Implementation of GST will help trade, industry: Official
October, 29th 2016
Implementation of GST will help trade and industry and there is no need to have any room of concern about its implementation, a top official said here today. "GST is indeed a good tax," Pullela Nageswara Rao, Chief Commissioner of Central Excise, Customs and Service Tax, Kerala, said.
He said state will collect a part of it and the Centre will collect one part.
"Nothing that would harm or hurt you will happen.
This will definitely help the growth of trade and industry," Rao said.
He made this observation during his inaugural address at the one day awareness workshop on 'GST and its Implications' organised by Federation of Indian Chambers of Commerce and Industry (FICCI) along with KPMG in Kochi. "With the implementation of GST, Central Excise and all such organisations will change our role from enforcement agency to facilitation agency. Let's slowly break the old laws and go for the new ones," a FICCI release quoting Rao said here. The GST, which has already been approved by the President of India, is scheduled to be implemented across the country from April 1, 2017.
It replaces all indirect taxes levied on goods and services by the Centre and States, making for a single, easier taxation system.
There are 60,000 Central Excise and Customs and state government officers who will be trained for the switch to GST, a tax system practised in 160 countries.
S Sivankutty, Deputy Commissioner (Intelligence), Commercial Taxes, Central Zone, Ernakulam in his introductory address commented that in the globalised situation we have to capture the market.
Described as a system that will create transparency and credibility, the GST is expected to bring in numerous changes.
The GST single taxation system will increase ease of doing business, pointed out Deepak L Aswani, Co-Chair, FICCI Kerala State Council.
"This will be a significant step with the benefits passed on to the consumer," he said.
Sachin Menon, FICCI Co-Chair- GST, Partner and Head, Indirect Tax, KPMG in India, said, Kerala being one of the highest consuming states, it will be one of the largest beneficiaries of introduction of GST. "This will improve the finances of the state Significantly. Kerala is seen as one of the most vocal states in the GST council today and by taking the lead in spreading awareness of GST, it reiterates its commitment to implement GST," he said.