'RGST rules may enhance level of corruption'

Former President of Hyderabad Chamber of Commerce & Industry and Chairman Inland Revenue FBR Sub-Committee of HCCI expressing viewpoint of business community of Hyderabad said that RGST rules may lead to enhancement in the level of corruption. He said the parliamentarians are not listening to the reservations of business community on the implementation of RGST.
Unilateral implementation of RGST would damage country's economy. He commenting on RGST Rules said that the in-discriminatory powers to FBR officers would harm self-respect of business community.
He continued and said that since last six years Rs 45 billions are already pending for refunding to the business community, further Rs 1200 to 1600 billions of business community would freeze by way of RGST recovery on exports. This would lead to decrease in exports and closure of exporting industries resulting increase in unemployment and poverty level and once again culture of flying invoices would be introduced and business community would face hardships in genuine claims of refunds.
Haji Muhammad Yaqoob further commenting said that trade and industrial activities are already moving on slow pace, these would further be severely affected. Such measures of the government would increase cost of doing business and cost of manufactured goods would also increase.
The cost of daily use items would go up beyond the reach of ordinary man. If the Government is interested to generate more taxes, then tax net is to be broadened so that international loaning agencies could be satisfied and the industrial activities could also be accelerated. Business community is already heavily burdened by taxes, implementation of RGST would further add to the burden of business community and business activities and industrial production would also be adversely affected. He said business community of Hyderabad would reject unilateral implementation of RGST. Moreover, RGST rules provide punishments for business community, which is in fact, human rights violation. If RGST is implemented then the business community reserves the right of peaceful agitation against it.