KOLKATA: The proposed Goods and Services (GST) tax regime is set to bring in biggest business reform, a tax expert said here today.

"GST is just not tax reform. I say it is going to bring biggest business reform," A2Z Taxcorp Executive Director Bimal Jain said at Bharat Chamber of Commerce-organized interaction on GST draft law.

According to him the implications will not be the same for all and depend on how each one does business.

Jain also called upon the industry to prepare sector wise concerns seriously.

Referring to various concerns of a few sectors on the issue, Jain urged that unless these are corrected they might have to suffer, beside highlighting benefits of GST.

Service Tax Chief Commissioner (Kolkata) S K Panda said concerns should be pointed out quickly to the government so that those can be taken into consideration when the final legislation is drafted.

Panda said that he has raised at several locations of the draft, word service is missing instead of goods and services tax.

"I don't know whether it is deliberate or mistake. I have already raised it," Panda said.

Meanwhile, BCC President Rakesh Shah said government should offer a flat rate of credit for closing stock for those not registered with excise.

According to draft GST those not registered with excise cannot claim stock credit, he said.