Ludhiana: United cycle and parts manufacturers association (UCPMA) organised an interactive session on goods and services tax (GST) for its members on Thursday evening.

Several experts including Yash Agarwal from Ernst & Young, advocate P C Garg, Rajinder Dharwal and other tax professionals gave the businessmen an overview of GST and its implications on business. After discussions, association members concluded that GST is harmful for the small industry and will hamper its growth.

According to taxation experts, under the laws of GST, 37 tax returns will have to be filed and undue powers have been given to dealing officers, who even have the authority to get an FIR filed against the dealer and get him arrested even for minor discrepancies. They also said no amendment is allowed in tax returns after filing.

Association president Charanjit Singh Vishivkarma and general secretary Rajiv Jain said GST, in its present form, needs to be amended as it is dangerous for small industries, especially those which have less turnover. They said it will burden them with paperwork. They said GST on the bicycle industry should not be more than 2% and refund, if any, should be made within 30 days.

The members were of the opinion that tax returns should be filed on quarterly instead of monthly basis, GST on diesel should be refundable and the government should simplify tax structure.

Other businessmen present in the meeting included, Jaswinder Singh Birdi, Umesh Narang, Avtar Singh Bhogal, S S Bhogal, Inderjeet Navyug, Harmohinder Singh, Rajinder Singh Sarahali, Satnam Singh Makkar, among others.



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