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25
April 2018
 |
GST(The
Total Investment & Insurance Solutions)
Fragmented
procedures and compliance have greatly distorted the inherent beauty of goods
and services tax (GST). The experience of about nine months of GST
implementation in the country requires an overall review of not only the tax
rates but even the prescribed procedures as well, says a trader’s body.
In
a statement, Confederation of All India Traders (CAIT), says, “Weaknesses,
leakages, loopholes of GST needs to be plugged. For widening of tax base and
encouragement to voluntary compliance, three is a need for rectification of
error in classification of goods in different tax slabs particularly under tax
slab of 28% and removing anomalies and disparities. This will make GST a simple
and good taxation system."
An
internal panel of CAIT headed by its National President BC Bhartia feels that
the government should be more open to communicate with the traders. “No direct
communication from the Government with trading community so far is the root
cause for chaos and confusion. To create a permanent mechanism, there is a need
for regular inter-action between both at Centre and State governments and
traders,” the Panel added.
According
to the traders’ body, several factors are multiplying uncertainty about GST and
the government need to initiate steps to address these issues. This includes,
proper functioning of GST portal, overlapping of laws, short term measures to
provide relief, lack of awareness about prescribed fundamentals and compliance
thereof, variation of tax rates in items pertaining to same vertical,
applicability of HSN code for everyone and absence of any nodal authority to
provide legitimate answers.
Some
of the immediate measures suggested by Mr Bhartia and Praveen Khandelwal,
Secretary General of CAIT, includes abolition of reverse charge mechanism,
application of e-way bill only on inter-state transactions, quarterly returns
for turnover up to Rs100 crore and monthly return for turnover of more than
Rs100 crore turnover.The Total Investment
& Insurance Solutions
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