GST execution from July 1 a challenge for industry: Assocham

Assocham, one of the apex trade associations of the country, has said that the GST roll-out from July 1 will be a challenge for the industry. The industry body has said that the government should act softly in terms of the penal provisions for a couple of quarters as it will help them to comply with the new tax regime.

The GST law provides for as many as 21 kinds of penalties for various offences. Short payment will attract a penalty of 10% of the tax due subject to a minimum of Rs 10,000.

In an interview with a national news agency, Assocham President Sandeep Jajodia said that the department should be softer for some while as it is going to be a learning process for the industry.

The government has held various seminars and workshops to familiarise the industry as well as traders about the structure of the GST.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

[“Source-ndtv”]