Google News
spot_img

CAIT meets empowered committee to raise concerns over GST implementation

Must Read

In a meeting held with Empowered Committee of State Finance Ministers at New Delhi recently, the Confederation of All India Traders (CAIT) extend its strong support to early implementation of GST in India and raised a few concerns of the traders on proposed GST taxation structure.
CAIT has urged both Central and State Government to have greater inter-action with trade associations in different States.
Speaking at the meeting, CAIT Secretary General Praveen Khandelwal said, “that there should be Single Tax, Single Authority, Uniform Tax Rates and Uniform Law across the Country under GST including definitions and charging sections and India should be converted into a single market eliminating all kinds of road permit, entry form or others forms being levied on inter-state transactions. There should be a seamless input tax credit mechanism under which the honest transactions should not be penalized for the fault of others and a time bound refund mechanism should be evolved so that the capital of traders must not be held up with the Department.”
CAIT also demanded that first three years from the date of implementation of GST should be declared as ‘transition period” and penal or other similar action may not be taken against any trader for clerical or procedural mistakes.They also said that the traders should be given status of “Tax Collector” under GST and they should be suitably reimbursed in lieu of collecting tax for the Govt.
It is an open secret that the dealers are collecting and deposit of tax on behalf of the Government by rendering services without any remuneration.
Khandelwal also said treatment to stock with the traders on a day prior to implementation of GST need greater attention and all taxes paid by the traders on the stock should attract input credit. The term ‘supply’ replacing sale and purchase under GST should not be discretionary, provision of “invalid return” and ‘reverse charge” will result into utter chaos and as such need a holistic view.
He further demanded that period of depositing tax and filing of return may be made quarterly instead of monthly since most of the traders do business on credit basis and not less than within 3-4 months, the payment is received and under such circumstances monthly return will oblige traders to pay tax from their pocket which is unjustified.
He also said that digital compliance is the root of proposed taxation system but adoption of computer technology in non corporate sector is so far very low. “There is need to encourage them to adopt technology and on the other hand to facilitate them. An integration mechanism is needed for filing of return through GST Suvidha Provider (GSP) or Application Software Provider (ASP).Since trade and industry are the real carriers of GST and to ensure its success representation should be given to trade & industry in GST Council for an effective participatory governance.”

Latest News

Unicommerce launches AI tool UniGPT 

This new product marks Unicommerce’s entry into the Artificial Intelligence space New Delhi: Gurugram-based e-commerce enabler and software as a...