MADURAI: The implementation of landmark Goods and Services Tax (GST) regime from the stroke of midnight on July 1st 2017 with one nation-one tax-one market aim is bringing out startling data on how informal economy flourished till now in India with many of them not paying taxes to the government.
“Till now, more than 80 per cent of informal economy was there….there were business transactions but they did not even register their business. Forget about paying taxes to the government, but the GST introduction revealed that at least the business name was not registered by them,” Union Minister of Commerce and Industry Mrs.Nirmala Sitharaman had said in Madurai on July 9th (Sunday).
She was speaking at the “GST Dissemination Meet” organised by leading trade body MADITSSIA (Madurai District Tiny and Small Scale Industries Association) Industrial Estate Association and affiliated associations to draw government’s attention towards concerns of traders, micro sand small industries in the new GST regime.
FOR ECONOMIC REALITY:
“If business registration is not done, how can we assess India’s economic reality? We are ready to give clarity on all issues, your concerns on branded / non-branded products will be addressed, the GST Council meetings will look in to your tax reduction requests and all of you can clear doubts about input tax etc with the GST Commissioner and his team here,” Mrs.Nirmala Sitharaman assured.
Stating that GST was aimed at bringing in transparency in all business dealings and transactions, she said that the pre-GST and post-GST issues will be addressed in GST council if needed since it is the authorised body.
RECEIVES REPRESENTATIONS:
“If there is a concern about the most used Idli flour (Idli maavu) which is typical food in Tamil Nadu, I will look in to it. Like vegetables and fruits, Idli maavu is also a perishable item. But you don’t get into messages on pizza burger and kadalamittai tax. They are not true,” she told the traders and people by explaining about the percentage of tax fixed for various items.
Representatives of various business / trade associations including rice millers, food grain merchants, Indian Traders Association etc submitted their exemptions-sought representations on GST to the Union Commerce Minister.
GST Commissioner Mr.R.Saravanakumar, leading industry voices in Madurai Mr.Perrys Mahendravel and Mr.KR.Gnanasambandhan, MADITSSIA president Mr.Murari and its secretary Mr.K.P.Murugan, and BJP State Secretary Prof.Dr.R.Srinivasan were among those who attended the public awareness on GST meeting in Madurai on July 9th 2017.
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