'With GST, trade licenses mandatory for bizmen'

Kolkata: Mayor Sovan Chatterjee said on Friday that with the introduction of Goods and Services Tax (GST), trade licenses for businessmen has become mandatory for bank transactions.

"Trade license has become essential on the part of a businessman for carrying out his business. It was not mandatory for bank transactions but with the introduction of GST, they have been made mandatory for bank transactions," Chatterjee said. In response to a proposal from Congress Councillor Prakash Upadhyay to speed up the process of collecting trade licenses at the monthly session, the Mayor said that the state government had passed a Bill in the state Assembly based on which they came out with a gazette notification.

"If licenses are not renewed on time, certificate of enlistment will lapse and may be renewed by fresh application. If an application for trade license is not made on time, it is deemed cancelled," Chatterjee said.

He differed with Upadhyay who had claimed that as many as Rs 45 crore has not been mopped up by the KMC because over three lakh businessmen have been running businesses without renewing their trade licenses. "I am unaware of such figures and licenses but we are monitoring the issue carefully and if somebody has not submitted money for trade license within the stipulated time, it is deemed cancelled," the Mayor reiterated.