Summary: As execution of one of the biggest reforms in Tax regime GST approaching nearer, confusion have been seen among mid and small traders in industrial city Noida.
As execution of one of the biggest reforms in Tax regime GST approaching nearer, confusion have been seen among mid and small traders in industrial city Noida.
However, in a bid to address the anxiety of businessmen, GST council has given a relaxation of 2 months for filing GST returns. The move was taken to ensure that the transition doesn’t hurt small traders and others who may not be ready for the new regime.
To know the ground reality in trade circle, Nyoooz talked to Nodia president of Uttar Pradesh Udyog Vyapar Parishad Mandal Naresh Kuchhal. Kuchhal on a telephonic conversation said that traders oppose GST and there is so much ambiguity on execution part of the GST bill.
“The move is good but there is no much preparation for the new tax regime. Traders are so confused and some provisions are too harsh and anti-trade. Government officials did not consulates them while making the new system, ” he added.
The major decisions taken in the GST council meet in Delhi on Sunday:
* 12% of face value for those run by state governments
*28% for those authorised by state governments but run by private entities.
* Revised the levy for restaurants inside five-star hotels to the standard rate of 18% from 28%.
Also, the state border check post that collects taxes for movement of goods from one state to another was to be dismantled, but it seems this would not be the case.
Here are the major highlights on GST impacts on different sectors:
The price difference will be bigger for SUVs 55% to 43% compared to small cars 30% to 29%.
While premium of term plans and non-life policies are taxed, only charges (mortality and AMC charges, etc) in other life policies attract GST.
Gold Ornaments :
Ornament making charges will be Rs 10,000. The yellow metal will become dearer.
GST on garments priced below Rs 1,000 has been brought down from 12% to 5%.
Meanwhile, the goods and services tax is all set to roll out from July 1.
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