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Tuesday, November 30th, 2021

GST will benefit Traders & non-Corporate sector

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gstThe Confederation of All India Traders (CAIT), Delhi Chapter today organised a Traders Conference on GST and Digital Payments at New Delhi to educate and empower the trading community with proposed provisions of GST and how the traders will be able to comply by using technology. CAIT Delhi Chapter President Ramesh Khanna and Chairman Narender Madan presided the Conference. Beside trade leaders from Delhi and different Places of senior CAIT leaders and officials of Tally Solutions Limited also attended the Conference and disseminate necessary information about the role of technology in GST.
While addressing the Conference CAIT National President B.C.Bhartia said that the proposed GST is a technology led taxation system with e-compliance fundamental to its design and much different from the present taxation system.  However, majority of the country’s trading community are yet to adopt computerisation and how such traders will comply with GST is a big concern. The Confederation of All India Traders (CAIT), in association with Tally Solutions Pvt. Limited (TSPL), one of the premier Indian software product company, has launched a nationwide campaign to help traders across the country to understand the impact of GST on their business and to help them be aware of the procedural compliance under the new taxation system and how they can embrace technology for easy compliance of GST by upgrading their existing business format. He further said that under GST each trader will get its rating and Business returns will be filed to GST Network through a GST Suvidha Provider (GSP). The GST Network has already identified 33 Software Companies including Tally as GSP.
 Bhartia said that tax base will
Bhartia said that tax base will be widened to a great extent under GST. As per Government estimate currently, there are about 90 lakh assesses registered under different taxation acts whereas a large number of other people will also come under the ambit of GST. Any type of sale or purchase of goods & services, exchange, barter, transfer, rent, lease, license, disposal or import of goods or services will attract GST. Hence not only trade & industry but transporters, truck operators, SMEs, Doctors, Advocates, Chartered Accountants, Consultants, Palmist, Agents, Brokers, Share Brokers & Securities, etc. will also come under the ambit of GST. NGO, Social & Service Organisation, Trade Associations, RWA, Trust, Societies etc will also be obliged to be under the ambit of GST.
Joyce Roy, National Sales Head, Tally Solutions Limited said that during the campaign, the Tally will impart GST related knowledge to the large network of people in the non-corporate sector. It is our duty to ensure that the message percolates at the grassroots level and everyone can seamlessly comply with this technology led law. Empowering such a large landscape of assesses is a challenge but necessary and as such both CAIT & Tally are working to train people in large numbers to help the traders and others to comply with GST in a smooth way. It is a significant step taken by any organisation so far in the Country.
Ramesh Khanna, President, CAIT, Delhi Chapter informed that in the first phase, they will conduct GST Conferences in all Places targeting to train 250  traders with procedures & compliance formalities of GST. Tally Solutions will be partnering with CAIT in all such conferences to impart technology knowledge to traders. They also plan to rope in Tax Practitioners, Chartered Accountants and Tax Consultants in this drive. Narender Madan, Delhi Chapter Chairman, CAIT said that however, traders have several concerns on input credit mechanism, definition of supply, invalid returns, treatment to stocks lying with the traders a day before the implementation of GST, harsh penal provisions etc. These issues have already been communicated to Central Government and State Government and it is hoped that GST will emerge as a simplified and rationalised taxation law.
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