GST impact: Traders in Mumbai adapt, update software, put up notices
Mumbai city news: Many traders have updated their software to make consumers aware of the new tax and are also making necessary changes to adapt to GST.mumbai Updated: Jul 04, 2017 01:31 IST
Three days after the Goods and Service Tax (GST) came into force, traders and consumers have started preparing themselves for the new regime.
Many traders have updated their software to make consumers aware of the new tax and are also making necessary changes to adapt to GST.
A Rama Nayak’s Udupi Krishna Boarding at Matunga has put up a notice saying the GST was for the nation’s betterment. Their thali, which was priced at Rs 100, has gone up to Rs 108. “Consumers are not complaining after this notice,” said Satish Nayak, who owns the place.
Similarly textile markets, which were shut to protest against the GST, have now softened their stand. “We are talking to power loom owners in Bhiwandi and Surat and will decide on the next course of action. Currently, we are open and doing business,” said Raichand Binaykia, convenor, Joint Action Committee of Textile Trade Associations.
The real estate sector is also undergoing changes. Mayfair Housing has upgraded its software and also trained its staff on GST. “From July 1, every booking will get a differential input tax credit. We will offer it at the time of booking,” said Nayan Shah, chief executive officer and managing director, Mayfair Housing.
Chartered accountants said that the businessmen were adjusting to GST. “Many traders are facing software issues and we have advised them to use manual booking until the situation stabilises,” said Mukesh Panchal, who heads MB Panchal and Company, a chartered accountancy firm.
The GST was hailed as a revolutionary reform which will bring about a parity in the tax structure across the nation. To tackle this, the Goods and Service Tax Department (GST) is mobilising all resources in the form of manpower support and helplines to facilitate the switchover.