INVC NEWS
Bhopal,
Minister for Finance and Commercial Taxes Jayant Malayya said that Goods and Service tax (GST) has become medium for economic integration from Kashmir to Kanyakumari. GST is the biggest change of economic sector after the independence. This will facilitate acceleration to the pace of country’s development. Shri Malayya was addressing the GST Awareness Workshop at Samanvaya Bhavan at Bhopal. Minister for Revenue Shri Umashankar Gupta and Minister of State for Cooperative Shri Vishwas Sarang were present in the workshop.
Shri Malayya mentioned that GST has been implemented with an objective of One nation, One Tax and One Market. 29 check posts of Commercial Taxes department have been closed from July 1 in the state. He further stated that there used to be 18 types of taxes earlier which have been discontinued and one tax GST has been implemented. Shri Malayya said that there was limit of Rs. 10 lakh annual turnover for traders for registration under VAT law earlier in Madhya Pradesh. This limit has been extended to Rs. 20 lakh annual turnover under the GST law. Beside this a facility of composition has been provide to the traders up to Rs. 75 lakh. Maximum efforts have been made in the GST to provide facilities to the small traders under the GST law.
Moreover, Minister Shri Malayya mentioned that barriers’ closure will help transportation fast. An expenditure of Rs. One lakh 40 thousand crore was incurred unnecessary annually when there were barriers in the country. He said that a goods carrier truck covers 800 k.m. daily in America. The goods carrier trucks used to cover only 280 k.m. daily when there were barriers in the country. Now they will cover a distance of 350 to 400 k.m. daily and bring speed in business activities. Deliberating On GST tax slab, Shri Malayya said that there are five rates of GST i.e. 0,5,12, 18 and 28 percent. There are only 19 percent articles which attract maximum 28 percent tax and there is 18 percent or less than that on remaining 81 percent articles. Finance Minister Shri Malayya described the GST as the best example of federal structure of the country.
Minister for Revenue Shri Umashankar Gupta said that the decision of GST has been taken for country’s progress and welfare of the common men. He advised traders to have positive approach towards GST. Minister of State for Cooperative Shri Vishwas Sarang mentioned that decision to implement GST is a bold step of the Prime Minister Shri Narendra Modi. Good results of GST will be seen in ensuing years. Principal Secretary Commercial Taxes Shri Manoj Shrivastava stated that immense deliberations were held to enact GST law in comparison to discussions held for constituting constitution. He said that amendments will be made in GST law after continuous discussions keeping in view the interest of the people. He also referred to GST rate brought down on fertilizers recently in the interest of the farmers. Commissioner Commercial Taxes Shri Raghvendra Singh and Chief Commissioner of Central Excise Shri Hemant Bhatt informed about provisions of GST in the workshop. Workshop was conducted by Finance Minister’s Officer on Special Duty Shri Nitin Nandgaonkar. Tax Consultant Shri R.S. Maheshwari satisfied the queries of the traders on the occasion.
