Page 13 - Banking Finance November 2017

GST UPDATE

GST

NEWS
NEWS
NEWS
NEWS
NEWS

Traders applaud move GST 'teething troubles' behind economic slowdown

for interstate movement The BJP has asserted that the current economic slowdown and dip in growth
only reflects temporary "teething troubles" related
of gold under GST to GST, which is the "biggest reform since Indepen-
Easing interstate movement of gold dence". BJP termed demonetisation as a major step
under GST towards fighting corruption and formalisation of
has come as businesses operating outside the tax net.
a cheer to the The Party convened a special "extended" session of
gold traders its national executive where a strong political re-
this festive sponse to contemporary issues including rising concerns over economic slow-
season. Under the new rules, the down, especially criticism of GST implementation and demonetisation, was firmed
jeweller will have to pay 3 per cent up.
integrated goods and services tax
(IGST) on actual sales and is not re- Gujarat Chamber urges to remove penalty till filing
quired to pay an advance IGST on
the total volume of gold sent for sale hitches are cleared
in other states. Gujarat Chamber of Commerce and Industry office bearers held a meeting in
the wake of the problem being faced by traders in
28% GST slab to have complying with provisions of the goods and services

fewer items tax. They said that unless the provisions regarding fil-
ing of GST return were smoothed, there should be no
The GST Council may reduce the penalty on late filing of returns.
number of prod-
ucts in the high- GCCI president Shailesh Patwari said that "Genuine
est slab, follow- traders are willing to file returns in time but the online system is faulty and it
ing a series of take at least four hours to file one return which delays in uploading the return
complaints by but penalty is imposed for not filing," he said. He said the amnesty scheme for
state finance ministers, who have removal of VAT should be extended till December 2017.
argued that several common-use GCCI senior vice-president Jaymin Vasa said: "We are opposed to word 'penalty',
products face a 28% levy, causing because it is paid but not allowed as 'expenditure'". he said. He said the GST
hardship to people. The finance min- Council meeting invites should also be sent to trade representatives so that trad-
ister of a state said the 28% block ers views should also be heard and considered. Waris Isani, VP of GCCI commit-
was too big and needed to be tee on GST/VAT said: "It is important to solve all procedural issues because of
reduced. which genuine traders felt harassed."

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