Commissioner of Customs, Central Excise and Service Tax B. Hareram called upon the trade and industry to familiarise themselves with the Goods and Services Tax (GST), to be rolled out from July 1 this year, and cooperate with the department in making it a success.
Speaking at an awareness programme, organised by AP Chambers of Commerce and Industry Federation (APCCIF) here on Wednesday, he said while there could certain teething troubles and challenges to be surmounted just as they would arise in the implementation of any new law, they could be overcome easily if the department and the trade and industry worked in tandem.
Deputy Commissioner of Customs Kshitij Jain said all those doing business of over Rs.20 lakh should register themselves and the threshold limit in the case of the North-Eastern States is Rs.10 lakh. He explained the salient features of GST, as it is levied by both the State and the Union governments.
A GST Council, comprising the Union Finance Minister, the Finance Ministers of different States and the Union Territories, decides on all matters pertaining to GST. Describing GST as the ‘biggest tax reform’, he felt it would eliminate apprehensions of the ‘tax on tax’.
While the effects of GST would be mostly positive, such as increase in GDP growth rate and goods becoming cheaper, the possibility of inflation going up marginally could not be ruled out, he added.
Assistant Commissioner of Service Tax Harikrishna Reddy explained about the process of registration and the online payment of tax and Assistant Commissioner (Service Tax) Joseph Gouda briefed about the transitional provisions and the input tax credit during the transition period from the current system to GST and the continuous supply of services.
Presiding over the programme, president-elect of APCCIF G. Sambasiva Rao, said the trade and industry would cooperate fully in implementation of GST.
