Forthcoming budget should address GST related concerns of small and medium traders: CUTS International
New Delhi, Dec 7 (KNN) Voicing concern of the small and medium size traders and consumers sector, CUTS international in a memorandum to the Finance Minister has listed points that the Ministry should consider in the forthcoming budget.
In the past year, the Government of India has adopted several reform measures; replacement of several indirect taxes with the Goods and Services Tax (GST) being the key among them. Given its disruptive nature, small and medium sized traders have been facing challenges in compliance, the organization said.
To ensure that benefits of GST reach consumers, the Government has recently constituted the National Anti-profiteering Authority (NAA), CUTS added.
In the forthcoming budget, the Government should address GST related concerns by presenting a coherent strategy taking into account the concerns of small and medium sized industries and consumers.
This should involve merging multiple GST slabs into a maximum of two making it easier to file relevant returns and comply with key procedures.
Also the government should consider enhancing the capacity of GST Network to manage significantly large number of filings at any given point of time. It is imperative to ensure that the Indian industry is able to avail benefits of input tax credit in a timely manner, the organization added. (KNN/DA)