With no other alternative but to get registered into Goods and Services Tax (GST) regime from July 1 does carry more questions than all those answers for traders despite Government Agencies and others having tried to give right after the State Assembly passed GST Bill on April 27.
However, most of the traders have appeared ready to get many of the answers right from horse’s mouth once the ready to be launched tax regime comes into effect from July 1.
“Traders have in fact no other alternative than to get enrolled into GST, and that is what they all are doing. I have seen traders rushing into e-portal for getting switched over to new tax regime, because wholesalers are not going to pay attention to anyone without GST registration number. But what exactly is going to happen will only come out once the system comes into effect,” said Federation of Jharkhand Chamber of Commerce and Industries ex-President Pawan Sharma on Monday, who has been in transport business for a long time.
The panic of something called GST has appeared more onto them who mixed two things and got confused.
“As far as preparedness is concerned, yes, we are ready to switch over because we don’t have any option. No one actually has. But we need to understand one thing that one may have reservations over rate of tax which we believe is a subject of discussions at later stages also according to circumstances. But switching over is a must. On that part, we are ready. But I must say that many of the answers will come only after GST is implemented,” said PASA Resources Director Ajay Agrawal.
Extending his views, Sharma said that many of the traders in different segments, including garments and few others were expecting those segments being kept out of GST after a series of protests in different parts of the country.
“But it didn’t work, and they found less time in getting registered in GST system.
But I must say that until and unless we go through the system after its implementation, there will only be theoretical classes and discussions,” said Sharma.
Agrawal also said that things were going to be difficult for couple of months, as accounting system would be different.
“However, traders are becoming part of it, they are rushing to grab a registration number, and rest time will tell,” said Agrawal.