Mysuru: The proposed Goods and Services Tax (GST) will not pose any problem for those paying tax sincerely a nd honestly but will impact those who not paying tax properly, said K Balamurugan, additional commissioner, Union finance ministry.
At a session on Goods and Services Act organized by the Confederation of Indian Industry (CII) in association with the Forum of Free Enterprise & ICSI Mysuru Chapter here this afternoon, he said, “GST is one of the biggest tax reforms we are undertaking after independence. It’s all set to be rolled out. It’s been a ten-year journey. There was criticism that it’s taking too much time but considering its scale, naturally it’ll take time. It’ll take time to be streamlined too. Once impleme nted, possibly from next April, one will have a lot of work. It’s a hugely beneficial reform which will cut both transaction costs and double taxation. The main reason for GST is to encourage better tax compliance. The processes are going to be the same but the way we do it will be different. Once implemented, filing returns will be hassle-free. Everything will happen at the click of a button. For GST, industries should be well equipped with IT infrastructure.”
KV Satya Prakash, additional commissioner, commercial taxes, government of Karnataka, said, “Whoever has VAT will automatically migrate to GST. Under GST, filing of returns will be online. Creating awareness about GST is the need of the hour. Awareness and training is not only for staff but also for stakeholders.”
N Muthukumar, chairman, CII, said the manufacturing sector in particular is expected to be a huge beneficiary of GST as the economic system will become more competitive. The supply chain will become faster, seamle ss and more efficient due to uninterrupted movement of goods across the country. GST once implemented will lead to a simplified, assessee-friendly tax system making the country a national market and contributing significantly to the growth of the economy, he added.
Ravi Prasad, joint commissioner, commercial taxes, government of Karnataka also briefed the audience about GST and responded to queries on the occasion.
Source : http://timesofindia.indiatimes.com/city/mysuru/GST-will-encourage-better-tax-compliance/articleshow/53765986.cms