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India has been an attractive marketplace for prominent Smartphone makers like Samsung, Xiaomi, and Micromax. Now, the GST rates shall be attracting these companies to locally produce phones in the country. All because the new taxation regime could counterbalance the cost benefits to manufacturing these phones in India.
The Government clarified the taxation on black money and stated that as a penalty 50 percent tax will be charged if the individual surrenders the unaccounted money or 85 percent would be charged in case the person gets caught red handed with the unaccounted money.
According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.
In consideration with subsuming the indirect taxes across the country, the government will introduce the GST compensation bill in the upcoming winter session of Parliament beginning next week. The bill will be presented in the light of compensating the states for any revenue losses encountered by stated under the GST regime as promised by the government.
Usually, the winter session of the parliament takes off in the third or fourth week of November, but this time, it has been scheduled on November 16 and the major discussion to take place will be GST. As we all are aware of the fact that the Govt. is very keen towards implementing the new tax reform by the proposed deadline i.e. April 2017. The center doesn’t want any stone left in the successful roll-out of the GST across the nation.
The consumer products manufacturing companies have started preparing their business model before the implementation of the GST. These companies have started remodeling the structure of their warehousing systems, IT infrastructure and supply chains ahead of the goods and services tax roll-out.
The government sources revealed that the West Bengal Assembly will be discussing the GST Bill around the first week of November. Previously, the assembly planned a two-day special session on August 26 and also proposed to rename West Bengal as Bengal, which was agreed by the members and passed later on. But, the GST bill ratification remained pending in the Assembly.
Automobile industry body Society of Indian Automobile Manufacturers (SIAM) has suggested the government to prefer a standard GST (Goods and Services Tax) rate on small cars.
States have started preparing for the GST regime ensuring proper training to officials working in the department. Now, they need some tax consultants who will advise them on the working of the goods and services tax (GST) law.