VIJAYAWADA: The rise in the Goods and Services Tax (GST) taxpayer base has played a crucial role in contributing to economic growth, according to P Anand Kumar, Commissioner of the Central Goods and Services Tax (CGST) Audit Commissionerate. Kumar addressed key GST-related issues and emphasized the importance of the Ease of Doing Business (EoDB) during an interactive session organized by the Confederation of Indian Industry (CII) Vijayawada on Friday.
The session, held in Vijayawada, aimed to tackle significant challenges faced by businesses in GST filing, Input Tax Credit (ITC), and other GST audit-related matters. D Ramakrishna, the past chairman of CII Andhra Pradesh and Managing Director of Efftronics Systems Pvt Ltd, provided valuable insights into the impact of GST on Micro, Small, and Medium Enterprises (MSMEs), outlining various hurdles encountered by the industry.
Key Highlights of the Session
Anand Kumar highlighted the transformative effects of the ‘One Nation, One Tax’ policy, which has been in effect since its implementation in 2017. This policy has simplified tax payments for businesses across India, streamlining the process of GST registration, return filing, and audits. Kumar emphasized the positive outcomes of this policy, noting a significant increase in the taxpayer base from 70 lakh to 140 lakh in the state. This doubling of the taxpayer base reflects enhanced compliance and broadening of the tax net, contributing to the country’s overall economic growth.
The session also focused on the benefits of the reduction in the median tax slab from 14.5% to 11.5%. Kumar explained that this reduction has eased the financial burden on businesses, making it more manageable for them to comply with tax regulations while supporting economic development.
Addressing Business Concerns
The interactive session provided a platform for industry members to express their concerns and seek practical solutions related to GST. Key topics of discussion included the challenges in filing returns, managing GST payments, and avoiding fraudulent tax evasion practices. Kumar and other officials addressed these issues, offering guidance and support to help businesses navigate the complexities of the GST system.
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V Venkateswara Rao, Deputy Commissioner of the CGST Commissionerate in Guntur, and CII Vijayawada Chairman DV Ravindranath were also present at the session, contributing to the discussions and reinforcing CII’s commitment to supporting businesses in overcoming GST-related challenges.
CII’s Role in Supporting Businesses
The session underscored CII’s dedication to fostering economic development by assisting businesses in managing GST complexities. By facilitating open dialogue between industry members and GST authorities, CII aims to enhance understanding and compliance, thereby promoting a more efficient and transparent business environment.
More than 70 entrepreneurs and industrialists participated in the virtual session, reflecting the strong interest and need for support in navigating GST regulations. The discussions provided valuable insights and practical solutions for addressing the various challenges faced by businesses in the current tax regime.
In summary, the session highlighted the positive impact of GST reforms on the taxpayer base and economic growth, while also addressing the ongoing challenges faced by businesses. The collaborative efforts between the CGST Commissionerate and industry representatives are expected to further streamline GST processes and support economic development in the region.
