Federation of All India Vyapar Mandal (AIVM), a national level body representing trade in India, had proposed Government of India to replace present GST with Single Point GST (Ekal Bindu GST).
“This concept got major boost when Prime Minister himself taken a cognizance and advised to give a presentation to Arun Finance Minister. However due to his illness, presentation on Single Point GST was given on 16th April 2018 to Finance Secretary, Government of India,” said national working president of AIVM Jayendra Tanna who belongs to Ahmedabad.
According to Tanna finance Secretary has appreciated idea of Single Point GST but sown his concern that every item is not covered under MRP. Finance Secretary was of the opinion that at present it seems difficult to levy Singh Point GST.
“However the secretary assured to consider after seeing that how administratively it would work. He also suggested that there wouldn’t be any leakage of Income Tax if GST levied on manufacturer,” said Tanna adding that Single Point GST implies that entire GST be collected from last level manufactures on MRP of the product. After collecting entire GST from MRP from last manufacturer all subsequent traders like C&F, Distributors, Wholesalers and retailers need not require any compliance on GST.