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Thursday, June 22, 2017

Relief for Retailers in GST

Giving the assurance of easy process under Goods and Services Tax (GST), the government said on Wednesday that retailers need to file returns only once a month, as they are doing these days. Revenue Secretary Hasmukh Adhia said this. Just a few days before the implementation of the historic GST system, Aditya has tried to remove the notion that the new tax system is very complex and complied with the burden of compliance. Aditya said that the notion that taxpayers will have to file returns three times every month, is baseless.

Goods will not be trapped on the boundaries of states: GST will be beneficial in many ways for economic development, being implemented from 1st July. In the name of Chungi, it will be a matter of old days to stop the vehicles carrying goods on the boundaries of the states and seize them in the name of document check and compelling them for bribe. Rakesh Kaul, Vice President of Caravan Roadways, says that at present, in various states 500 rupees to 20 thousand rupees are being illegally collected on the check post. MD of Transport Corporation of India, Vinit Agarwal says that GST will be very easy to carry goods anywhere in the country.

Convenience Center for pharmaceutical companies: The Department of Drugs has set up a GST facility center for the pharmaceutical companies to successfully implement the new tax regime. This center will remain in constant contact with large industrial and business organizations and groups of this area and work on solutions.

Only details of total business will be given: Retailers are not required to give the receipt wise details every month. The Revenue Secretary says that 80 percent of the business people will have to give details of bus business in return as they are retail businessmen. According to a World Bank report, because of the high stays in the check post in India, the cost of transportation increases three times as compared to the international standard. This will decrease if GST is implemented.

                                                                      ---Shuvendu Sekhar

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