The Goods and Services Tax (GST) has completed one week and its actual impact also came out. The common man is not any wiser. There also seems to be a fair amount of confusion prevailing among small traders and grocery shop owners who are still sorting their goods into GST slabs under which they fall.
The bills are presenting the consumers of various stores that are claiming random GST rates. The consumers are also not aware of their credit card bills that are going to look like. They are hoping that the confusion will settle down soon.
There are things that are a little more complicated for traders. Two things that traders are unaware are one- the pricing scheme for the stock that they bought before GST and two- they are not aware of the eligibility criteria to register for GST.
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Traders were also worried about making losses post-GST as they consider that the inventory bought before July 1 would now carry different prices. The government had announced on July 4 that a three month time waiver will be given to traders till September 30. This will help businesspersons recover losses ad smoothly incorporate GST.
Most of the traders are not aware with the registration process. Every businessperson who is liable to pay tax and with the new tax regime, every taxable person has to re-register or register under GST.
Several traders are not aware with the eligibility criteria. Revenue Secretary Hasmukh Adhia, in his first six GST Master class sessions, said that he has undertook an initiative to clear every one’s doubts on GST that even a businessperson who has a turnover below Rs 20 lakh and is involved in a inter-state business has to register with GST.
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Revenue Secretary Hasmukh Adhia said, “Those with a turnover below Rs 20 lakh need not file any return. Their life will not change at all after July 1.”
Traders may fear being held against the law for evading taxes if the government keeps adding specifications later on.
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