Traders’ bodies seek changes in GST draft

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Jamshedpur: Traders’ bodies have found the model draft of Goods and Services Tax (GST) 2016 of the Union government unfavourable and plan to suggest amendments to the state government and central government before it is tabled in the Parliament in the upcoming monsoon session.

“The Centre will be doing disservice to the trade and industry body if it passes through the GST model draft in Parliament without making certain changes,” said Suresh Sonthalia, functionary of Federation of Jharkhand Chamber of Commerce and Industry (FJCCI).

The trader’s representative said firstly, there’s no need to have three different forms of GST (Central GST, State GST and Inter-state GST).

Secondly, he said, the provision of paying tax each time a manufacturer transfers the goods to the buyer in another state is inconvenient.

“In the existing VAT law, the manufacturer is exempted from any such provision (of paying tax) when goods are sent to another state,” said Sonthalia. The traders also do not approve of the confusion over the amount of tax to be indicated in a tax invoice and other documents .

“We have constituted a panel involving representatives from trade and industry and experts from the legal field to work out an ideal GST draft for the presentation to the state government and Union government,” said Bharat Vasani, functionary of Singhbhum Chamber of Commerce and Industry.

The Adityapur Small Industries Association (ASIA) functionary, Santosh Khetan said: “The government should increase the frequency of dialogue with the trade and industry body representatives without hastening to pass the bill in the next session of Parliament.”

 The Narendra Modi government has put the model GST draft in public domain to elicit a feedback from all stakeholders ahead of its presentation in the Parliament during the monsoon session, commencing later this month.
Senior Congress leader Jairam Ramesh on Sunday said much of India’s economic agenda remains incomplete, including the passage of GST Bill.

“In the last 25 years, India faced unprecedented economic crisis particularly during 1990s. Our exports were stagnant, oil prices went up. But as we look into the next 25 years, much of economic agenda remains incomplete,” he said at the 16th Annual General Meeting of Madras Management Association, here.

 Sensex slipped into reverse gear last Friday with investors taking a cautious line before start of the earnings season next week amid muted overseas cues. Despite all the global headwinds, an above-average monsoon so far and a strong chance of passage of the long-pending GST Bill in the upcoming Monsoon session are giving investors some early hopes.
Source : http://timesofindia.indiatimes.com/city/jamshedpur/Traders-bodies-seek-changes-in-GST-draft/articleshow/53146235.cms

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