After initial speculations and rumors, the government made it clear that the Goods and Service Tax (GST) will be rolled out on the decided date i.e. July 1. This means that the countdown has set and GST rollout from July 1 is in its full swing. Now the challenge remains both for the Central and State Government to bring all the traders under the umbrella of GST.
Earlier many people, including the West Bengal Finance Minister Amit Mitra had called for postponing the GST by at least a month. The ministry, however, emphasized that the preparations for smooth implementation of GST rollout from July 1 were in full swing.
The statement by Finance Ministry said, “The Government of India has emphasized that GST is scheduled to roll out on July 1, 2017. The Central Board of Excise and Customs (CBEC) in coordination with the state governments have increased their outreach programs so as to reach the last trader.”
This has set many traders feeling that the govt. should inform them prior to its rollout by educational drives about GST and its impact. Such drives are supposed to help them become more GST-compliant in the long run. The lack of sufficient information about the GST challenges has left several traders worried.
As per current records, there are as much as 6 crore small traders in India who don’t have adequate knowledge about what is GST. Out of many challenges that they can face, we list out some of the most important ones.
- Not having sufficient knowledge about the new Goods and Services Tax (GST).
- As opposed to filing of returns once every three months earlier, traders now need to file them three times per month.
- Electronic maintenance of manually-maintained account books is new to many Computer illiterate small scale traders.
- Confusion is also created by having to add different taxes for both the traders as well as
Due to all these challenges, the Traders Union has pleaded to the Indian Government to go a bit easy on them for the first year of GST.