GST has brought equality among stakeholders: CAIT

Source: The Hitavada      Date: 01 Aug 2017 09:16:23


 

Business Bureau,

The first month of GST in India witnessed its smooth adoption particularly by the trading community but with having lot of confusion over GST tax rates, applicability of HSN codes, implications of reverse charge, raising of correct invoices and claiming of input tax credit thereof remains the burning issues fraught by the traders.


However, the Government has also been pro-active in clearing the air of confusion through Twitter, Town Hall etc, but still much lack of awareness and clarity about basic fundamentals of GST and its compliance obligations remained the major factor for various procedural lapses on part of the stakeholders.


Commenting upon the completion of one month of GST in India, B C Bhartia, National President of Confederation of All India Traders (CAIT) said that GST has brought equality among stakeholders. Earlier, different verticals of trade and industry were getting different advantages and the domestic level playing field was unequal. “But, now under GST, everyone is on the same page and once GST is established as a stable taxation system, it will bring ease of doing business for even small businesses and on the other hand the tax net will become widen yielding more revenue to the Government,” he said who expected that in its real terms, GST would be a stable taxation system from April 1, 2018.


“While CAIT is satisfied with the broader aspects of GST, it has been making representations regarding rationalisation and simplification of procedures, a major demand coming from the traders across the country. Anomalies, disparities and contradictions does exist in various tax slabs under GST and as such it needs to be reconciled by the GST Council. Moreover, the slab of 28 per cent requires a re-look as many of the items falling under this slab ought to be placed under other lower tax slabs. It will bring much relief to the traders,” Bhartia said.


Based on the one-month feedback on GST received from traders across the country, it is felt that a major campaign by the Government for direct interaction with the traders at district levels is need of the hour to dispel confusions and providing authentic answers to their queries to facilitate easy and correct compliance of GST procedures, he said. “It will be pertinent if GST committees are formed at each district comprising of tax officials and representative of trade to monitor GST adoption at respective district level,” he said.


At the same time a similar committee at national and state level will prove to be a real catalyst between traders and the Government.