The Confederation of All India Traders (CAIT) has lauded the statement of Prime Minister Shri Narendra Modi for easing out the compliance load of GST, simplifying GST taxation system and accruing its benefits to consumers. Speaking in a TV interview, the Prime Minister has also advocated raising of threshold limit for GST Registration from Rs. 20 lakhs to 75 lakhs which is a positive and progressive step for the small businesses-said the CAIT.
While appreciating the views of the Prime Minister, CAIT National President Mr. B.C.Bhartia and Secretary General Mr. Praveen Khandelwal said that it appears that Central Government intends to work with an open mind and in fact wishes to remove miseries of the small businesses being faced by a technology-driven GST taxation system which is a welcome step.
Both Mr. Bhartia and Mr. Khandelwal suggested that beside these steps encouraging more and more traders to adopt computer system in their business is need of the hour which will make compliance better and for this purpose; the Government should provide a subsidy to those traders who want to update their existing business format with technology.
The Government should also direct Banks and financial institutions to provide soft loans at a concessional rate of interest to traders for buying computers and other technology driven instruments. There are about 7 crore small businesses in the Country out of which only about 35% could able to adopt computers in their business. Compliance is a big question for rest of the traders.
The trade leaders said that is ease of doing business is assured in a simplified GST taxation system, the tax base of GST could be raised to at least 2 crore assesses in Year 2019. However, a well defined national campaign in association with trade bodies across the Country is needed to impart basic knowledge of GST fundamentals and its compliance procedures. The CAIT is more willing to join hands with the Government to ensure greater penetration of GST down the line all over the Country.