Traders and businessmen should ensure the cost reduction on account of introduction of GST is passed on to consumers, Haryana Finance Minister Capt Abhimanyu said today. Addressing the inaugural session of the two-day National Conference on GST organised by the Gurugram branch of Northern India Regional Council (NIRC) of the Institute of Chartered Accountants of India (ICAI), the minister said the Goods and Service Tax (GST) will bring a revolutionary change in the economic system of the country. “There will be a paradigm change in the tax collection system. “All stakeholders in the country’s economic system — be it government, manufacturers, dealers and the consultants, like chartered accountants — are feeling that they will be in a win-win situation after introduction of GST, which will streamline the tax and revenue collection system of the country,” he said.
He also said there will be only one interface from the side of dealers or businesses and all offices of the government will also converge into single window for revenue collection. The multiplicity of dealings will go, he added. “This will reduce the cost of revenue collection and will also create congenial atmosphere for business. “The streamlining of the system will also increase overall investment into the industry and trade because it is going to increase the faith of the bankers and financial institutions,” the minister said.
At the same time, Abhimanyu emphasised that traders and businessmen should ensure that the benefit of GST is passed on to the consumers, otherwise they will oppose it, causing hindrance in the transition phase. He also said chartered accountants are vital stakeholders in implementation of GST who should guide their clients in the proper manner. Citing the example of Australia, he said there is growth in GDP wherever GST is introduced.
Sharing his experiences as a GST Council Member, he said every decision under the chairmanship of Union Finance Minister Arun Jaitley has been taken with consensus though there is provision of voting. Referring to preparedness for introduction of GST, he said, “In Haryana, I am confident on preparedness as many steps have been taken, including starting of capacity building program but we Indians are in habit of completing the tasks in last two days.”