Till now, I paid Rs 15,000 as taxes. It (GST) will create a strong incentive for buyers to deal with honest and compliant sellers who pay their dues promptly.
Businesses are also put off by the GST's complicated structure, which includes four tax slabs ranging from 5 percent to 28 percent as well as numerous exemptions.
Pointing out three shortcomings, Kumar said, "Traders whose turnover is more than Rs 20 lakh will have to file the tax return every month".
While higher tax rates for services and non-food items are expected to fuel price pressures, compliance is feared to be a major challenge in a country where many entrepreneurs are not computer literate and rely on hand-written ledgers. The list, under preparation, will be ready by Sunday, Isaac said.
"Midnight celebration??? We still need to conduct many "DAY-LONG" public awareness campaigns about #GST, simplifying it for common public and address doubts of small traders", he said. The main objective of GST is to levied uniform tax on goods across the nation and subsumed all the local, state and central indirect taxes. We all have to come together and make it a grand success as it's a historical tax reform.
However, there were some who found different ways of generating bills, while a number of businesses with updated software generated bills with GST levied on their products.
Addressing the gathering, President Pranab Mukherjee said the introduction of GST is a moment of precedent for the country and a matter of personal satisfaction for him because of his role as Finance Minister earlier. "This will in crease the export competitiveness of our firms".
GST is going to revolutionise the whole system.
Isaac also pointed out some of the negative effects of GST. Pos sibility of an infla tion and curbing of the powers of the state governments are two other nega tive aspects of GST, he said. He said the Prime Minister had brought much relief to the people, especially the business community, was implementing "one nation, one tax" system in the country.
Touching upon massive taxation for goods of mass consumption, Surjewala while highlighting the GST provision, questioned BJP government's motive of taxing all aspects of "roti, kapda and makaan" in an "excessive fashion". We have been talking about this great reform since 1999, but only now we are switching to it. Many are anxious because while returns have to be filed by computer, they do not have or do not understand the technology.