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Medak textile merchants ignorant of GST rules
Textile shops remained opened in Medak town during the three-day strike being observed across the country. The busy market on JN Road in Medak town was brimming with customers as most of the shops kept opened, despite the nation-wide protest call given by their associations against the impact of GST.
Textile shop owners in Medak Town are in the dark about the impact of GST implementation on their businesses. Some of them have divergent views on GST. The owners keep open their shops during their strike
Medak: Textile shops remained opened in Medak town during the three-day strike being observed across the country. The busy market on JN Road in Medak town was brimming with customers as most of the shops kept opened, despite the nation-wide protest call given by their associations against the impact of GST.
One of the main reasons for the businesses not taking part in the strike is that the association of the textile business owners in the town has not been registered and is not active. Another reason is the indifferent attitude of the local reputed businessmen towards the problems of their business community. Many of the textile businessmen didn’t even know how GST would impact them and had no idea about what GST is.
Even those who know about the impact have diverse opinions about it. “It is a good thing that there will be a uniform tax across the country. Costs will shoot up for us, but we can increase our profit margin and that way we can balance the loss, but maintaining 100 per cent accounts and submitting them to accountants once in every 10 days is a tedious task for the busy schedule we work in,” said Sai Krishna, the owner of a small textile shop at JN Road.
Another concern of the textile businessmen is that maintaining records for every transaction would mean digitalisation of their outlets.
“For big cloth show rooms it is easy, but small shops can’t afford to maintain computer records. Initially the burden will be upon us. We would be compelled to hire someone with knowledge of the software and we also have to buy computers,” said Nagaraju, owner of a textile showroom.
“There are many shops which are not registered their shops. They run their businesses whenever they want to and close their businesses as they like. There won’t be accounting requirement for those shops but there will be burden on shops which are doing regular business legally,” he added.
