Two months for filing of GST returns, Lucknow traders to protest in Delhi

As execution of one of the biggest reforms in Tax regime GST approaching nearer, confusion and anger have been seen among mid and small traders in Lucknow.

As execution of one of the biggest reforms in Tax regime GST approaching nearer, confusion and anger have been seen among mid and small traders in Lucknow.

However, in a bid to address the anxiety of businessmen, GST council has given a relaxation of 2 months for filing GST returns. The move was taken to ensure that the transition doesn’t hurt small traders and others who may not be ready for the new regime.

To know the ground reality in trade circle, Nyoooz talked to national president of Akhil Bahratiya Udyog Vyapar Mandal Sandeep Bansal. Bansal on a telephonic conversation said that traders oppose GST and they will launch two days protest in Delhi on June 20 and 21.

He said government`s preparation for the  GST roll out is not sufficient and it must not apply now.

“Most of traders, including garment businessmen are against as they are not consulted to develop the entire new system, ” he added.

The major decisions taken in the GST council meet in Delhi on Sunday:
* 12% of face value for those run by state governments
*28% for those authorised by state governments but run by private entities.
* Revised the levy for restaurants inside five-star hotels to the standard rate of 18% from 28%.
Also, the state border check post that collects taxes for movement of goods from one state to another was to be dismantled, but it seems this would not be the case.

Here are the major highlights on GST impacts on different sectors:
Automobiles
The price difference will be bigger for SUVs 55% to 43% compared to small cars 30% to 29%.
Life Insurance
While premium of term plans and non-life policies are taxed, only charges (mortality and AMC charges, etc) in other life policies attract GST.
Gold Ornaments :
Ornament making charges will be Rs 10,000. The yellow metal will become dearer.
Apparel :
GST on garments priced below Rs 1,000 has been brought down from 12% to 5%.

Meanwhile, the goods and services tax is all set to roll out from July 1.

Source:https://www.nyoooz.com/news/lucknow/843067/two-months-for-filing-of-gst-returns-lucknow-traders-to-protest-in-delhi/

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