State Secretary of Confederation of All India Traders Bhupendra Jain has expressed happiness on GST bill having cleared from the Parliament. He said that with this decision, the pace of development of the country will be faster.
He said that as GST is applicable in the country and it will be helpful to stop all the thefts in Trade and in economy related areas. On the other hand, it would also be helpful for the other small businessmen. State Secretary Jain was worried about the trade related matters though he was happy with the GST bill.
He said that consumers in States through GST will get benefited but those states where wide range of production was done in the Industries will have to bear losses. He further said that all over the country, small and sub units of small industries will plunge into the problems.
Those small Industries, who have captured the market with the minimum cost production in comparison to big industries, will suffer as they have to pay the 18 per cent tax. “With the implementation of GST, products are likely to get costlier by 5 to 6 per cent and this would create major competition in the market with the big companies and small manufacturers have to think about the survival in the market,” he added.
The comparison between products of big and small companies will create major impact in the market as the cost will show less difference. It will be quite obvious that the due to price difference consumers will give more priority to big companies’ products.
Joint President of Chamber of Commerce Yash Goyal said that Central Government has passed the GST bill to implicate the Tax all over the country but we have to observe that product base tax will be considered or same tax will be applicable.