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Home » Economy » GST concerns addressed at stakeholders’ meeting
GST concerns addressed at stakeholders’ meeting

GST concerns addressed at stakeholders’ meeting

MYSURU: Central revenue secretary Hasmukh Adhia on Monday assured stakeholders opposing the GST that the new system would boost their trade.

During a meet with stakeholders at Rani Bahadur Auditorium organized by the Central Board of Excise and Customs, the union secretary said GST will reduce complaints fro m consumers as well as from departments. It will be a paperless transaction with advanced digital interface. “It will encourage self-policing and reduce the inspector raj system. Those avoiding taxes will come under the tax bracket which will increase the revenue and reduce the tax burden on customers,” he said.

Trade disparities to go

Pointing out that rates fixed under the GST council will be similar throughout the country, Hasmukh said that this system will reduce inter-state trade disparities.

Replying to a query whether the rent and leasing of house comes under GST, Hasmukh said renting and leasing of houses will not come under the ambit of GST, but taxes will be imposed for renting commercial buildings.

When a small-scale industry entrepreneur from Hebbal Industrial Area asked whether he had to file a tax return immediately after selling his product and the time-frame to file returns, Hasmukh said tax returns can be filed in 60 to 90 days, but it will be applicable only if the product is exported.

Meanwhile, representatives of hoteliers and Mysore Race Club submitted a memorandum demanding reduction in tax rates for the entertainment and hospitality industry. The new GST rate for the hospitality industry is 28 percent which should be reduced to 5 percent, they said.

Later, state commercial and service tax commissioner Ritvik Pandey said Karnataka is at the forefront in adopting GST. “Central excise and customs and service tax officials are conducting various outreach programmes to sensitise people about GST. Existing traders will be automatically migrated to the GST system online. From June 1, we’re also opening the migration window where new traders or unregistered traders can come under GST,” he said.

Source: TOI

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