oppn parties GST Will Make Traders Happier In The Long Run

News Snippets

  • Kapil Sibal leaves Congress, fills nomination for Rajya Sabha with SPs backing
  • RBI bans 5 NBFCs as it cracks down on e-lending platforms
  • Hindustan Motors to tie-up with Peugeot to bring out a redesigned version of the iconic Ambassador
  • GST Council to defer rate rejig due to inflation
  • Centre to sell 29.5% in Hindustan Zinc at an expected price of Rs 38000cr
  • Stocks remain negative on Wednesday: Sensex loses 303 points to 53749 and Nifty 99 to 16025
  • IPL: RCB beat LSG by 14 runs and end their dream run. Rajat Patidar scores a brilliant 112. RCB will take on RR to decide who goes through to the finals
  • Delhi Additional district judge Nikhil Chopra says there is no legal right for people seeking to worship deity inside Qutab Minar, says it survived 800 years without worship so "let it survive like that"
  • Punjab chief minister Bhagwant Mann sacks state health minister Vijay Singla over corruption charges. Singla was later arrested by the ACB
  • Protestors burn the house of Andhra minister P Viswaroop and MLA Satish Kumar over renaming of Konaseema district as B R Amberdkar Konaseema
  • Gyanvapi: Varanasi district judge decides to first hear the 'maintainability' plea filed by mosque management
  • Delhivery and Venus Pipes shares list at premium of 10% and 8.7% respectively even when market sentiment was down
  • In a bid to cool edible oil prices, Centre allows duty-free imports of 20 lakh tonnes each of crude sunflower oil and crude palm oil per annum this year and next
  • Centre caps sugar exports to ensure availability of stocks in the domestic markets to cool prices
  • Stock markets get the jitters as RBI signals rate hike and government moves in to control inflation: Sensex tumbles by 236 points to 54052 and Nifty goes down by 89 points to 16125
Yasin Malik of JKLF gets two life terms in terror funding case /////// Kashmir TV artist killed and her nephew injured in a terror attack in Hushroo in Budgam district
oppn parties
GST Will Make Traders Happier In The Long Run

By Sunil Garodia
First publised on 2017-07-05 08:59:16

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator.
It is unfortunate that some political parties and tradersÂ’ associations are making attempts at disturbing the transition to GST. The Congress, after initiating the reform when it was in power, loses no attempt to put roadblocks in its path, despite the fact that Karnataka, a state ruled by the party, has been in the forefront of facilitating GST. Some tradersÂ’ associations have been scaring their members for no valid reasons.

It has to be recognized that to make India a single market and to do away with multiple taxes to move towards ease of doing business, GST is necessary. Apart from that, by introducing reverse charge and online verification, GST will make processes transparent, plug leakages and do away with corruption. Of course there will be initial hiccups, as there are bound to be in any such far reaching reform. But India is, both technically and manpower-wise, capable enough to overcome these and ensure a smooth transition.

Those who are complaining are the ones who were benefitted by the status quo and are mostly from trades that were not taxed earlier or ones that were carried out entirely in cash in the parallel economy. But they have to recognize that if the government does away with excise on manufacturing, it has to tax all items till the destination. Those who maintain books of accounts and do business legally have nothing to fear as their tax incidence is likely to come down. The only hassle is keeping track of transactions and filing monthly returns, but that is a small price to pay for transparency and corruption-free tax regime.

GST will transform the way India does business. One year from now, the trading community will be a happier lot as their own processes will be streamlined, stocks will be properly maintained (reducing pilferages and consequent unseen losses) and they will have ample time on hand to develop their business. The government should now look into some genuine grievances and do away with a few draconian provisions in the act.