Goods and Service tax is a widely known topic in the financial and economic corridors these days, as both the center and state government are putting their endless efforts in the actualization of this mighty scheme hoping to reform the Indian economic in something better and operation accordingly.
Punjab Chemist Association held a meeting over the issue of Goods and Service Tax being implemented coming a year, while the concerned matter was to seek clarification of this newly incorporated regime and its upcoming regulations.
In this discussion, Association president Surjit Mehta and general secretary Surinder Duggal were applying their thoughts over this matter and said that “there were nearly 25,000 chemists across the state and they shared the similar concern regarding the proposed GST. Their main demand included threshold limit of Rs 50 lakh per annum for exemption from the GST, a particular tabular format for printed and digital table for the software as it will hold seamless transition of invoice data and also help extract required data for the filing of returns.”
The composition scheme was taken into the discussion and said that annual turnover limit may be kept as Rs 1 crore for the dealers which will ultimately avail them the benefits of this scheme. In this regard both the head added that “the initial two years dealers should be given a chance to submit certified copy of ledger for cross-verifications and necessary input tax credit may be granted to them without levying interest and penalty.”
