Nagaland chief secretary, Pankaj Kumar, has asserted that implementation of Goods and Services Tax (GST) would be beneficial for the state as existing taxes would be merged into a single system of taxation and termed it as an efficient policy.
He was speaking at an “Awareness Campaign on GST” organised by Central Excise, Custom and Service Tax and Nagaland Taxes Department, Saturday at Angami Public Organisation (APO) Hall Kohima.
With the implementation of GST, the chief secretary said that payment of sales taxes, including Central Sales Tax (CST) would also become easier.
Nagaland being a consumer state, Kumar said that states like Nagaland would benefit more from GST as the state’s share would directly reach the state through direct benefit transfer for the products meant for the state. He said GST would be a major improvement over existing system and a significant step towards a comprehensive tax reform in Nagaland.
Informing that GST would be paid online, the chief secretary pointed out that the initial few months would be imperative and urged business community in Nagaland extend cooperation and also partake in trainings so as to avoid any complications.
In his address, chief commissioner customs, central excise and service tax North East Region, S.K Panda, said with the implementation of GST, Nagaland and the nation would have a new economy law which would be beneficial for everyone.
The chief commissioner maintained that government and consumers would subsequently benefit from GST adding that it was meant for the common man.
Commissioner of Taxes, Nagaland, Asangba Chuba Ao, while highlighting the benefits of GST said that it would reduce cascading of taxes and also overall prices of goods.
He informed that it would be beneficial for small taxpayers as all the taxes would be paid for once unlike the present system where tax has to be paid at various stations. Ao then said “GST will also abolish CST while the exports would be zero rated.”
Commissioner of Taxes informed that GST would be applicable on the supply of goods or services besides being destination based consumption tax. Tax payers with an aggregate turnover in a financial year up to Rs 10 lakh would be exempted from tax, he added.
Deputy Commissioner Kohima, police administration, business, contractors and others attended the awareness campaign.