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Tribune News Service
Ludhiana, June 22
A seminar on the Goods and Service Tax was held here today.
The seminar was organised by Ashok Associates Firm. Ashok Kumar Juneja, President, Punjab Tax Bar Association, said: “India’s land mark reform, the Goods and Service Tax, is to be implemented from July 1. It is a challenging job for the Centre and state governments, since around 65 lakh VAT dealers, 26 lakhs Service Tax dealers and five lakh Excise dealers have to enter the new GST regime,” said.
Juneja said a deputation of the Industrialists and Punjab Plywood Manufacturers’ Association, under the chairmanship of Vijay Sampla, met GST Council Chairperson Arun Jaitley and Arjun Ram Meghwal, Union Minister of State for Finance and Corporate Affairs. They discussed and suggested to reduce tax rates on plywood from 28 per cent to 18 per cent and to liberalise other provisions of the Goods and Service Tax.
Advocate Sanjay Dudeja explained the contents of the composition scheme. He said the scheme was for small businesses having aggregate turnover up to Rs 75 lakh and the tax rates for manufacturers was two per cent, one per cent for traders and other suppliers and five per cent for restaurants, services, etc.
Tax Advisor Kamal Arora said registers had to be maintained under the Goods and Service Tax regarding the goods purchased, sold, input tax availed, output tax liability and output tax paid. He said books and record was to be kept for six years from the due date of filing the return.
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