Reduced number of GST returns to benefit 85% businesses in Ludhiana

  • | Monday | 23rd July, 2018

Though there are still some issues under GST which need to be addressed, the number of returns was our biggest concern, and we are hoping it gets implemented from August.” LUDHIANA: The decision taken by GST Council on Saturday to reduce the number of returns for businesses having a turnover of below Rs5 crore is being hailed by the city’s businessmen, who are of the view that this will help in compliance of GST easier, and also reduce the burden of filing tax returns every month.According to industry experts, 85% of businesses in Ludhiana are going to be benefited from the new regulation. In addition to this, professional charges should also be capped by the government, so that businessmen are not fleeced on the pretext of filing returns.”Speaking to TOI, Atul Saggar, general secretary of Apparel Manufacturers Association Ludhiana, said: “We are thankful to GST Council for accepting our long-pending demand, as filing GST returns every month was very difficult, and had increased our workload manifold . With this change, the number of returns for businessmen having a turnover of up to Rs5 crore will be reduced to four, instead of the existing 12, which will benefit close to 85% of Ludhiana’s traders and industrialists.According to Jagbir Singh Sokhi, president of Sewing Machine Development Club ( SMDC ): “After 12 months of harassment of businessmen due to complications arising out of GST, this is perhaps the first good thing which will really benefit businessmen. This is indeed going to benefit Ludhiana largely, as being the commercial hub of the North, there are a huge number of small manufacturers, shopkeepers, and service providers who fall in the category of turnover below Rs5 crore.”He adds: “However, for ensuring that businessmen get the maximum benefit of this move, the GST Council should also ensure that the system of payment of taxes be changed from monthly to quarterly basis.

LUDHIANA: The decision taken by GST Council on Saturday to reduce the number of returns for businesses having a turnover of below Rs5 crore is being hailed by the city’s businessmen, who are of the view that this will help in compliance of GST easier, and also reduce the burden of filing tax returns every month.According to industry experts, 85% of businesses in Ludhiana are going to be benefited from the new regulation. However, the date when this change will be effective has not been declared yet, but businessmen are demanding that GST Council also needs to tweak the tax deposit system, and it should also be made quarterly instead of a monthly basis.Welcoming the new change, Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings ( CICU ), said: “This is one of the major reliefs for micro and small industrialists and traders who were struggling to comply with the tough requirements like filing returns every month under GST. With this change, the number of returns for businessmen having a turnover of up to Rs5 crore will be reduced to four, instead of the existing 12, which will benefit close to 85% of Ludhiana’s traders and industrialists.According to Jagbir Singh Sokhi, president of Sewing Machine Development Club ( SMDC ): “After 12 months of harassment of businessmen due to complications arising out of GST, this is perhaps the first good thing which will really benefit businessmen. This is indeed going to benefit Ludhiana largely, as being the commercial hub of the North, there are a huge number of small manufacturers, shopkeepers, and service providers who fall in the category of turnover below Rs5 crore.”He adds: “However, for ensuring that businessmen get the maximum benefit of this move, the GST Council should also ensure that the system of payment of taxes be changed from monthly to quarterly basis. In addition to this, professional charges should also be capped by the government, so that businessmen are not fleeced on the pretext of filing returns.”Speaking to TOI, Atul Saggar, general secretary of Apparel Manufacturers Association Ludhiana, said: “We are thankful to GST Council for accepting our long-pending demand, as filing GST returns every month was very difficult, and had increased our workload manifold . Though there are still some issues under GST which need to be addressed, the number of returns was our biggest concern, and we are hoping it gets implemented from August.”

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