Will GST lead to Black money
I have been to 3 states in last week and spoken to 8-10 traders on GST.
Small Traders have stock of goods that is many times older than a year.
Those who have products now in higher tax bracket, say 28% are planning to make the sale in complete cash. They do not have any other way to prevent the loss they would incur otherwise.
There is also frustration about 36 returns a year requirement.
After difficult period of demonetisation, we are heading towards difficult gst period.
Hope the black money generation that will happen due to gst will not wipe off the whatever limited benefit of Demonetisation.
Govt and finance ministry officials kindly ponder on this. more
Small Traders have stock of goods that is many times older than a year.
Those who have products now in higher tax bracket, say 28% are planning to make the sale in complete cash. They do not have any other way to prevent the loss they would incur otherwise.
There is also frustration about 36 returns a year requirement.
After difficult period of demonetisation, we are heading towards difficult gst period.
Hope the black money generation that will happen due to gst will not wipe off the whatever limited benefit of Demonetisation.
Govt and finance ministry officials kindly ponder on this. more
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Oct 31
There is a natural tendency for us to oppose change, even if it is for the better. GST is meant to help cover more people under the tax regime, increase revenue and GDP, lower most prices and ultimately reduce the burden on individuals. Let us give it a try! more
Jun 19
Govt has already exempted small companies and traders so fear that it will make life of small traders difficult is exaggerated. yesterday govt has relaxed reqt of filing returns for 2-3 months. We are used to maintain duplicate books of accounts. That was one of the ways to hide transactions without bills. Frequent filing of returns is way to prevent fictional account keeping. Govt revenue will increase as a larger number of businesses will come in taxnet. This will help ease tax rate. Since all revenue is open there will more income tax payers. One possible consequence of exemption of small traders, is the split up larger companies into smaller entities to avoid GST. more
Jun 19
A magnificent opportunity to simplify tax and make it simple for small businesses, I think, has been squandered. Instead, multiple returns, multiple Center, State interactions have been thrust upon the hapless businessman, who will be completely diverted from his basic function. Govt seems to have unleashed a can of worms, lets hope things will improve. more
Jun 16
