SMEs approach finance minister for extension of GST launch

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SMEs approach finance minister for extension of GST launch

New Delhi, May 1 (PTI) Retail SME businesses have built a case for deferment of implementation of GST by two months to September 1 on account of complexities involved to comply with the new set-up.

A group of retail businesses, including Max Standard Retail Pvt, SRS Group and Vmart, has written a letter to Finance Minister and Chairman of the GST Council Arun Jaitley to extend the GST deadline, which has now been set at July 1.

The retailers sought extension, along with clarification for the industry, to absorb the change, the representation made to the finance minister said.

“The extension window is important for the players of sector as order placement for the next quarter has already commenced and retailers are not in a position to accurately forecast the impact on MRP,” it said.

Earlier, traders association Confederation of All India Traders (CAIT) also pitched delaying the rollout of the goods and services tax (GST) regime to September 1 as small businesses are not yet ready for it.

Nearly 70 per cent of small businesses in the country are yet to adopt digital technology in their business format and as such, it is a big challenge for them to computerise themselves in the shortest period, CAIT Secretary General Praveen Khandelwal had said.

“Accordingly, the deadline of GST implementation from July 1 may be deferred for a reasonable time and meanwhile, a nationwide campaign for mass awareness on GST may be conducted involving trade associations all over the country,” he had suggested.

This is published unedited from the PTI feed.