State Commissioner of Commercial Taxes Ritvik Pandey on Wednesday said that the Goods and Services Tax (GST) will increase the inter-State transactions and will be positive to the port towns like Mangaluru.
He was addressing the awareness program on GST at the Kanara Chamber of Commerce and Industry, and quoted that, “You can see a change in places like Mangaluru which has good business links with several parts of Kerala,”
“with GST, the present complicated system of producing statutory forms for inter-State trade will go,” he added. He also told that “GST will be purely a transaction tax where invoice becomes important. Both the seller and buyer of goods will be uploading invoices by the 10th of every month.”
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“A computer on-line software will calculate the tax on the 15th of every month. As many as 16 taxes, including sales tax, entertainment tax and value added tax, will be merged into GST. The distinction between goods and services will also go.”
“Traders, who have given their PAN number with the Commercial Tax Department, will automatically move to GST once it comes into force,” said Mr. Pandey.
Meanwhile, Managing Director and Chief Executive Officer of Corporation Bank Jai Kumar Garg added that “with the robust payment, system banks are well prepared for GST.”
