GST will make it easier for traders and industry to access Input Tax Credit: Adhia

Gandhinagar, Jan 11 (KNN) Goods and Services Tax (GST) will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market, said Revenue Secretary Hasmukh Adhia.

He was addressing at the Vibrant Gujarat global Summit here.

He said GST will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT.

"GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax," Adhia said at the Vibrant Gujarat global Summit here.

"We are working overtime to make it a reality as early as possible. Our target date is April 1, 2017, and we will see to it that we try our best to bring it to people," Adhia said, adding that taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards.

Adhia further assured that GST will indeed become a very simple and less burdensome tax for most of the people of the country. Be it manufacturers or traders. Simple tax, single compliance procedure, it will become very very simple for the people to pay taxes.

Meanwhile, in order to ensure implementation of GST by April 1, 2017, the Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise and Service Tax assessees to GST with effect from January 9, 2017.

The Finance Ministry has asked all existing Central Excise and Service Tax assessees to migrate as early as possible, latest by 31st January, 2017.