The Federation of All India Trade Chambers (FAME), an association of traders, has opposed the current GST regime.
The Federation of All India Trade Chambers (FAME), a businessmen’s organization, has opposed the current system of GST. And appealed to Prime Minister Narendra Modi to replace it with a new one. Traders say that they are hardly disturbed by the constant changes in GST, compliance. The organization said in a statement that they have also submitted a memorandum in this regard to the district authorities in 400 districts across the country. In this, he has appealed to PM Modi to introduce a new system of GST.
Existing GST system told a lot of trouble
In the memorandum, the organization said in a memorandum that the FAM has stated that as the country’s biggest tax reform in July 2017, when the GST was implemented, the country welcomed the new tax system with great enthusiasm and expected That new system will be easier. With this it was expected that this would prevent tax evasion and provide input tax credit without any hindrance etc. The memorandum states that the current GST system has become a big problem for small traders. Tax compliance is complex which makes it very difficult for traders.
Chairman of the fame Jayendra Tanna said that it is not surprising to find fraud in the bank, but the bank does not charge the amount of that fraud from its customers. He said that in the current GST, an honest businessman has to bear the penalty of tax fraud done by someone else. According to him, in the present GST, punishment and registration are canceled directly on the inadvertent mistake made by the merchant instead of giving a chance for rectification. He said that in the Companies Act, there is less and easier compliance of small companies than big companies. On the contrary, it is the same in GST.