‘Manufacturing cost to fall under GST’

Source: The Hitavada      Date: 02 Jul 2017 09:30:42


 

Business Bureau,

WITH the introduction of the Goods and Services Tax (GST) regime, the country will witness an economic revolution. GST will enable the costs of manufacturing to fall thereby increasing exports and turn the country into an economic powerhouse in the near future.


“With a simplified tax system, traders will get a golden opportunity to conduct business in an ethical manner. GST will induce honesty as a way of life,” said A K Pande, Chief Commissioner Central GST, while talking at the ‘GST Day’ celebrations organised at the Goods and Services Tax Department, Government of Maharashtra (formerly known as the Sales Tax Department), Civil Lines on Saturday.


He said that the new tax regime would enable traders to keep their records updated leaving little scope for manipulation. GST would offer simplification of rules and diminish interface with tax officials. He said that 17 Central taxes, various State taxes and 20 cesses had been subsumed in GST. “The objective of GST is to provide a unified market with same rate of goods and services in the country,” he added.


P K Agrawal, Joint Commissioner of State Tax, Nagpur Division, Nagpur, said: “With the introduction of the Goods and Services Tax (GST), the cost of production would come down thereby making the prices of goods and services decrease in the country.” Due to cheaper goods and services, the exports would get a boost in the international market.


The Department had set an ambitious tax collection target of Rs 1,10,000 lakh crore for FY 2017-18. “We are confident that the tax collection target will get achieved in the GST regime with the cooperation of traders, industrialists, professionals and officials,” he said. Accordingly, the GST Department has set up a help desk for the traders. Traders can come with their problems and seek clarity on various provisions of GST.


Bhimsen Bhalchim, Additional Commissioner of State Tax, Nagpur Zone, Nagpur also spoke on the occasion.
V D Kamthewad, Joint Commissioner State Tax (Appeals) proposed the vote of thanks. Ashish Chandan, Commissioner Central GST and Ulhas Debadwad, Chief Engineer, PWD were also present.