Nagpur: Long awaited indirect tax reform , the Goods & Services Tax (GST) is going to become a reality replacing twelve-year old VAT taxation regime. The trading community across India, despite having few concerns, is enthusiastic to adopt GST with big fan fare and holding midnight events at various cities in different States under the aegis of the Confederation of All India Traders (CAIT), umbrella organisation of trading community having more than 40,000 Trade Associations as its affiliates all over the country. To take its Mission GST forward, the CAIT has convened a meeting of its National Core Committee on July 7 at New Delhi. Prominent trade leaders from different States will attend the meeting and will draw a working plan for future.
Busy in saying bye to VAT and eager to welcome GST, traders across country today were more busy in either upgrading their existing computer system or obtaining required Software to make system compatible with GST provisions. Last minute advises were taken either from their respective Tax Consultants or office bearers of their Trade Associations.
“We were not happy with the VAT tax regime since having much human inter-face coupled with anomalies and disparities, it became a complicated taxation system which promoted migration of businesses of one State to another due to varied tax rates and often proved a tool of harassment & corruption. GST will take us out from the clutches of multiple tax and authorities and will lesser the compliance burden resulting into more efficient and structured business in the Country henceforth,” said B C Bhartia, National President and Secretary General of CAIT today on the eve of introduction of GST in India.
With rolling out of GST from July 1, 2017, the CAIT has bigger plans to undertake second spell of nationwide massive outreach plan to galvanise traders for smooth and hurdle free transition to GST. Ground level working is all the more required now and to formulate the plans and put CAIT teams into action, said Bhartia & Khandelwal.
Retail trade fabric in the country has a diversified character where Metro Cities are considered as Distribution Centres whereas we have large number of Wholesale Mandis for different items located particularly in Tier 2 & Tier 3 cities of different States and as such taking technology to these cities will be prime on the agenda now to impress upon the traders to adopt computer technology beside launching GST in order to strengthen the supply chain with technology. Helpdesk in different cities for imparting expert advice on the queries and confusion of the traders pertaining to compliance and procedural obligations under GST. GST has brought fundamental changes in tax structure and the campaign will apprise traders the ways & means to upgrade their existing business format to adopt such changes.
However, post-GST, the CAIT intends to submit an exhaustive memorandum to Union & State Governments containing issues & concerns of the trading community pertaining to simplification & rationalisation of procedures, removal of anomalies & contradictions in tax rates, reducing the compliance cost and making trading community a trusted partner in growth of business & economy-said the trade leaders.
For more details, please contact CAIT Secretary General Praveen Khandelwal at +91-9891015165.