New Delhi: Steel industry Saturday said with goods and services tax (GST) rollout unorganized players in the sector will have to move to organized form of doing business. Listing the positives of the GST for steel trade, Steel Users Federation of India (SUFI) said, the new tax regime abolished the special additional duty (SAD) on imported goods which was a very cumbersome procedure. “For unorganized sector, the rest of the year will be a learning year...like during post-demonetisation phase, I am anticipating, as any problem will come and (the) government will give some relaxation...,” ISSDA president K.K. The unorganized sector will have to go through a learning cycle to adapt the new tax structure. The number of IT-enabled stakeholders in the unorganized sector is not significant.

Source: Mint July 01, 2017 12:45 UTC