CAIT celebrates faster adoption of GST during day long traders meet
The Confederation of All India Traders (CAIT) celebrates faster adoption of Goods & Service Tax (GST) regime among traders, during a day long meet of prominent trade leaders of different States held at New Delhi today. Calling GST, a first concrete step towards economic democracy to liberalise traders from the clutches of vicious net of multiple taxes & Authorities, the trade leaders called upon the GST Council to remove disparities, anomalies & contradictions in different tax slabs as also rationalise and simplify procedures under GST to promote voluntary compliance in a cohesive manner. Trade leaders from 23 States attended the meet and in a unanimous resolution urged the Government to form GST Coordination Committee at District level comprising of senior officials & representative of Trade.
Trade leaders while assessing on ground situation said that despite continuous efforts of the Government, traders particularly in smaller towns are in a state of confusion due to lack of knowledge about even basic fundamentals of GST & its compliance obligations resulting into procedural lapses particularly in charging taxes or raising invoices, application of reverse charge, lack of knowledge of levied tax rate and corresponding HSN code, applicability of tax rate on composite or mix supply, distinction between branded & unbranded etc. Many times traders are facing problems in access to GST portal or in downloading particular form and various other practical problems which needs to be tackled for smooth transition to GST.
By & large the trading community in the Country has adopted GST taking it as a progressive taxation system. However, few verticals of retail trade have raised their concerns & issues which needs attention of the Government and their holistic solution.
The CAIT has suggested the Government to hold “post GST Assessment Meet” with trade & commerce both at the level of Central Government and also with State Governments to understand ground issues and sincere efforts to rationalise them. Such an exercise will generate more confidence in new system and confusions will convert into clarity.
The trading fraternity stays committed to this new tax reform of the government and actively involved in seamless transition to eliminate hindrances in the growth of Indian economy, yet adoption of digitalised procedures and business formats are posing challenges to traders in smaller towns in the wake of lack of technological awareness and education. Hence, CAIT has declared “Digital Rath” movement across the country wherein “classes-on-the-move” are proposed to be organised, to ensure last mile delivery of the benefits to every nook and corner of the country and educate traders for embracing tech-led business operations resulting into smooth transition to GST tax regime.
Assessing the current situation prevailing in the country CAIT’s President Mr B C Bhartia and Secretary General, Mr Praveen Khandelwal says, “We recommend provision of subsidy or incentive to traders operating in smaller town for transition to GST taxation system since they are required to invest their time and money for faster adoption of technology led business practices and accounting procedures. Similarly, provision of interim period of 9 months across the country would prove to be a great motivation and relaxation to reduce fear of penalties among traders and shift focus on to learning new technologies and procedures while posing lesser harm to their hard earn contribution to Indian economy.”
Government is also suggested to re-look at the category of products and services under tax slab of 28% since many of the products deserve to be considered to move to lower tax bracket like auto spare parts, housing industry items etc. Also, government should review its decision of including financial tools and services under tax slab of 18% (unlike earlier tax rate of 15%) in order to promote more digitalised transactions in line with PM Modi’s vision of “Digital India”.
CAIT strongly believes for this new tax scheme is set to be a milestone in minimising tax evasion and enhancing ease of doing business while reducing cascading effect of taxes emerging into reduced burden of taxes on customer in way of decreased price of products and services. Country turned into “One Market” provides extensive opportunities for growth of businesses and hence CAIT urges government to set up “Tech-kiosks” in markets to help traders and masses understand digitalised procedures. Also, regular dialogue of committee/groups consisting government representatives and trade leaders will help resolve challenges faced by marketers and consumers making GST a realistic fiscal reform.
Automovill opens 10K sq ft workshop in Kolkata
New Delhi, May 30, 2023: Automovill, a Bengaluru-based Full-Stack Mobility solution provider, has announced the opening of its latest workshop in...
AltF Coworking to launch 2 properties in NCR
New Delhi, May 2023: AltF Coworking, a co-working solutions provider, has announced the launch of two new properties in Noida...
Agrocorp forays into residential plotted developments with ALPL One
Bangalore May 29, 2023: Real Estate Development Company, Agrocorp, on Monday announced that it is prepared to introduce resort-style villas,...
CBRE’s Consulting and Valuation business division to expand its portfolio and strengthen government advisory business by doubling the team size
New Delhi, May 29, 2023: CBRE South Asia Pvt. Ltd, on Monday said it plans to strengthen government business advisory...
Gulzar Malhotra is Gera Developments CEO
Pune, May 26, 2023: Gera Developments, has announced the appointment of Gulzar Malhotra, as its Chief Executive Officer. Gulzar Malhotra will...
Nuvoco’s new RMX plant in Vizag
New Delhi, May 26, 2023: Nuvoco Vistas Corp. Ltd., on Friday announced the launch of its new Ready-Mix Concrete (RMX)...
News4 weeks ago
Retail leasing up 130% Y-o-Y in Jan-Mar’23
Guest Column4 weeks ago
Commercial RE: Evolving trends & insights
New Launches4 weeks ago
91Springboard launches 1000+ seater Platinum hub in Gurugram
New Launches4 weeks ago
BPTP launches residential project, District 4 in Sector 84, Faridabad
New Launches4 weeks ago
BST Developers launches “BST-Green Bhoomi”
News3 weeks ago
Tribeca appoints new Head of Business Development, Somendra Sarwal
New Launches3 weeks ago
SAYA launches SAYA STATUS, India’s Tallest Mall
News4 weeks ago
Ganga Realty to invest Rs 400 cr in its maiden high-street retail project in Sohna