Mangaluru, Aug 5,2017: Addressing the gathering at ’GST Awareness Programme-Demonstration of Uploading Returns and Other Issues’ organised by Kanara Chamber of Commerce and Industry (KCCI), Karnataka Bank Limited MD and CEO M S Mahabaleshwar, asserted interest rates on deposits and credits in banks will decrease following the implementation of Goods and Services Tax (GST). Mahabaleshwar said the central credit system will also be introduced against the existing Cibil, followed by a comprehensive credit report to establish the credibility of the customer.
Describing GST as a ’reform of the century’, Mahabaleshwar said, "Following the implementation of GST, a transformation is taking place, transiting from non-tax compliant citizen to tax compliant citizen. Not just that the inter-state transportation has also become hassle-free."
Commercial Taxes Department joint commissioner (GST Division) H G Pavitra said that it has been 34 days since when India stepped into GST regime, the country has joined the elite group of nations that have adopted it. Sounding prescient, Commissioner Pavitra said, "In the days to come, the country may go for one digital card like UK where from driving licence to other personalised documents can be accessed."
Joint commissioners of Commercial Taxes K M Sulochana (Appeals) and Hemaji Naik (enforcement), KCCI Chairman Jeevan Saldanha and others were present.