Mangaluru: Speaking at a workshop on GST organised for presidents and CEOs of all primary agriculture credit cooperative societies of Dakshina Kannada and Udupi districts, South Canara District Central Cooperative (SCDCC) Bank chairman M N Rajendra Kumar said that Cooperative banks should be cautious while lending loan against pledged gold ornaments,

“The cooperative bank officials should have knowledge on how much loan could be given to an individual based on his/her capacity to repay the loans borrowed. With Padubelle incident (wherein fake jewellery was pledged and later the family of four committed suicide), the cooperative society has already felt inconvenience. The official who is guilt in the incident has been arrested as well. Hence, the cooperative societies should be cautious and alert while lending loan against gold ornaments,” he said.

Chartered accountant D R Venkatesh said Goods and Services Tax (GST) has paved way for what is popularly referred to as the concept of “One Nation, One Tax.” The GST, which was rolled out on July 1, has had an impact on business and firms. The public and traders will have a thorough knowledge on GST and its taxation rate in the next three to four months, noted.

It may be noted that the existing taxpayers (registered with VAT/ Excise/ Service Tax), those who have not received provisional IDs or not migrated to GST for any reason till now, need to apply for new registration under GST and obtain their GSTIN latest by July 22.