GST WILL BE A FORTUNE CHANGER
Jaipur, 17 June: Goods and Services Tax (GST) will not only be a game changer as it is being widely called but will also be a fortune changer. Those who implement it effectively will see a change in their fortunes. It is a proven fact that those countries which adopted the GST system have also seen their economies considerably improve. The GDP of the country will increase by 2% after the implementation of GST. This was stated by the Rajasthan Industries Minister, Mr. Rajpal Singh Shekhawat today at a one-day training programme at Hotel Clarks Amer in Jaipur. The programme was organized by Confederation of Indian Industry (CII) along with Department of Finance and Commercial Tax Department, Government of Rajasthan.
The Minister further stated that in Rajasthan as many as 5.2 Lakh traders and service providers have already applied for conforming to the new form of taxation from 1 July. Of these around 3.5 lakhs are already in place. He said that there was absolutely no need for the industrialists, traders and service providers to be scared of GST. When the form of economy changes the tax structures also change. GST will ensure one form of tax rather than multiplicity of taxes. It is perhaps the most robust form of tax system. India is adopting the system very late but hopefully the system will be implemented effectively. As many as 30 million invoices will be generated in one month.
The Secretary, Finance (Revenue), Government of Rajasthan, Mr. Praveen Gupta said that today GST has become a buzzword. Everyone seems to be talking about GST and the media is also giving a lot of coverage to the new form of taxation. Too many versions of the tax are coming in the public domain thereby creating apprehension. There is no need for anxiety or doubt. The State Government has already conducted training workshops pan-Rajasthan and is continuing to do so. If there are any queries or doubts they should immediately contact for clarification. Commenting on the oft-asked query whether the new form of tax will begin from 1 July, he said that GST has to now become a reality in the country. It is already on the fag end of the list of the countries which have adopted GST.
Earlier, Commissioner, Central Excise & Service Tax Department, Mr. Deepankar Aron said that after the 1991 economic reforms, GST is the biggest reform in the country. With an increase in GDP and employment, GST is a giant step forward in restoring the glory of the country.
Commissioner, Commercial Tax Department, Mr. Alok Gupta said that GST is currently implemented in 160 countries. It has various advantages like bringing about an increase in GDP which will eventually benefit the people. Since the implementation of any new law is cumbersome, the people will receive full support and handholding from the concerned Departments of the Government, he said.
Managing Partner, Athena Law Associates, Dr. Pramod Kumar Rai said that GST is rightly being called a game-changer. However, there is a need to demystify GST as it is being feared by the people. It will only be complex for those who do not account for their goods and services. He further said that the new tax system will be uniform throughout the country and will have in place a strong compliance system.
In his welcome address, Chairman, CII Rajasthan State Council, Mr. Basantt Khaitan said that GST is an integrated scheme of taxation that does not differentiate between goods and services. It will improve competitiveness, boost Indian exports and gain manufacturers and exporters. In 1947 there was the physical union of the country; in 2017 owing to GST there will be an economic union of the country.
Director & Head, CII Rajasthan State Office, Mr. Nitin Gupta said that at the training programme today the attendees who are participating have come from over 10 districts of the State. Such training programmes will also be held at Jodhpur, Kota, Bhilwara and other cities.
The inaugural session ended with the open house session. Participants asked questions relating to taxes on selling of cattle at the fair; e-way bill, tax rate on wires and cables, C-forms, among others.
The Vice Chairman of CII Rajasthan State Council, Mr. Anil Saboo proposed the vote of thanks.