Mysuru, July 1 (KNN) The Mysuru Industries Association has welcomed Goods & Services Tax (GST) in the country even as they said they are in confusion and had to face some challenges.

The industries are preparing themselves for total adoption of GST and support government for the overall economic development of the nation with attraction of simplified tax structure.

Abolition of commercial tax check posts, multiple rate of taxes, number of tax departments with One Nation, One Tax and One Department GST law attracted entrepreneurs and hence they are welcoming GST with high spirit.

Establishments within 20 lakhs turnover are exempted from GST registration and tax collection. Hence Micro & Small Enterprises (MSEs) including startups are happy and more number of small enterprises will come up in future under self-employment schemes, said Suresh Kumar Jain, Secretary, MIA.

During third century Kadamba rulers of Banavasi (now in Uttara Kannada) started taxation in southern India, in modern India Madras General Sales Act 1939 came with some modifications.

In the eighth year of Republic of India Mysore state legislature passed    “Mysore Sales tax Act 1957” with the unification of sales tax laws. In 1973 After Chief Minister Sri D.Devaraj urs renamed Mysore as Karnataka, the said act was renamed as Karnataka Sales Tax Act 1957.

Present Chief Minister Siddaramaih in 2005 as deputy chief minister and finance minister implemented Value Added Tax 1.4.2005, taxation with more simplification which was adopted by all over India.

“Presently Mysoreans are more happily welcoming GST as Siddaramaih Chief Minister of Karnataka holding finance ministry joyfully implementing the GST in Karnataka in front line with other states and appreciated by union Govt. for effective preparedness,” Jain said.

To overcome the confusions and facilitate entrepreneurs to face the challenges in adopting GST Mysore Industries Association under the Guidance of Sri Vasu MLA & President MIA has opened GST Migration Centre & Help desk for the tax payers. It is being aupported by Commercial Tax Officers expert in GST.