Goods and Services Tax (GST) motivates honest taxpayers and it is continuously being simplified, said Tamil Nadu Chamber of Commerce and Industry president N Jegatheesan at a seminar jointly organized with the Institute of Cost Accountants of India, Madurai Chapter on Friday. “Since its introduction in July 2017, umpteen number of changes have been made in the new comprehensive indirect tax system. GST motivates honest tax payers and the TN Chamber has so far conducted more than 20 clarifications and interaction meetings on GST. Many of the suggestions conveyed by us were incorporated in the tax system including tax rate reductions,” said Jegatheesan, in his address.
Chamber senior president S Rethinavelu pointed out that many complications and impediments still persist in the GST system which must be eradicated by the GST council. “Different judgments on rate of tax for the same commodity by authorities of advance ruling is infusing lot of confusion. To eliminate tax evasion and increased tax revenue to the government, there should be only two rates of tax under GST- 5% and 10%,” he said. On the other hand, the joint commissioner of CGST and Central Excise, Madurai, V Pandiaraja stressed that the government is keen to remove the procedural obstacles faced by the GST tax payers.
“Under the Sabha Viswas Scheme 2019 introduced by the Centre to facilitate one-time settlement of all pending arrears of tax, penalties etc., under the erstwhile Central Excise and Service Tax Act and other related legislations, 1,300 applications have so far been received by the Madurai division. This reflects the awareness of taxpayers on the benefits of the scheme,” he said. Businessperson, accountants and college students participated in the seminar which aimed to help them absorb in-depth knowledge on GST.