ANANTNAG: An awareness camp regarding the implementation of Goods and Services Tax (GST) regime was held on Wednesday in the Auditorium of Government Degree College (GDC) Khannabal. Deputy Commissioner Anantnag, Dr Syed Abid Rasheed Shah was the chief guest on the occasion.
Principal, GDC (Boys) Khanabal, Deputy Commissioner Stamps, Additional Commissioner, Commercial Taxes Department, other officers of Commercial Taxes Department, traders and students were also present.
The awareness camp was organized by Commercial Taxes Department. The officers of Commercial Taxes Department spoke to the traders on different aspects of the new tax regime.
While speaking on the occasion, the deputy commissioner (DC) said that his role is to highlight the issues of traders at proper forums which he was doing with promptitude, an official press note read. He said that Anantnag trading activity has sprawled throughout south Kashmir and catering even to buyers from Srinagar, Ramban and Kishtwar areas, it added.
The DC urged for apprising those traders involved in indigenous trades like walnut wood furniture traders, gabba and namda traders, bat manufacturers about the rebates available for them. Besides, he requested those traders to get registered themselves which hitherto have not got registered so far.
The purpose of toll tax is to boost the local industry and hence shall continue as a tax in the state, further read the note. Under GST, a trader has to get a single registration for different trades and services. Textile traders also have to get registered under the new regime. However, traders having annual turnover below Rs 20 lacs need not to get registered under GST.
The new system aims at easing business whereby everything from registration to filing of returns to payment of taxes has to be done online. The traders do not have to keep security deposit while registration process. Besides, a trader has to file online monthly returns. Erstwhile, it was to be filed on quarterly basis, the press note read further.
With respect to the payment system, liability upto Rs 10000 can be made through over the counter (OTC) mode and above it through online mode.
The Additional Commissioner, Commercial Taxes apprised the dealers about the mechanism of taxation on existing stocks. Those traders who do not have bill proof will get input tax credit (ITC) of 40% on the stocks previously taxed below 18% and 60% on the items previously taxed above 18%. The awareness camp concluded with a Q/A session where queries raised by different traders were answered.