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In the new indirect taxation regime prices of necessary drugs or medicines will go up by 2.29 percent when the GST implements from next month. Basic essential medicines are categorized under the 12 percent GST rates in new taxation regime and the GST rates were declared by the government in the GST Council Meeting. Under the current taxation, structure medicines are taxable at the rate of 9 percent.
Several business segments and industries are worrying about the new Goods and Service Tax (GST) Regime in India, as less than three weeks are left now for implementing GST. Most of the industries are not prepared for the new GST Regime but still, there is a confusion on what taxation rates will be levied on automobile industry either it is 28 percent or 30 percent.
About three weeks left for the implementation of GST Regime in India and still the insurance industry is working effortlessly. The industry will not only require modifying their back-end systems but they will also require registering their offices across all the states in India.
GST (Goods and Service Tax) is one of the biggest tax reforms since Independence in India and it is going to roll- out from 1st July. Several businesses and industries are not readily prepared for the new indirect taxation regime.
For the smooth functioning of GST Regime from 1st July, PK Sinha Cabinet Secretary said to all the ministries and departments to establish a GST facilitation cell to solve the problems of the industry.
Retailers which are learned from the upcoming GST are offering 20-40 per cent discounts on white goods or electronic appliances, including television, AC, refrigerator and so on to clear the available stock and minimize the losses, before the implementation of Goods and Services Tax (GST) i.e., 1st July.
The Maharashtra Navnirman Sena (MNS) has requested to the Central Government that sanitary napkins should be exempted under GST Regime. MNS leader Shalini Thackeray has met with the finance minister Arun Jaitley to discuss this issue. The Government has announced 12-per cent tax rate on sanitary napkins under the new indirect taxation structure, which is going to be rolled out from 1st July.
On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
West Bengal is opposing not going forward with new indirect taxation regime as scheduled date i.,e 1st July, which may affect several consumers and manufacturers across the state. Though even 75 days after passing of Amendment Constitution GST Bill, it will be applicable by mid- September. All the states and the Centre have to adopt GST Regime and no need to pay several taxes like excise, service tax, VAT, central sales tax and entertainment tax.