‘Govt will earn extra revenue from GST’

Source: The Hitavada      Date: 14 Jul 2017 09:12:21


 

Business Bureau

Addressing traders conference organised by the Confederation of All India Traders (CAIT) in New Delhi on Thursday, Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines said, “With a successful roll out of GST, Government will earn additional revenue which can be further utilised for development of rural India beside developing necessary infrastructure in cities and towns across the country.”


Also, it is noteworthy that decreased tax rate on luxury items would increase burden on basic consumption items which would only give way to socio-economic imbalance. “Government is also aimed to abolish tax evasion from the country with the roll out of GST and enrolling one tax system across boundaries of the country. We have also provided relaxation to small traders operating under Rs 20 lakh of business turnover since they don’t need to pay GST and Composition Scheme for businesses having annual turnover up to Rs 75 lakh under which no major formalities are required.,” he said He reaffirmed that GST is a common heritage and only changes can ensure development and transparency.


He further said that more simplification rationalisation of the procedures under GST could be possible by GST Council by process of logical dialogues. “Government is committed towards improvement in tax rates but this process will take time. Development of country is not only because of hard work but fast adoption of technology and changes. As such trading community needs to embrace technology in order to grow business by leaps and bounds,” Goyal said.


The new transformed taxation system would contribute in creation of more job opportunities. Government has already removed 22 check post across the country making transportation of goods easier and discouraging imports. “We will take into consideration the request for classification of HSN Code. Soon a GST application will be launched which will be helpful in finding the rate on goods & services, filing the complaints etc. We also plan to establish more than 4,000 training centres, more than 2,400 call centres and Twitter handles to resolve issue faced by tax payers while complying to GST,” he informed.
B C Bhartia, National President of CAIT said, “Though it’s heartening to witness the nation-wide support towards the country’s biggest tax reform, still there are some challenges and issues concerning the trade which needs to be addressed.”


Praveen Khandelwal, Secretary General said, apart from issue of high GST rate on several items traders have demanded to declare period upto March 31, 2018 as an interim period.