Visakhapatnam: Cash is back in the circulation as cashless transaction takes a backseat soon after the implementation of the Goods and Service Tax (GST). Most of the shops, be it chemists or general stores, are refusing to accept card payment or of digital means. The traders said they were not fully clear on the new taxation system and hence showing the details while filing tax would be difficult if they accepted payments through card or other cashless way.
A general store owner at Lawson’s Bay Colony said, “It’s better to take cash as there are many old stocks yet to be sold. Distributors are not supplying fresh stock after the implementation of the GST. We can go for cashless transactions within one or two weeks time once we get everything about GST cleared and ready with software and inventories. The distributors have to guide us about the slabs.”
Some other shopkeepers also echoed the same when asked about their reluctance in accepting card payments. Moreover, getting bill from some chemist shops and also paying bills through card has become difficult. Visakha Chemists Welf-are Society secretary B. Srinivasa Rao said, “The chemist shops are facing a tough time as some sectors may have to classify their inventory in two slabs, but here we have products which will come under five slabs. And, there are about 20,000 brands. It will take another two weeks time to feed the inventory as per their tax slabs.”
“Majority of the chemists who have annual turnover below Rs 75 lakh come under composite scheme and only 150-200 retailers will have turnover of more than '75 lakh. The retails coming under composite scheme should not be much worried and could give bill as per the MRP without showing any breakup and accept card payment too,” he added. “We are registered on GST network but have not started invoicing yet. We still have old MRP stocks and there is some confusion how we bill it now that GST has come into effect,” said M. Ravana, a chemist.
Commercial taxes deputy commissioner (Visakhapatnam) K. Nagendra said traders who are doing business in a fair way should not be worried about the new tax system. “Initially, there could be some mistakes. So, the genuine mistakes of the traders while filing tax would be relaxed,” he added.
