Talking to DNA, Rakesh Yadav president of Sadar Bazaar Market Association urged government officials to review their decision of implementing GST in such a short duration.
Amidst the arrival of GST (Goods and Service Tax) several markets in the Capital remained closed in protest of the hurried implementation of the new tax system. Asia's largest wholesale market 'Sadar Bazaar' saw empty streets, closed shops which is an uncommon scene in arguably the world's crowded market.
Talking to DNA, Rakesh Yadav president of Sadar Bazaar Market Association urged government officials to review their decision of implementing GST in such a short duration.
"Our knowledge to GST is restricted to its name and date of implementation, other than that we are still unaware of the tax slab that we face for our products. Moreover our accounting software is also outdated when it comes to GST."
Over 75 market associations across the city had called for strike on Friday, to protest against GST. However, most of the traders extended their support to the tax system but felt need of special efforts by government to spread knowledge about the tax regime.
Subhodh Kumar, who is presently serving as accountant in a firm dealing in Decorative lights in Sadar Market area said "We have asked officials to arrange camps, to clear our queries about the system, but there has been no interest from their side. We hope that our products do not attract the highest tax slab."
Although it is expected that the new tax regime would make it easier for the tax payer to submit their taxes, but still the lack of knowledge and pile of queries has kept manufacturers and traders into a dilemma.
And analysis
Despite government efforts, lack of knowledge by many traders, retailers will affect business in the short term.
New billing software is needed to brought in to calculate tax under GST which may prove a problem in the coming days
The closure of major markets will prove a problem, especially as the holiday season is now over and people will return.
Schools too will reopen now, and buying of books, uniforms will get underway. The closure of major markets will specially hurt parents
Hoarding of medicines and other supplies may happen too. Government will not just have to assuage worries but crack down on this practice.
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