National-level meet of traders on June 23

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AmritsarPosted at: Jun 20, 2017, 1:20 AM; last updated: Jun 20, 2017, 1:20 AM (IST)

Tribune News Service

Amritsar, June 19

Irked at the high rates of the Good and Services Tax (GST) and its strict regulations, entrepreneurs and industrialists have decided to hold a national-level meeting to chalk out their future course of action in Delhi on June 23.
Punjab Pradesh Beopar Mandal (PPBM) president PL Seth said strict norms like imprisonment, property seizure, search and seizure would not be tolerated.
He demanded full refund of VAT on stocks and within a time frame and fixing of accountability for red tapism and immediate start of an online system to clear the doubts and the fears of businessmen. Entrepreneurs must be co-opted in the GST council to express their practical problems, he added.
The PPBM sought an end to the Anti-Profiteering Act and demanded that local products like aachar, murabba and Punjabi jutti in Amritsar must be kept out of the GST.
PPBM members said businessmen had not yet come out of the recessionary effects of demonetisation while the government was imposing another whirlwind change in the entire economy.
The PPBM said interests of businessmen in general and Micro Small Medium Enterprises (MSME) in particular were ignored in the GST tax framework.
PPBM general secretary Sameer Jain said shawl, suit, kasida would be charged 18 per cent service charge under the new tax framework. He demanded that shawl like before must be kept out of the GST. He said Amritsar and Ludhiana were two major manufacturing hubs of shawls in the country.
He said the three-tier GST would be a tremendous burden on the trade and industry, as they would have to bear the cost of CAs, accountants and updating of accounting software.
He said the textile sector looked at a spate of taxes under the proposed GST. He elaborated that cotton and natural yarn, which was not covered under the excise tax, would be charged five per cent GST and man-made yarn 18 per cent. Similarly, cloth would also be taxed five per cent GST.

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