Ahead of the Budget session on January 29, hardware dealers here are hopeful of a reduction in Goods and Services Tax (GST) rates, as well as a more streamlined process of filing tax returns
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Ahead of the Budget session on January 29, hardware dealers here are hopeful of a reduction in Goods and Services Tax (GST) rates, as well as a more streamlined process of filing tax returns.
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'The introduction of a unified tax system is undoubtedly beneficial to the common man. However, there is a lot of paperwork involved in filing returns. I believe this process should be made simplified for easy filing of returns,' Ibrahim, a hardware dealer, told ANI. While the GST has adversely impacted sales in the short run, vendors believe the hardship will fade out in the coming months.
'Businesses have dipped in the past few months because of the GST. Many shops have closed down as well in these months. However, in the long run, we expect sales to pick up,' said Raghu, a hardware shop owner. Dealers have also proposed a significant reduction in the GST levied on hardware products, in order to comfortably break even.
On a related note, the Budget will be presented on February 1. The first Budget Session of Parliament will be held from January 29 to February 9, while the second session will be held from March 5 to April 6. This will be the last full-fledged budget that will be presented by Prime Minister Narendra Modi-led Union Government.
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