GST: Traders fret over government move to credit tax only on stock less than 1-yr old

Chandigarh | Wednesday | 28th June, 2017

Summary:

Another trader, Raj Kumar, who owns a readymade garments shop, said, “Despite giving discounts, there is about 50 to 60 per cent stock left. We are in loss,”said Anil Vohra, president of Chandigarh Beopar Mandal, which will also send a letter to the Union Finance Minister regarding the issue. The Chandigarh Beopar Mandal has also decided to take a call on the bandh on June 30 in protest of the government’s strict directions on GST. Traders said that they still have about 60 per cent of the old stock, which is more than two-year-old and they have paid the taxes. With just two days to go before GST is rolled out, city traders are a worried lot over Centre’s decision to credit tax only on stock which is less than one-year-old..