The industry organisation said it fears futures and commodity exchanges may get treated as electronic marketplaces even though derivatives trading means no delivery of actual goods.
"E-commerce definition, as given in the Goods and Services Tax (GST) dispensation, has been left so wide that it could go well beyond Amazon or Flipkart marketplace platforms and may even cover the commodity exchanges", it said. The scope of E-commerce' is covered in all over the world & does not limit itself to cover electronic market service providers like Amazon, Flipkart.
Assocham, the industry association has found misinterpretations for e-commerce and commodity derivative exchanges under the current GST law.
It has also sought clarity on treatment of goods and services under GST for exports, gems and jewellery, MSME sector, banking and telecom. "The commodities exchanges can not be treated as electronic commerce operator in their legal capacity as well as in common parlance", the chamber pointed out.
"In our opinion such an interpretation will not be in consonance with the object and intent of special provisions for the electronic commerce business", it said.
Regional Director PHD Chamber of Commerce RG Dwivedi in a statement here on Sunday said "The Goods and Services Tax (GST) is a ground-breaking reform for the Indian economy's indirect tax regime".
Rawat said the chamber is doing its bit to reach out to the stakeholders and holding a large number of workshops and training seminars for the industry and trade in different parts of the country.
The chamber said the Central GST is silent on the exemptions, which are now provided for interest on loans.
From a macro perspective, the GST is unification of multiple indirect taxes into single law. GST is a value-added tax, which will eliminate the cascading effect or double-taxation effect on the cost of goods and services down the value chain.