The introduction of the ‘Goods and Services Tax’ (GST) has helped channelise a cashless system. The industry has been recovering lost ground post-demonetisation. All payments to workers, suppliers and traders are being made through cheques and online transfer through RTGS. New manufacturing industries have started picking pace as never before in the area as 30 per cent of the buildings that were empty for rent, are now engaged,” said Sanjay Gaur, a trader at Patparganj Industrial Area.
SK Maheshwari, General Secretary of the Patparganj Industrial Area said, “The Government had announced that it favours digital payments of tax amounting to Rs 10,000 and more. Taxes amounting to Rs 10,000 and more have to be paid by digital mode of payment such as debit or credit card, Internet banking or using NEFT or RTGS. The move was aimed to encourage more people to shift towards cashless transactions and it is working now and industries have become cashless”.
Further, Maheshwari added that the industry has revived after movement of goods was restored in a few months after the announcement.
However, SN Mittal, a trader, was of the view that the decision to ban high-value currency notes has not yielded any positive results. “We were all paying huge bills through E-mode even earlier. Adding fuel to fire, the Government has put us on ventilator with the introduction of GST. Majority of people are still not as much educated and Internet friendly and are, hence, facing difficulties,” he said.
Most traders, who were facing problems then in making payments to workers who did not have bank accounts, now said that they all have opened accounts with the help of Jan-Dhan Yojana. “Now, salaries of the workers too are being transferred directly into their bank accounts,” they said.
Accepting that many workers were rendered jobless after the Centre’s decision, one trader said that now, when the situation has improved, we are able to hire more workers. “The step has turned a considerable section of society cashless. Even workers are using paytm to recharge their sim card and to pay bills. This is how our society will change,” he said.