TRADERS ARE READY TO COMPENSATE LOSS IF GST IS SIMPLIFIED
AMN / NEW DELHI
Various relief granted by the GST Council today will be a game changer in simplifying GST and encouraging fast adoption & access of GST among the trading community of the Country and will clear the air of uncertainty and chaos -said the Confederation of All India Traders (CAIT) while reacting on the outcome of GST Council meeting held today at New Delhi. Restricting 28% tax slab to about 50 items vindicated CAIT’s demand for rescheduling the 28% tax slab. In the wake of current situation where traders are a depressed lot, such relief were much awaited-added CAIT.
It is estimated that by reducing tax and likely increase in composition limit, the Government will suffer a loss of about 34 thousand crore of rupees. The CAIT said that if traders are taken in confidence and various procedures are eased, the trading community will ensure compensation of such losses by making all efforts to widen the tax net base.
Mr. B.C.Bhartia, National President and Secretary General Mr. Praveen Khandelwal has thanked Union Finance Minister Shri Arun Jaitley for taking a pragmatic view about the burning GST issues of the traders and agreeing the GST Council for grant of such relief. There is a need to scrutinise the procedures of GST as well beside setting right the portal which can be done only when Infosys who is responsible for the smooth functioning of GST portal is taken to the task
Both leaders hoped that these steps will mitigate practical difficulties for smooth execution and adoption of GST by small traders. This move will “handhold” traders in a bid to resolve their problems relating to challenges faced in the implementation of GST and a welcome move which will help the trading community tide over the initial teething problems that are being faced in the aftermath of the transition to the GST regime. It is noteworthy to mention that from an implementation point of view, the GST experience for small traders on the ground has been onerous so far but we hope that situation will improve from now-said both leaders.
They further said that there are issues with the non-performance of the GST portal which needs to be taken up on immediate priority. In fact most of the problems of the traders pertains to non smooth functioning of GST portal.
Overlapping sundry laws with GST law and procedure has also led to some degree of confusion across the country. The problem has been compounded due to inadequate knowledge about compliance procedures and the lack of information in certain quarters which has led to different traders following different compliance formalities. The step of the GST Council will hopefully mitigate all these problems. PRESS RELEASE