A stitch in time saves nine, and GST in time could have saved the loss of Rs 1 Lakh Crore, says Arvind Kumar the Co-author of new book ‘GST: Plan Your Future Tax Journey Now!’. The Gems & Jewellery industry lost 42 working days due to the strike against imposition of 1% excise duty on gold and diamond jewellery. The strike’s main reason as per the industry spokesperson was the fear that the compliance will fuel excise inspector Raj or in other words will empower excise field officers to visit shops, with powers to seize goods and arrest.
This fear is a common belief shared between the Gems & Jewellery, Branded Readymade Garments and Pharmaceutical industries where increased excise tax has been imposed.
Kirit Goyal, Co-author added, “The problem is not in the various tax increases but the fear of the unknown from the industry due to compliance issues and fear of the increase in costs by the consumer.”
The authors added that putting GST in place would make the whole system more transparent and efficient, and will take most of these fears away. In fact, GST or Goods and Service Tax is the most business-friendly tax regime ever introduced by governments across the world. From the start, it will help businesses substitute excise duty or central excise duty as it is called along with VAT or Value Added Tax, service tax, the octroi and luxury tax and so on with one Goods and Service Tax or GST.
What all entrepreneurs can look forward to is a hassle-free, easy-to-understand, single form of tax with transparency and non-discrimination built into the system which shall bring about efficiency of time and resources. The only people who should fear the GST are the ones who have not been paying any form of taxes or have been evading them by various means.
The team of Mr. Arvind Kumar and Kirit Goyal can be labeled the dream team for businesses to understand anything and everything about GST and its impact. Arvind Kumar has handled the GST subject for the past six years and is well conversant with the government’s intent of this policy, while Kirit Goyal has actually worked in GST environments at multiple countries, including India and advises businesses on logistic designs for optimizing resources.
With a mission on educating businesses and eliminating their fears, both authors wrote the book for mass consumption. This book intends to help the readers understand GST better and prepare them effectively for proposed GST regime. It removes the uncertainties around the tax policies and empowers the reader to implement the benefits due to this policy change.