Nagpur: The Confederation of All India Traders (CAIT) will soon launch a series of “Town Hall” all over the Country on proposed law of Goods and Services Tax (GST) for imparting awareness & knowledge of the proposed provisions of GST law and to train the trading community for seamless compliance of the GST law. However, the CAIT on the other hand will engage with the Government to redress genuine concerns of the traders.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said that traders in the Country are in favour of an early implementation of GST in India since it will bring an end to era of multiple taxation system and multiple Authorities whereas on the other hand under GST the traders will be able to obtain input tax credit on any goods they purchase or avail any services from any part of the Country.
Under the current VAT regime, the traders can get input tax credit on goods purchased within the state only and no input credit is allowed if goods are purchased from any other state. There is no question of availing input credit on service tax under VAT regime. Further, input tax credit under GST will also be allowed on all types of expenses made in furtherance of business activities. This is one of the larger benefit of GST taxation system.
The introduction of GST is certain now with the constitution of GST Council which has started its working. Traders across the Country are one of the important carriers of GST since they play a crucial role of tax collector for the Government. Therefore, GST has wider ramifications on trading community since it will have far reaching implications on their business. As per the current indications the GST Council has already planned a definite road map to finalise model GST Act and Rules which will be passed by Parliament & State legislatures in forthcoming session.
The proposed GST law being a e-system based tax structure has certain vital provisions whose implications and compliance procedure need to be understand by every supplier of goods & services. In view of the same, it is most important that traders should be known with the basic fundamentals of GST and must prepare themselves to embrace news taxation system. Though the Government has also indicated to launch a drive for awareness and education among stakeholders but the CAIT has decided to be an extended arm of the Government for launching a series of “town hall” all over the Country where traders will be given first-hand knowledge of GST and will be trained as to how the GST system can be complied including filing of return and availing seamless input tax credit beside making e-compliance. In its series of town hall, the CAIT will also rope in experts on GST and technology providers and banks to provide solutions as well.
In the first phase, the CAIT will hold Town Hall at New Delhi, Mumbai, Pune, Kolkata, Hyderabad, Chennai, Pondichery, Nagpur, Raipur, Chandigarh, Jaipur, Bhopal, Ahemadabad, Surat, etc.