devalkar, M Satyanarayan, Abhay Garde, Girish Manapure, Sanjay Parwani, Manish Bang, Nitin Salve, Rajendra Shinde, Rambhau Musal, Dharmendra Nilawar, Pratap Rannaware, Sanjay Maind, K A Joseph, V V Chandak and others in large numbers were also present.