Maximum Rajasthan traders have migrated to GST: SecretaryUpdated: Jul 14, 2017 19:41 IST
The GST is meant to boost growth and scrap local taxes that add to overhead costs and stymie businesses. (HT Photo)
Most of the traders in Rajasthan have migrated to the goods and services tax (GST), and the remaining run businesses with an annual turnover of less than ₹20 lakh, state finance secretary (revenue) Praveen Gupta said on Thursday.
He said 89% of traders have registered under the new tax system that came into effect from July 1. “There is no need for traders with turnover of less than ₹20 lakh per annum to get registered under GST; they can change the MRP (maximum retail price) stickers by September 30.”
Touted by the government as the biggest tax reform since Independence, the GST is meant to boost growth and scrap local taxes that add to overhead costs and stymie businesses. The GST, the government said, would unify the Indian economy and 1.3 billion people into a single market, replacing about 20 central and state taxes.
“GST is the biggest step in economic reforms in the history of India, with which prices of goods and services will reduce, traders will find it easy to pay taxes, and revenue of the centre and state governments will increase,” Gupta said. “Prices of general consumer items are going down.”
Approximately 100 edible items have been kept out of the GST net considering the common man’s interest, he said.
“Agriculture products, education, health services and items of daily use have been kept out of GST. Maximum rate of GST is on luxury items or intoxicants, which will not affect the general public.”
The process of filing returns under GST has been simplified, Gupta said. “It is a myth among traders and businessmen that they have to file 37 returns in a year; they have to file only monthly return,” he said.
“There is no need for internet and online system every time, as work can be done offline and has to be uploaded on the (GST) website.”
First Published: Jul 14, 2017 19:40 IST