Two weeks after the Goods and Service Tax (GST) came into force across the country, business establishments in Punjab have started looking out for accountants to resolve the confusion prevailing in the markets. However, they are finding it hard to locate qualified persons as the demand has shot up manifold in the last few days.
With GST in place, the number of firms have increased 9-10 times under the tax ambit. Now, any business with Rs 20 lakh turnover will fall under tax regime. “Earlier, business establishments up to Rs 1.50 crore were exumpted from the tax ambit but now those up to Rs 20 lakh are under the tax ambit and those who were not familiar with the tax system are in urgent need of accountants to deal with the complicated tax system,” said a wholesale merchant in Mandi Fenton Ganj, which is one of the largest wholesale market of All Kirana and dry fruit items, adding that everyone cannot afford to hire chartered accountants (CAs).
“Though seminars are being conducted for wholesalers and retailers by various forums but still traders are not able to understand it completely,”said Raj Kumar, president of Kirana Merchant Association Mandi Fenton Ganj. He added that several government officials have still not able to clear the the questions pertaining to GST. “No one knows how much time it will take to bring things to normal, but we need accountants urgently,” he added.
A senior official of Jalandhar Sports market association said that though workshops are being organised educate traders but still there is a need for accountants. “We have been organising workshops to educate the traders but still there is a need for accountants to cope up with the initial pressure and confusion,” said Ravinder Dhir, a senior official of Jalandhar Sports market association.
Puneet Oberoi, a CA and who had delivered hundreds of lectures on GST across the state, said that not only there is confusion, but markets are also moving very slowly. “There is 10-fold increase of traders and businesses under tax regime post GST in Jalandhar itself,” he said, adding, “In India there is no such institution in which prepares qualified accountants.”