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Traders Urge for a GST Trail Run

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The most vulnerable, the most unprepared segment for GST and extremely high in number–traders came forward and expressed their concern from the upcoming GST. Confederation of All India Traders (CAIT) has demanded that the initial months after the GST is implemented, it should be treated as a trial period. There shouldn’t be any penal action on the traders in this trial period.

Also the traders’6 body has asked Arun Jaitley, Finance Minister to make a formal announcement regarding the date from which the new taxation policy is going to be implemented.

Though the Finance Minister and other officials have signalled towards July 1 to be likely the date from which the One Nation One Tax: GST will be rolled out, CAiT said that an categorical announcement in this regard should be done soon.

Welcoming the GST enthusiastically, the traders body also said that any further delay of the GST will reduce the prevailing zest among the stakeholders. It being one of the largest reform in the taxation policy, need to implemented soon now.

CAIT further proposed that the month from which the GST is rolled out i.e. July, there should be a trial period. The period may stretch from July till March next year. During this period there shouldn’t be any action taken against the offenders. The traders’ body however said that the habitual offenders should be marked and punished if found.

CAIT is of the view that a large number of traders are still unaware of the various rules and regulations of the GST. These traders need to be educated along the lines. The trial period will serve instrumental for these stakeholders in understanding the tax policy at a broader level.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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