One of the Nafcub Directors from Delhi who is also the Chairman of the largest Cooperative Bank of the Delhi-NCR, Kangra Cooperative Bank Chairman Laxmi Das said there are only a few experts who possibly understand GST and govt should have done its homework properly before its implementation.
The implementation of Goods and Services Tax was too hasty and sans planning, Das said talking to Indian Cooperative.
Das said the government should have organized awareness camps to educate the common people about the new tax system. There are only a few experts who possibly understand GST, he said talking to Indian Cooperative.
Das who is on the board of NAFCUB (Apex body of Urban Cooperative Banks) said GST will affect the business growth of the bank because the service tax has risen to as high as 18 percent.
Small and marginal businessmen are also disappointed as they have to pay higher taxes. He wanted to know if this is how good days will come.
“We have conducted the training of three officials of the bank to educate our members and will also organize seminar”, he added.
The Kangra Cooperative Bank is about to acquire the working capital worth one thousand crore. The bank with 42 thousand members disburses 18 percent dividend. It has earned a profit of Rs 12 crore in last financial year, Das informed this correspondent.