Deputy Chief Minister Manish Sisodia on Friday held a Facebook Live session on GST, where taxation on goods that will…
Manish Sisodia (Photo: IANS)
Deputy Chief Minister Manish Sisodia on Friday held a Facebook Live session on GST, where taxation on goods that will remain unsold till June 30 emerged as the chief concern of the city's traders.
Sisodia, who was assisted by VAT department officials, took up a series of questions that came up during the hour- long session on the indirect tax reform, that will kick in from July 1.
He replied on the affirmative on when traders sought to know whether there will be provision for any input credit on the unsold stocks, as on June 30, against the tax paid by them under the existing tax regime.
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"Traders will get input credit. It will depend on the documents available with them and if papers are in place then they will receive 100 percent tax credit. If not, goods falling above the 18 percent tax slab will get 60 percent credit while those falling above 40 percent will be granted 40 per cent," VAT commissioner Rajesh Prasad said.
Sisodia also reiterated that lowering the tax slabs, as currently proposed by the GST council, will lead to greater tax compliance.
He assured the traders that he would take up the concerns raised by them in the next GST Council meeting scheduled on June 11.
Earlier, the proposal to host the social media event had sparked a row after the publicity department had objected to Sisodia's plan saying it required an open tender.
Sisodia had then written to Chief Secretary MM Kutty seeking action against DIP (Directorate of Information and Publicity) Director Jayadev Sarangi for not arranging the event.
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