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India is the fifth largest producer of electronic waste (e-waste) across the globe. We generate 1.85 million tonnes of electronic waste annually. Under the Goods and Services Tax Regime (GST), e-waste industry has not been properly defined by the government under any of the GST slab rates.
The government is expecting that the registrations in the new indirect tax regime will increase by 90 lakh up to one crore by the end of the financial year. Multiple complex levies under VAT such as excise, service tax are replaced in the new regime once GST implemented successfully. That means the total registrations of previous tax regime down from 86 lakh to nearly 70 lakh, said official sources in a statement.
GST is an acronym of Goods and Services Tax, it was introduced on 1st July across the country. New indirect tax regime, replaces several complex taxes such as Value Added Tax (VAT), Service, Octroi, Excise levied by the Central as well as State Government. Within the few days of implementation of the new indirect tax regime, the government is getting the good response from it. Initially, the Government, business entities, and traders have to face some issues with the newly introduced of Goods and Services Tax Regime (GST) but for the long purpose, it will definitely beneficial for the country as well as the Government.
As soon as the GST implemented it has given a reasonable time to the telecom companies to make a delay in their billing cycle, as many of the postpaid and corporate billings were generated Lately.
State Government have to deal with two major issues- First one businesses have to stabilize their operations after the implementation of the new indirect tax regime and the second one to introduce 7th Pay Commission for state employees.
Indian Armed Forces Canteens have sounded red alarms due to the implementation of the Goods and Services Tax (GST) Regime, nearly 1,700 armed force canteens may soon have to shut their doors if they will not provide GST exemptions similar to the defence- run CSD’s.
Experts stated that transition from old tax regime into new Goods and Service Tax (GST) Regime has adversely influenced the smartphone shipments specifically in the month of June.
The transport industry is benefiting with the implementation of the new indirect tax regime as entry tax at check- posts have been removed in the new regime.
Korean, Automobile Manufacturer Hyundai reported that the company is expecting the growth in Indian Automobile Industry due to the implementation of the new indirect tax regime. Under the previous taxation structure, tax was imposed 8 percent which is nearly double 15 per cent as compared to the new indirect tax regime.