Chemists seek answers to queries on GST

Dated 23rd December, 2016

Members of the Punjab Chemist Association today held a meeting over the proposed Goods and Services Tax (GST)Act and forwarded a communiqué to the government, demanding redressal of their fears.

Association president Surjit Mehta and general secretary Surinder Duggal said there were nearly 25,000 chemists across the state and they shared similar concern regarding the proposed GST. Their main demand included threshold limit of Rs 50 lakh per annum for exemption from the GST, a particular tabular format for printed and digital table for the software as it will hold seamless transition of invoice data and also help extract required data for filing of returns.

Similarly, annual turnover limit may be kept as Rs 1 crore for retailers for enabling them to avail benefit of composition scheme.

They said for the initial two years dealers should be given a chance to submit certified copy of ledger for cross-verifications and necessary input tax credit may be granted to them without levying interest and penalty.